2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 27 - Unfair Practices and Frauds (§§ 2701 — 2740) › § 2713a - Financial institutions, its subsidiaries or affiliates, insurance sale methods and practices

(1) Financial institutions or its subsidiaries or affiliates, shall not discriminate against any insurance provided or to be provided to prospective insured by other producer or authorized representative that are not associated with the financial institution, its subsidiaries or affiliates.
(2) Financial institutions, its subsidiaries or affiliates may not reject, condition or delay a loan or credit extension due to the fact that the producer or authorized representative who has underwritten the insurance policy is not associated with such financial institution or its affiliates.
(3) Financial institutions, its subsidiaries or affiliates, shall not require a person, whether natural or juridical, or an insurer, producer or authorized representative to pay an additional charge for an insurance required to obtain a loan or a credit extension, if such charge would not be required if said insurance were to be obtained through the financial institution or its affiliates.
(4) Financial institutions, its subsidiaries, affiliates or employees shall not receive payment of commissions or compensations for the sale of insurance, unless they are licensed as required by this Code, except for the payment of a referral fee for a fixed amount, allowed under the Gramm-Leach-Bliley Act.
(5) Financial institutions, its subsidiaries, affiliates or employees may not use, without express consent from the insured or prospective insured, the insurance personal and health information of such for purposes other than those essential producer or authorized representative functions.
(6) Financial institutions, its subsidiaries, affiliates or employees may not require a person, whether natural or juridical, as a condition for approval of a loan or credit extension, to obtain insurances through the financial institution, its subsidiaries, affiliates.
(7) Financial institutions, its subsidiaries, affiliates or employees shall clearly and expressly inform every person, whether natural or juridical, who applies for a loan or credit extension of his/her rights to obtain the insurance required from the insurer, producer or authorized representative he/she prefers.
(8) Financial institutions, its subsidiaries, affiliates or employees shall use separate documents for each loan or credit extension transaction in which it is required to obtain insurance, except for credit or flood insurance.
(9) Financial institutions, its subsidiaries, affiliates or employees shall not include the cost of any insurance in the credit transaction, except for credit or flood insurance, without the consent of the consumer.
(10) Financial institutions, its subsidiaries, affiliates or employees shall keep records, account books, files and any other document regarding insurance transactions separated from those records, account books, files and any other document of the financial institution, its subsidiaries, [or its] affiliates.
(11) Financial institutions, its subsidiaries, affiliates or employees shall make available for inspection by the Commissioner all books, accounts, files and any other documents regarding insurance transactions carried out therein.
(12) The solicitation or sale of insurance in a financial institution is required to be conducted in a physically segregated area from that in which loans and credit extensions are processed, as well as it is required that if the employee who handled the processing of the loan or extension of credit refers the customer to any other persons duly licensed to solicit or sell insurance, said employee may do so only after the loan or the extension of credit has been approved.
History —Ins. Code, added as § 27.131 on Sept. 2, 2000, No. 369, § 1; Jan. 19, 2006, No. 10, § 9; renumbered as § 27.140 and amended on Aug. 9, 2008, No. 230, § 11, eff. 90 days after Aug. 9, 2008.