(1) The Puerto Rico business of any authorized insurer shall not be under the direct or indirect supervision or control, from Puerto Rico or elsewhere, of any individual deemed by the Commissioner to be unreliable, untrustworthy, or incompetent by reason of:(a) Acts of such individual resulting previously in suspension, revocation, or refusal as to such individual, or an insurer with which such individual was associated, of any insurance license or certificate of authority.(b) Unlawful, unfair, or sharp practices on the part of such individual in insurance or other transactions.(2) Upon believing that this section is being violated, the Commissioner shall give both the insurer and the individual notice thereof, naming the individual concerned and stating the general grounds for such belief. The insurer and the individual involved shall be entitled to a hearing upon the matter if the hearing is requested within thirty days after the issuance of the Commissioner’s notice. Upon expiration of such thirty-day period, if hearing is not requested, or upon completion of the hearing, if the Commissioner finds that such violation exists, the Commissioner may issue to the insurer his order on of such thirty-day period, if hearing is not requested, or upon completion of the hearing, if the Commissioner finds that such violation exists, the Commissioner may issue to the insurer his order requiring the insurer to cease in and desist of such violation within a reasonable time as specified therein. Failure of the insurer to comply with such order constitutes grounds for suspension or revocation of its certificate of authority. History —Ins. Code § 3.260.
Puerto Rico Legal Code