2023 Laws of Puerto Rico › TITLE ELEVEN - Workmen’s Compensation (§§ 1 — 268) › Chapter 1 - Workmen’s Accident Compensation (§§ 1 — 42) › § 1b-1 - State Insurance Fund Corporation—Authority and general powers

The corporate powers shall be exercised by a Board of Directors hereby created that shall be responsible for insuring that the provisions of this chapter are enforced.
The Corporation shall have all the necessary or convenient powers to carry out and accomplish the purposes and provisions of this chapter, including, without it being a limitation to the aforementioned, the power to:
(a) Exist in perpetuity as a corporation.
(b) Adopt an official seal and alter same as required by circumstances.
(c) Keep offices in the place or places thereby determined.
(d) Sue and be sued in its name; to file accusations and be accused.
(e) Receive, administer and comply with the conditions and requirements regarding any gift, grant or donation of any property or money.
(f) Prepare, formalize and award agreements, leases, contracts and other instruments that may be necessary or pertinent in order to exercise the duties and powers of the Corporation with any person, firm, corporation, federal agency and with the Commonwealth of Puerto Rico and any of its political subdivisions, agencies or political instrumentalities.
(g) Contract with any person, firm or corporation for the administration of facilities and programs or for consultant or advisory services.
(h) Acquire, for corporate purposes, any property, personal or real or the interest on same, including, but not limited to, its acquisition by purchase, whether through an agreement or by means of eminent domain, lease, offer to exchange or donation, and to own, preserve, use and exploit such property or the interest on same.
(i) Sell, lease or otherwise dispose of any property which the Corporation deems no longer necessary to carry out the purposes of this chapter.
(j) Use the reinsurance technique, as deemed necessary or convenient, in order to stabilize the losses, increase the risk subscription capability of the Corporation or to safeguard its financial solvency.
When using said technique, the Corporation shall be obliged to establish the maximum risk retention limits, commensurable with its financial capability.
(k) Establish an adequate and vigorous coordinated program, on its own facilities or through contracts with public or private agencies or entities, to achieve the physical as well as vocational rehabilitation of employees disabled as a result of injuries caused by accident or illness in the course of employment.
(l) Take any action as may be necessary or convenient to discharge the powers conferred by this or any other chapter; Provided, however, That the Corporation shall not have the faculty to pledge the credit of the Commonwealth of Puerto Rico or of any of its political subdivisions.
(m) Develop and execute programs oriented towards the prevention and reduction of occupational accidents and/or illnesses.
(n) Enter into contracts or agreements with other public agencies and organizations in charge of protecting occupational health and safety.
(o) By virtue of the powers hereby conferred upon the State Insurance Fund Corporation, it shall be understood that this is a corporate instrumentality within the definition in § 63 of Title 29.
History —Apr. 18, 1935, No. 45, p. 250, added as § 1B-1 on Oct. 29, 1992, No. 83, § 1.