No person shall be authorized as an insurer in Puerto Rico if engaged in any business other than the insurance business, and in the operations and transactions incidental thereto. Without limiting the general meaning of the foregoing clause, banking, securities, industrial, agricultural, mercantile, transportation, real estate and similar businesses and enterprises, are deemed not to be incidental to the insurance business. This section does not prohibit activities incidental to the management of legal investments of insurers, or the proper management and liquidation of certain assets of insurers, if said assets are lawfully acquired and held by them pursuant to salvage and subrogation rights under their policies, or have been acquired under the investment provisions of this Code. Neither does this section prohibit those activities incidental to the issuance of annuities or life insurance payable in variable amounts or in a combination of fixed and variable amounts, by life insurance companies in accordance with the provisions of §§ 1329–1335 of this title. This section does not prohibit insurers from being financial holding companies, provided they comply with the applicable nce companies in accordance with the provisions of §§ 1329–1335 of this title. This section does not prohibit insurers from being financial holding companies, provided they comply with the applicable provisions and requirements of the Gramm-Leach-Bliley Act. History —Ins. Code § 3.070; June 13, 1974, No. 67, Part 1, p. 266, § 1; May 29, 1984, No. 28, p. 60, § 1; Sept. 6, 2000, No. 382, § 2.
Puerto Rico Legal Code