reglab/statecodes huggingface dataset:
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 8 - Administration of Deposits (§§ 801 — 809) › § 808 - Release of deposit

(1) Any deposit made in Puerto Rico under this title shall be released and returned:
(a) To the insurer upon extinguishment by reinsurance or otherwise of substantially all liability of the insurer for the security of which the deposit is held; or
(b) to the insurer to the extent such deposit is in excess of the amount required, or
(c) upon proper order of a court of competent jurisdiction, to the receiver, conservator, rehabilitator, liquidator of the insurer, or to any other properly designated official or officials who succeed to the management and control of the insurer’s assets.
(2) No such release shall be made except upon application to the Commissioner, and upon order of the Commissioner made upon proof satisfactory to him of the existence of one of such grounds therefor. The Commissioner shall have no personal liability for any such release of any such deposit or part thereof so made by him in good faith.
History —Ins. Code § 8.080.
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 8 - Administration of Deposits (§§ 801 — 809) › § 809 - Deposit not subject to levy

No judgment creditor or other claimant of an insurer shall levy upon any deposit held pursuant to this chapter, or upon any part thereof.
History —Ins. Code § 8.090.
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 949 - Statement of purpose

This chapter establishes the requirements that must be met by all persons who aspire to obtain a license issued by the Commissioner to engage in the insurance business in Puerto Rico. It also establishes the procedure to issue licenses to said persons, as well as for the renewal, denial, suspension and revocation of said licenses. This section also includes certain general standards pertinent to the transaction of insurance policies and the payment of commissions.
History —Ins. Code, added as § 9.010 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 949a - Producer, definition

The person that pursuant to this Code holds a license duly issued by the Commissioner to negotiate insurance in Puerto Rico. In negotiating insurance the producer shall not act as authorized representative of the insurer, except in those cases in which an appointment made according to the provisions of § 949 l of this title is involved.
Provided, That the term negotiate includes the following acts:
(1) Solicitation and persuasion.
(2) Offer and negotiation.
(3) Sale.
History —Ins. Code, added as § 9.020 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 949b - Authorized representative, definition

Authorized representative is a producer that subscribes a contract with an insurer to negotiate insurance on his behalf, be it as employee or as independent contractor.
History —Ins. Code, added as § 9.021 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 949c - Responsibility of the producer towards the insured

The producer shall fulfill the following duties, among others:
(1) Provide the consumer with a clear and concise orientation about the coverage, benefits, limitations and exclusions of the insurance policy negotiated by him/her, as well as about the duties and obligations of the former as insured under the same.
(2) Negotiate the insurance product so it adjusts to the coverage needs the consumer seeks.
(3) Identify and measure the possibility of loss.
(4) Fulfill the duties imposed according to other provisions of this Code and with the principles of conduct the Commissioner may establish through rules or regulations.
When the producer acts as authorized representative of the insurer, he/she must also fulfill all those other duties imposed by the insurer by virtue of the contract subscribed between the parties.
History —Ins. Code, added as § 9.022 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 949d - Solicitor, definition

A solicitor is a natural person appointed and authorized by a producer to solicit insurance as representative of said producer. An individual employed on salary only who devotes all his/her time to office work, incidentally soliciting insurance at the office of the producer shall not be deemed to be a solicitor if his/her employment or compensation is not contingent upon or related to the volume of said insurance, applications or premiums.
History —Ins. Code, added as § 9.030 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 949e - General agent, definition

A general agent is the person appointed by an insurer as an independent contractor, or who is totally or partially on commission, with general powers or duties to inspect the execution and operations of the policy services of the insurer, to contract authorized representatives for the insurer, and to perform other functions the latter may confer pursuant to the terms of the contract, such as:
(1) Receive and accept business solicited or negotiated by producers.
(2) Compute rates.
(3) Countersign the policies.
(4) Issue endorsements, countersign and maintain records thereof.
(5) Train producers about the new products available.
(6) Process the loss experience.
(7) Process policy cancellations.
(8) Invoice and collect the corresponding premiums.
(9) Process and carry out the return of premiums.
(10) Process and carry out the payment of commissions to producers.
(11) Select risks according to the established underwriting guidelines.
Any general agent interested in acting as authorized representative shall be bound to meet the requirements established in this chapter to obtain a license as such.
History —Ins. Code, added as § 9.040 on Jan. 19, 2006, No. 10, § 8; Dec. 28, 2010, No. 220, § 1.
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 949f - Adjuster, definition

(1) Adjuster.— Is the person who for compensation as independent contractor or as employee of an independent contractor, or for a fee, commission or salary, investigates and negotiates the settlement of claims arising under insurance contracts exclusively on behalf of the insurer or the insured.
A practicing attorney-at-law who adjusts insurance losses from time to time incidental to the practice of his/her profession shall not be deemed an “adjuster” for the purposes of this chapter. An attorney-at-law who in representation of an insurer adjusts losses shall have to hold a license as independent adjuster.
(2) Independent adjuster.— Means the adjuster who represents the interests of the insurer.
(3) Public adjuster.— Means the adjuster employed by the claimant whose financial interests he/she represents exclusively.
History —Ins. Code, added as § 9.050 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 949g - Insurance consultant, definition

(1) Insurance consultant is the person who for compensation as independent contractor, if not the insurer, advises his/her clients, provides advice and information regarding the terms of a policy, its conditions, coverage benefits, the premium of any policy or contract and offers orientation with relation to the advisability or opportunity of canceling or continuing to hold a policy or of accepting or obtaining any contract or policy.
Any person who through any advertisement or any means of publicity uses the title of insurance consultant, insurance specialist, insurance advisor, insurance analyst or any similar title shall be deemed as an insurance consultant and shall be bound to meet all requirements that to those effects are provided in this chapter.
(2) This provision shall not apply to attorneys in active professional practice nor to insurance actuaries, members of the Society of Actuaries or of the Academy of Actuaries, who incidentally render services as consultants on insurance matters.
(3) Property and contingency insurance consultant is the person who holds a license as consultant in one or several of the following kinds of insurance:
(a) Property
(b) Casualty
(c) Surety
(d) Transportation and marine
(e) Title
(4) Life and disability insurance consultant is the person who holds a license as life insurance, annuities and disability consultant, including health care plans.
History —Ins. Code, added as § 9.051 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 949h - Proxy, definition

A proxy is a person authorized by a surety insurer to grant, on behalf and in representation of the latter, surety instruments in Puerto Rico according to the license which for such a purpose is issued by the Commissioner pursuant to the provisions of §§ 2201–2205 of this title.
History —Ins. Code, added as § 9.052 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 949i - License required; incompatibility

(1) No person in Puerto Rico shall act as or pretend to be an insurance producer, authorized representative, general agent, solicitor, adjuster, or consultant unless he/she holds a license therefor, pursuant to this chapter.
(2) No producer or solicitor may transact or accept applications for any kind of insurance for which he/she does not hold a license nor procure or place said application for others.
(3) No producer may act or state that he/she acts as authorized representative of an insurer unless there is a written contract subscribed to those effects between the latter and the insurer.
(4) A person who is not a resident of Puerto Rico who sells, solicits, or negotiates a contract of insurance for commercial property or casualty risks to an insured with risks located in more than one state insured under that contract, does not need to obtain a producer license in Puerto Rico, provided that the person is otherwise licensed as an insurance producer in the state where the insured maintains its principal place of business and the contract of insurance insures risks located in that state.
(5) Violations against subsections (1), (2) or (3) of this section shall be deemed as violations of this Code subject to the sanctions provided in this chapter. Furthermore, said violations shall be deemed misdemeanors punishable with a fine of not less than five hundred dollars ($500) nor more than fifteen thousand dollars ($15,000).
(6) No person shall be issued a license in more than one of the following classifications: producer, authorized representative, general agent, solicitor, adjuster, or consultant; except that a person holding an authorized representative license may obtain a license as a general agent and proxy, and a producer may obtain a license of consultant. Provided, That a person who holds both a producer and consultant license at the same time, shall not receive commissions or other valuable consideration for both under the same insurance or insurable object.
(7) The Commissioner shall supply the forms required in relation to the application, issue or termination of any license required by this chapter.
History —Ins. Code, added as § 9.060 on Jan. 19, 2006, No. 10, § 8; Dec. 28, 2010, No. 220, § 2.
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 949j - Commission for Business Negotiations—Payment and acceptance

(1) No insurer, general agent, manager or authorized representative of the insurer shall accept insurance applications transacted through a person who does not hold a license issued according to this Code for the kind of insurance transacted.
(2) No insurer, general agent, manager or producer shall pay any commission or compensation whatsoever for transacting insurance unless by the date the same is due the person entitled to the same holds a license issued pursuant to this Code for the kind of insurance transacted.
(3) No person shall accept any payment whatsoever as commission or compensation for transacting insurance, including commissions whose payment has been deferred or commissions payable for renewals, unless by the date the same is due said person holds a license issued pursuant to this Code for the kind of insurance transacted.
(4) An insurer or producer may pay or assign commissions or other valuable consideration, to a manager or persons who are engaged in the insurance industry outside of the jurisdiction of Puerto Rico and who do not sell, contract, negotiate, transact, or solicit insurance in Puerto Rico, provided, that said person is authorized to carry out insurance transactions or negotiations within their jurisdiction of domicile and that the payment does not violate the provisions regarding unlawful rebates and incentives established in § 2710 of this title.
—Ins. Code, added as § 9.061 on Jan. 19, 2006, No. 10, § 8; Dec. 28, 2010, No. 220, § 3; July 24, 2013, No. 81, § 1.
History
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 949k - Commission for business negotiations—Maximum amount

The commission to be paid to any producer for negotiating insurance shall be circumscribed to the maximum amount fixed in the schedule of types approved by the Commissioner for the corresponding kind or subdivision of insurance. [In case that the registration is not required, the commission to be paid to any producer for negociating insurance shall be circumscribed to the maximum amount fixed by the Commisisioner for that class or subdivision.] Should the Commissioner fail to fix said maximum commission, the same shall be circumscribed to the portion the insurer is able to justify on the basis of a study or analysis conducted by the latter.
The payment of any commission or compensation in addition to the commission calculated and authorized, including but not limited to the payment of contingent commissions, may only be made according to the standards established by the Commissioner for such a purpose through rules or regulations.
No person may accept as incentive for insurance or in relation to an insurance transaction, commissions in excess of the commission calculated and authorized pursuant to the preceding, or accept some other type of prohibited emolument or incentive.
History —Ins. Code, added as § 9.062 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 949l - Notice of appointment of producers

(1) No producer may act as authorized representative of an insurer, unless he/she subscribes a contract with the insurer through which the insurer authorizes the producer to negotiate insurance on behalf and in representation of the insurer.
(2) The appointment of a producer as authorized representative of an insurer shall be notified to the Commissioner in the manner prescribed by the latter within the fifteen (15) days following the date on which the contract is subscribed for such a purpose. The insurer shall keep the contract subscribed between the insurer and the producer accessible for the inspection of the Commissioner.
(3) The cancellation of the contract subscribed between the insurer and the producer for the negotiation of insurance shall be notified to the Commissioner in the manner prescribed by the latter within the fifteen (15) days following the date on which the contract was cancelled.
History —Ins. Code, added as § 9.063 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 949o - License—Applications

(1) The application for a license shall be made to the Commissioner by the applicant. The application must be sworn to by the applicant and shall contain that information and those documents the Commissioner may require.
(2) Should the applicant be a partnership or a corporation, the application shall also indicate the names of all partners, officials and directors as well as designate every person who shall exercise the powers to be conferred by the license to said partnership or corporation. The Commissioner shall require that every person so designated furnish information as though for an individual license.
The application for a license as solicitor shall be accompanied by a written statement executed by the producer by whom the applicant is to be appointed, stating:
(a) The appointment of the applicant as solicitor, subject to the license being issued.
(b) Whether the producer has made an investigation about the probity and qualifications of the applicant and the results of the same.
(c) Whether said insurance solicitation shall constitute the principal occupation of the applicant.
(d) Any other information the Commissioner may require.
(3) The willful misrepresentation of any fact required in said application or declaration is a violation of this chapter and the same may be cause for denial, cancellation, non-renewal or suspension of the license.
(4) As part of the procedure for renewing a license, or at any date after the same has been issued, the Commissioner may require the presentation of a new application containing the pertinent information.
History —Ins. Code, added as § 9.090 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 950 - License—Number of applications required

(1) The presentation of personal data about a person, together with his/her license application, subject to subsection (2) of this section, shall be sufficient, regardless of the number of license applications or renewals subsequently made by the same person.
(2) In relation to the renewal of a license, or at any date after the issue of a license, the Commissioner may require the presentation of a new application containing the pertinent information.
History —Ins. Code, added as § 9.100 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 950b - License—Scope of the examination

(1) Every examination required by § 950a of this title shall be as prescribed by the Commissioner and its scope shall be broad enough to enable the reasonable evaluation of the knowledge of the applicant relative to the kinds of insurance covered on the license and the duties and responsibilities of said licensee and the laws applicable to the latter.
(2) The Commissioner may prepare and make available to the applicants, through the payment of fees established by the Commissioner through rule, regulation, order or administrative determination, a manual specifying the subject matter to be covered in any examination for a specific license.
(3) The Commissioner shall, from time to time and through rule or regulation, establish reasonable groupings of the kind or kinds of insurance or subdivisions thereof that may be covered by examinations for specific licenses.
History —Ins. Code, added as § 9.120 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 950c - License—Examinations; form, place, waiting period and fees

(1) The examination shall be administered in the form and manner deemed by the Commissioner to best serve the purposes of this chapter.
(2) The Commissioner shall administer the examinations in Puerto Rico on the dates and at the places deemed appropriate, taking into account his/her resources and the convenience of the applicants.
(3) The Commissioner, through rule or regulation, may require a waiting period before administering a new examination to an aspirant who has failed to pass a prior similar examination.
(4) For every examination the Commissioner shall collect in advance the fee specified in § 701 of this title.
History —Ins. Code, added as § 9.130 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 950d - License—Issuance

The Commissioner shall issue the licenses applied for to eligible persons under this chapter, providing evidence thereof in the form of a certificate or of an identification card.
Licenses shall be issued for a term of two (2) years and may be renewed for additional periods pursuant to § 953b of this title. However, in the case of a license issued to a new applicant, the Commissioner may issue a license for a term greater than two (2) years, subject to the payment of the corresponding fees, prorated for the term in excess of two (2) years; Provided, That the effective term of a license thus issued shall in no case exceed thirty (30) months.
History —Ins. Code, added as § 9.140 on Jan. 19, 2006, No. 10, § 8; Dec. 28, 2010, No. 220, § 5.
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 950f - License—Contents

(1) All licenses shall contain whatever information the Commissioner may deem pertinent, including the name, address, kinds of insurance and the number assigned to the license, and they shall be in the form prescribed by the Commissioner.
(2) In the case of partnerships or corporation, the license shall also set forth the name of every person authorized by the same to exercise the powers conferred therein, indicating the kinds of insurance that said persons may transact pursuant to the same.
(3) If the holder is a solicitor, the license shall contain the name of the producer the latter shall represent.
History —Ins. Code, added as § 9.150 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 950h - License—Sale of variable products

(1) A corporation may obtain a license as producer for the sale of variable products provided it complies with the provisions of § 950g of this title, with all applicable provisions of the Puerto Rico Uniform Securities Act and its Regulations and with those other requirements that the Commissioner, the Commissioner of Financial Institutions, or both acting jointly, may establish through rule, regulation, order or administrative determination.
(2) A natural person interested in obtaining a license of an individual nature for the sale of variable products must comply with the provisions of §§ 949m and 950i of this title, with all applicable provisions of the Puerto Rico Uniform Securities Act and its Regulations and with those requirements that the Commissioner, the Commissioner of Financial Institutions, or both acting jointly, may establish through rule, regulation, order or administrative determination.
(3) The Commissioner shall suspend the license of any authorized producer to whom the Office of the Commissioner of Financial Institutions, the National Association of Securities Dealers or the Securities Exchange Commission has suspended its authorization for the sale of securities. In the case of corporations, the Commissioner shall remove from the license of the corporation the person suspended or expelled and shall allow the license of the corporation to exist while it complies with all provisions of this chapter.
History —Ins. Code, added as § 9.161 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 950i - Producer—Requirements

The insurance producer license may only be issued and exist in connection with a natural person who meets the following requirements:
(1) To have attained eighteen (18) years of age and completed his/her high school education or its equivalent.
(2) 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 he/she solicits the license, except for non-resident producers authorized pursuant to § 951m of this title and except for general agents as provided in subsection (2) of § 951a of this title. Neither shall those individuals who transfer their residence from any state or jurisdiction of the United States and establish the same in a bona fide manner in Puerto Rico, be bound to comply with the residential requirement of one (1) year prior to soliciting a license, provided that at the time the license is solicited they meet the conditions established in subsection (1)(c) of § 950a of this title and that the state or jurisdiction from where they proceed has adopted the provisions of the Model Act for licensing producers approved by the National Association of Insurance Commissioners and provided that a similar privilege has been granted to a person residing in Puerto Rico.
(3) Be trustworthy and competent and be able to comply in other respects with § 949m of this title.
(4) Comply with the provisions of § 949n of this title about a controlled business.
(5) Pass any examination required pursuant to § 950a of this title.
(6) Shall not be a stockholder, member, partner, director, official, representative or employee of any other producer authorized to conduct business or who is conducting business in Puerto Rico nor to have an economic or financial interest or a contractual relationship in the field of insurance with a producer authorized to conduct business or who is conducting business in Puerto Rico.
(7) Provide satisfactory evidence of having complied with those continuing education requirements established by the Commissioner through rule or regulation.
(8) Have and maintain a place of business, as required by § 952c of this title.
(9) Present proof of financial responsibility required pursuant to § 951 of this title.
History —Ins. Code, added as § 9.170 on Jan. 19, 2006, No. 10, § 8; Dec. 28, 2010, No. 220, § 8; July 19, 2013, No. 63, § 1.
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 950j - Producer—Scope of license

The license as producer shall cover all kinds of insurance for which the latter has taken and passed [the] examination required. However, the Commissioner may issue a license as producer limited to a specific kind or kinds of insurance, excluding others.
History —Ins. Code, added as § 9.190 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 951 - Producer—Proof of financial liability

(1) No insurance producer license shall be issued or permitted to exist unless a bond is posted in the name of the Government of Puerto Rico to answer for the funds received by the producer as incidental to the insurance business and for the damages the interested parties may suffer as a result of the negligence of the producer in the performance of his/her duties. Provided, That this requirement shall not apply when a nonresident producer license is issued.
(2) The bond shall be for the sum the Commissioner may require, taking into account, among other things, the volume of business subscribed through a producer, although it shall never be less than ten thousand dollars ($10,000). In the case of a corporation or partnership, the amount of the bond shall never be less than ten thousand dollars ($10,000) multiplied by the number of persons designated in its license. The Commissioner shall provide through rule or regulation the parameters pursuant to which the amount of the bond required shall be established.
(3) The bond shall be effective by the date of effectiveness of the license.
(4) The bond shall consist of:
(a) A bond issued by an authorized surety insurer which shall not be subject to cancellation unless the Commissioner is notified thereof not later than sixty (60) days prior to its cancellation and in which it is established that the liability contracted under the bond contract until the date of cancellation shall not be extinguished nor be limited in any manner whatsoever because of the cancellation, or
(b) Deposit of securities acceptable to the Commissioner.
(5) In lieu of the bond the producer may submit a professional liability policy issued by an authorized insurer which shall be for an amount equal to or greater than the bond and be subject to the approval of the Commissioner.
History —Ins. Code, added as § 9.200 on Jan. 19, 2006, No. 10, § 8; Dec. 28, 2010, No. 220, § 9.
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 951a - Producer—Authority

(1) A producer is not a representative of an insurer and does not have the power through his own acts to bind the insurer regarding a risk or in reference to any insurance transaction, unless the producer has subscribed a contract with the insurer through which he/she is conferred the authority to act as his/her authorized representative in the transaction of one or more kinds of insurance subscribed by the insurer. Said appointment shall be notified to the Commissioner pursuant to the provisions of § 949 l of this title.
(2) In those cases whereby the an insurer wishes to appoint a producer as his/her authorized representative for transacting insurance, the latter shall subscribe a contract with said producer through which shall be established, among other things, the payment of commissions, the collection of premiums, the termination of the contractual relationship and whether said representation shall be of an exclusive nature.
History —Ins. Code, added as § 9.210 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 951b - General agent—License

(1) No person shall act in the capacity of general agent in relation to those risks located in the Commonwealth of Puerto Rico in the name of an insurer authorized to enter into the insurance business in Puerto Rico, unless said person holds a license issued by the Commissioner to do so pursuant to this chapter and unless an appointment of said insurer exists pursuant to the provisions of § 951c of this title.
(2) The license as general agent issued by the Commissioner shall continue in effect while it has not been suspended, revoked or cancelled, but subject to the payment of the annual fee for the amount stipulated in § 701 of this title before its expiration date.
(3) The Commissioner may deny, suspend or revoke the license of the general agent for any of the grounds specified in § 953f of this title and in the manner provided in § 953g of this title.
History —Ins. Code, added as § 9.211 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 951c - General agent—Appointment

(1) The insurer who appoints a person as general agent to represent him/her as such in Puerto Rico, shall give written notice of the appointment to the Commissioner within the fifteen (15) days following the date on which the contract for such purposes is executed and in the form he/she may prescribe. The insurer shall keep accessible for the inspection of the Commissioner the contract executed between the former and the general agent.
(2) The general agent shall have the authority, which consistently with this Code, the insurer may confer upon him/her in the contract executed between them. Said general agent may transact insurance applications if he/she obtains a license as producer and meets all requirements established in § 950i of this title for said license, except as refers to the length of his/her previous residence in Puerto Rico.
(3) The volume of business generated by the general agent shall mostly proceed from other producers.
History —Ins. Code, added as § 9.212 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 951d - Solicitor—Requirements

A license as solicitor may only be issued to a natural person who meets the following requirements:
(1) To be residing in and to have been a bona fide resident of Puerto Rico for at least one (1) year immediately before the date on which the license is applied for, to be at least eighteen (18) years of age and to have finished high school or its equivalent. The Commissioner may, at his/her discretion, waive the residence requirement of an industrial life insurance solicitor who is to be assigned to a specific area for the collection of small short-term premiums.
(2) To be trustworthy, competent and willing to actively engage in the insurance business as his/her main occupation and be otherwise in compliance with § 949m of this title.
(3) To pass any examination required pursuant to § 950a of this title.
(4) To be appointed solicitor by a single authorized resident producer in relation to any kind or kinds of insurance for which said producer is authorized.
(5) Shall not be licensed as general agent, producer, consultant or adjuster.
(6) Shall not devote a substantial portion of his/her time to the adjustment of losses when he/she is a salaried employee of an insurer or general agent.
(7) Shall satisfactorily show to have met those continuing education requirements that, from time to time, adopts the Commissioner [sic] through rule or regulation.
History —Ins. Code, added as § 9.220 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 951e - Solicitor—License; custody; cancellation

The license as solicitor shall be entrusted to the producer who appoints the solicitor. Upon the expiration of such an appointment the license shall also expire and the producer shall return the same to the Commissioner for its cancellation.
The license of a solicitor may be cancelled through a written petition filed with the Commissioner by the former or by the producer who appointed him/her. If it is the producer who files the petition, it shall set forth the grounds for said cancellation and must be accompanied by evidence attesting that the producer has mailed a notice of said petition to the solicitor. The cancellation of the appointment of a solicitor at the request of the producer shall be effective ten (10) days after the date on which the producer has provided the evidence to the Commissioner attesting that he/she sent the solicitor the notice of cancellation of his/her appointment.
History —Ins. Code, added as § 9.230 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 951f - Solicitor—Authority; liability

(1) The license of a solicitor appointed by a producer shall cover only that kind or kinds of insurance that said producer may transact pursuant to his/her license.
(2) A solicitor shall not have the power to bind an insurer regarding any risk or insurance contract, nor to countersign insurance contracts.
(3) Any business transacted by a solicitor under his/her license shall be in the name and on the account of the producer by whom he/she is appointed and the producer shall be liable for all acts or omissions of the solicitor within the scope of such an appointment.
History —Ins. Code, added as § 9.240 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 951g - Insurance consultant—Requirements

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 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.
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 951h - Insurance consultant—Revocation, suspension or denial of license

(1) The Commissioner may revoke the license as insurance consultant for any violation of this chapter and for any of the reasons for which a license as producer may be revoked as provided in § 953f of this title.
(2) Any person who acts as insurance consultant, as defined in § 949g of this title, without holding a license for doing so or during the period in which the same was suspended or revoked shall be subject to a fine of not less than five hundred dollars ($500) nor of more than five thousand dollars ($5,000) or to a term of imprisonment of not more than six (6) months, or both penalties for each violation.
History —Ins. Code, added as § 9.242 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 951i - Insurance consultant—Form and requirements of contract

For an insurance consultant contract to be binding it shall be executed in writing and submitted in duplicate by the contracting person or his/her legal representative and the consultant. The contract shall specify the services to be rendered and the fees to be paid.
Once his/her advice as insurance consultant is offered, the consultant shall submit to the person who received his/her services a written report specifying the advice, counsel, recommendations and information provided.
Violation of this provision shall entail an administrative fine of not less than five hundred dollars ($500) or of more than five thousand dollars ($5,000).
History —Ins. Code, added as § 9.243 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 951j - Insurance consultant—Proof of financial liability

No license as insurance consultant shall be issued or allowed to exist unless the applicant presents to the Commissioner and thereafter maintains in effect a bond in favor of the Commonwealth of Puerto Rico to answer for the damages that may be suffered by any party as a result of negligence in the fulfillment of his/her duties as consultant. The bond of the insurance consultant shall be effective at the date of effectiveness of the license. Said bond may be substituted by a professional liability policy for an amount equal to or greater than the bond required, subject to the approval of the Commissioner.
The bond shall be for an amount of not less than twenty-five thousand dollars ($25,000) and issued by a surety insurer authorized to conduct business in Puerto Rico. Said bond shall not be subject to cancellation except through a written notice to the Commissioner and to the licensee at least sixty (60) days prior to its cancellation date.
History —Ins. Code, added as § 9.244 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 951k - Insurance vending machines

(1) A producer contracted by an insurer to act as his/her authorized representative may negotiate applications and issue insurance policies by means of vending machines, inspected by him/her, provided the Commissioner determines that:
(a) The kind of insurance and the form of the policy that the producer intends to transact pursuant to his/her license are suitable for sale and issuance by means of vending machines;
(b) the type of vending machine is suitable and practical for such a purpose, and
(c) the use of said vending machines shall be convenient for the public.
(2) The Commissioner shall issue to the producer a special vending machine license for each machine inspected by him/her. The license shall specify the make and serial number of the machine, the name and address of the insurer and the producer, the kind of insurance and type of the policy provided and the place where said machine is to be in operation. The license shall expire, be renewed and be suspended or revoked when the license of the producer expires, is renewed and suspended or revoked or for any cause whereby the contract between the latter and the insurer is terminated, whichever occurs first. The license fees for each vending machine shall be one hundred dollars ($100) per year or part thereof. The license shall be displayed in each machine, or close thereto, as required by the Commissioner.
(3) The policies thus sold shall not have to be countersigned.
(4) The Commissioner may, at his/her discretion, fix a limit as to the number of vending machines to be operated by a single insurer, or by a single producer or from a single location.
(5) The Commissioner shall supply the applications, licenses and forms required under this section.
History —Ins. Code, added as § 9.250 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.
2023 Laws of Puerto Rico › TITLE TWENTY-SIX - Insurance (§§ 101 — 10377) › Subtitle 1 - Insurance Generally (§§ 101 — 4513) › Chapter 9A - Producer, Authorized Representative, Solicitor, General Agent, Adjuster and Insurance Consultant (§§ 949 — 953i) › § 951l - Sale of insurance over the Internet

The Commissioner may adopt, through rule or regulation, the standards that shall govern the sale, offer and solicitation of insurance over the Internet pursuant to the applicable provisions of this Code and of any other act approved by the Legislature to regulate said activity.
History —Ins. Code, added as § 9.25 on Jan. 19, 2006, No. 10, § 8, eff. 120 days after Jan. 19, 2006.