All applicants for a license as insurance consultant shall meet the following requirements:(1) To reside de facto in Puerto Rico and to have been a bona fide resident of Puerto Rico for at least one (1) years immediately prior to the date on which the license is applied for.(2) To be trustworthy, competent and be otherwise in compliance with all other provisions of § 949m of this title.(3) To pass any examination required pursuant to § 950a of this title and file an application for license in the form supplied by the Commissioner.(4) To have at least five (5) years of experience as producer or adjuster in relation to the kinds of insurance or annuities to be covered by the license. Must also have the special training and the additional experience necessary to fulfill the duties as consultant.(5) To post the bond required as consultant by § 951j of this title.(6) To satisfactorily show to have met the continuing education requirements established by the Commissioner through rule or regulation.(7) Shall not be a stockholder, member, partner, director, official, officer, representative or employee of any insurer authorized or producer authorized to engage in or who is engaged in regulation.(7) Shall not be a stockholder, member, partner, director, official, officer, representative or employee of any insurer authorized or producer authorized to engage in or who is engaged in business in Puerto Rico; or who has economic or financial interest or a contractual relationship in the insurance field with an authorized insurer or producer, except as policy holder. History —Ins. Code, added as § 9.241 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
Puerto Rico Legal Code