P.R. Laws tit. 26, § 4013
(1) Whenever the Commissioner believes that further efforts to rehabilitate an insurer would substantially increase the risk of loss to policyholders, creditors or the general public, or that the same would be futile, he/she may petition the Receivership Court for a liquidation order. A petition under this paragraph shall have the same effect as a petition under § 4014 of this title. The rehabilitator shall coordinate a transition plan for the liquidation with guaranty associations that may be obliged under a liquidation proceeding.
(2) The protection of the interests of the insured parties, plaintiffs and the general public requires the efficient and prompt management of all obligations under an insurance policy, reason for which, if the payment of the obligations under the policies of an insurer under rehabilitation is suspended for a period of six (6) months at any time after the rehabilitator is appointed as such and he/she has not submitted a plan to the Receivership Court, as provided in § 4011 of this title, the rehabilitator may petition the Receivership Court for a liquidation order or seek an order to extend the suspension period, after showing just cause therefor.
(3) The rehabilitator may petition the Receivership Court at any time for an order to terminate the rehabilitation of an insurer. The Receivership Court shall also allow the directors of the insurer to petition an order to terminate the rehabilitation and may order payment from the estate of the insurer of such costs and other expenses related to their petition if the petition is granted. If the Receivership Court finds that rehabilitation has been accomplished and that grounds for rehabilitation under § 4009 of this title no longer exist, it shall order that possession of property and control over business be restored to the insurer. The Receivership Court may also reach that conclusion and issue such an order at any time motu proprio.
History —Ins. Code, added as § 40.130 on Aug. 17, 1991, No. 72, § 1; Dec. 14, 2007, No. 206, § 14.