P.R. Laws tit. 26, § 4017
2019-02-20 00:00:00+00
(1) The Commissioner may petition for an order to dissolve the corporate existence of a domestic insurer or the branch of an alien insurer domiciled in Puerto Rico at the time he/she applies for liquidation. The court shall order the dissolution of the insurer by petition of the Commissioner at the time or after the liquidation order is granted. If dissolution has not been ordered previously, it shall be effected by legal effect upon the discharge of the liquidator if the insurer is insolvent, but the court may order the dissolution upon the discharge of the liquidator if the insurer is under a liquidation order for some other reason.
History —Ins. Code, added as § 40.170 on Aug. 17, 1991, No. 72, § 1.