2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 3 - Authorization of Insurers and General Requirements (§§ 301 — 335) › § 317 - Application for authority

(1) To apply for an original certificate of authority an insurer shall file with the Commissioner its request therefor showing its name, location of home office, location of its principal office, if any, in the United States, type of insurer, organization date, and if a reciprocal or Lloyd’s, the name of its attorney-in-fact and address of its principal office in Puerto Rico.
The insurer shall also file or deposit with the Commissioner:
(a) Copy of the resolution of its board of directors or other governing body, determining to transact insurance in Puerto Rico and designating the officer or officers of the insurer who shall have authority from time to time to inform the Commissioner as to the kind or kinds of insurance to be so transacted. Such copy shall be certified by the insurer’s secretary and be authenticated by its corporate seal, if any.
(b) Certified copy of its charter duly authenticated by the office wherein the originals are on file.
(c) Copy of its bylaws, if any, certified by its president or secretary.
(d) Copy of its annual statement as of December 31 last preceding, the form of which shall substantially comply with the form generally required of insurers under § 331 of this title.
(e) Copy of the report of the last examination made of the insurer, if any, certified by the insurance supervisory official of its domicile, or of its state of entry into the United States (if it is a foreign insurer not formed in the United States but authorized to transact insurance in one or more states thereof).
(f) If a foreign insurer, a certificate from the insurance supervisory official of its domicile, or state of entry into the United States (if it is a foreign insurer not formed in the United States but authorized to transact insurance in one or more states thereof), stating the kinds of insurance it is authorized to transact in such state or country, and the amount of its paid-in capital (if a stock insurer) and surplus.
(g) The deposit of securities required by § 313 or 314 of this title, or in lieu thereof the certificate provided for by § 313(3) of this title, if applicable.
(h) If a foreign insurer, a certificate from the insurance supervisory official of the state or country of its domicile certifying that there are no provisions of the insurer’s charter or of the laws of its domicile which would prevent the insurer from extending its insurance operations in Puerto Rico.
(i) If a foreign insurer, or a domestic reciprocal insurer or domestic Lloyd’s insurer, a certificate duly signed by its executive head and authenticated by the corporate seal, if any, whereby the insurer consents to be sued in the courts of Puerto Rico for any cause of action arising against it in Puerto Rico, stating that legal process may be served on the Commissioner, or (if foreign insurer) on the insurer’s agent residing in Puerto Rico, whose name and address shall be shown in the certificate, and that any process so served shall be deemed served on the insurer. The Commissioner shall furnish the proper certificate form, which shall also comply with the requirements of § 327(1) of this title.
(j) Designation of the insurer’s manager or general agent to be resident in and have charge of its affairs in Puerto Rico, together with the written acceptance of the general agent, if any. Said general agent may be either a natural or a juridical person. If the general agent is a partnership, the acceptance shall be subscribed by all the partners. If the general agent is a corporation, the acceptance shall be executed by its president and be accompanied by a certified copy of the resolution of its board of directors authorizing acceptance of such general agency. This requirement shall be optional in the case of an insurer who is engaged only in reinsurance. The insurer must give notice in writing about the appointment to the Commissioner of the in the forms approved and supplied by the latter.
History —Ins. Code § 3.170; May 31, 1973, No. 73, p. 328, § 5; Jan. 19, 2006, No. 10, § 5, eff. 120 days after Jan. 19, 2006.