(1) A nonprofit legal entity is hereby created which shall be known as the Life and Disability Insurance Guaranty Association of Puerto Rico. All member insurers shall be and will continue to be members of the Association as a condition for retaining their authority to transact insurance in Puerto Rico. The Association shall carry out its functions according to a plan of operations established and approved pursuant to § 3910 of this title and shall exercise its powers through a Board of Directors established pursuant to § 3907 of this title. For administrative purposes of the imposition of assessments, the Association shall keep three accounts:\n(a) Life insurance account.\n(b) Disability insurance account.\n(c) Annuity account, excluding unallocated annuity contracts.\n(2) The Association shall be under the immediate supervision of the Commissioner and shall be subject to the applicable provisions of this title.\nHistory —Ins. Code, added as § 39.060 on Aug. 17, 1991, No. 72, § 1.
Puerto Rico Legal Code