P.R. Laws tit. 26, § 4014
2019-02-20 00:00:00+00
The Commissioner may petition the Court of First Instance for an order authorizing him/her to liquidate a domestic insurer or an alien insurer domiciled in Puerto Rico based on:
(1) Any grounds for a rehabilitation order as specified in § 4009 of this title, except for subsections (6), (13), (14), and (15) thereof, whether or not there has been a previous order directing the rehabilitation of the insurer;
(2) that the insurer is insolvent, or
(3) that the holders of a majority of the insurer’s voting stock petition for liquidation or consent thereto pursuant to this chapter.
History —Ins. Code, added as § 40.140 on Aug. 17, 1991, No. 72, § 1; Dec. 14, 2007, No. 206, § 15.