2915

(1) Each Director of an insurer shall meet the following requirements:\n(a) Must be a stockholder of the insurer, if a stock insurer, or a member of the insurer, if a mutual insurer.\n(b) Must have never been adjudicated a bankrupt or made a general assignment for the benefit of creditors.\n(c) Must have never been convicted of an offense involving moral turpitude.\n(d) Not to be a director or official of any of the institutions described in § 304-1 of this title. None of the provisions herein shall prevent a person from serving as a director of an insurer if he/she holds office as director or official of the financial holding company or the depository institution with which said insurer has a direct or indirect relationship as owner, subsidiary or affiliate, provided said requirements of the Gramm-Leach-Bliley Act.\n(2) Not less than the majority of directors of an insurer shall be residents of and actually reside in Puerto Rico. At least three-fourths of the directors shall be citizens of the United States.\n(3) An insurer may provide reasonable additional qualifications in its bylaws including, in the case of a mutual, requirements as to amount of insurance held and duration of

ns of the United States.\n(3) An insurer may provide reasonable additional qualifications in its bylaws including, in the case of a mutual, requirements as to amount of insurance held and duration of membership.\nHistory —Ins. Code § 29.150; July 23, 1974, No. 151, Part 1, p. 695, § 11; July 20, 1979, No. 165, p. 420, § 8; Sept. 6, 2000, No. 382, § 10.