P.R. Laws tit. 26, § 2201
(1) A surety insurer shall file with the Commissioner the appointment and power of attorney of every individual authorized by it to execute surety instruments in Puerto Rico on its behalf.
(2) All such powers of attorney shall comply with and be subject to the laws of Puerto Rico regarding powers of attorney in general and protocolization thereof (§§ 921–927 of Title 4).
(3) No attorney-in-fact license shall be issued to any person, if the following qualifications are not met:
(a) To actually reside in Puerto Rico and to have been a bona fide resident of Puerto Rico for at least one year immediately before the date on which the license is applied for.
(b) To be trustworthy and competent.
(c) To be at least twenty-one years old and to have completed high school or its equivalent.
(d) To pass satisfactorily any examination required pursuant to Section 9.110.
(4) Upon such filing of such power of attorney, in proper form, and compliance by the applicant of the requirements of this section, the Commissioner shall issue to the individual so appointed a license as the insurer’s attorney-in-fact. The license shall be for such duration and be subject to renewal, suspension or revocation, as is provided under this title for the licenses of insurance producers. The license fee shall be as set forth in § 701 of this title.
(5) No person shall execute surety instruments on behalf of such an insurer in Puerto Rico, except in compliance with this section, including, but not limited to, officers of the insurer residing in Puerto Rico.
History —Ins. Code § 22.010; July 23, 1974, No. 151, Part 1, p. 695, § 9; Jan. 19, 2006, No. 10, § 9, eff. 120 days after Jan. 19, 2006.