315a

(1) No domestic insurer shall be authorized to transact insurance in Puerto Rico unless it deposits and maintains on deposit assets of a value not less than fifty percent (50%) of the amount of the paid-in capital if a stock insurer or a cooperative insurer, or of the surplus funds if a mutual, reciprocal, or Lloyd’s plan insurer, as required to be maintained for such kind or kinds of insurance to be transacted in Puerto Rico, notwithstanding the provisions contained in § 304(2) of this title.(2) The deposit, among other reasonable purposes for the protection of the insurers and creditors, shall be for the protection of the insurer’s policyholders or for all the policyholders and creditors in Puerto Rico.(3) The deposit shall be made in trust with the Secretary of the Treasury of the Commonwealth of Puerto Rico, through the Office of the Commissioner.(4) The deposit shall be administered as provided in §§ 801–809 of this title. History —Ins. Code, added as § 3.151 on June 21, 1965, No. 66, p. 136; Dec. 16, 2003, No. 303, § 6.