Esta ley establece el Programa de Internado de la Oficina del Comisionado de Seguros de Puerto Rico. El programa está dirigido a estudiantes de posgrado interesados en la industria de seguros o áreas relacionadas. La ley detalla la administración del programa, los criterios de selección de los internos, la posibilidad de obtener créditos universitarios por la participación y la facultad del Comisionado para reglamentar y aceptar fondos para el programa. También integra los programas de internado existentes bajo esta nueva ley.
(Approved December 8, 2002)
To establish the Internship Program of the Office of the Insurance Commissioner, attached to said administrative agency, in order to offer internship to graduate students interested in developing within the insurance industry or related areas; to establish its administration, selection criteria and regulations; to merge it with other programs already in existence; and for other purposes.
The Legislature of the Commonwealth of Puerto Rico approved Act No. 62 of June 29, 1996, that amended Act No. 66 of May 27, 1976, which created the "Insurance Industry Supervision and Regulation Fund", (13-LPRA-10) and several areas were added to which the Office of the Insurance Commissioner could direct the use of the funds assigned to said Fund. The present Act states the following: "In addition, said funds shall be used to defray the expense of upgrading jobs; computer system costs; educational programs; scholarships for the technical training of employees; the creation, through regulations to such effect, of internship programs in the Office through the contracting of university students [...].
At present, the Office of the Insurance Commissioner offers certain internship opportunities, but there is no specific legal mechanism for this administrative agency to regulate them, and that provides the criteria that
shall be taken into consideration by the Commissioner to grant these opportunities to our university students.
The Legislature of Puerto Rico understands that the new view of leadership of the Office of the Insurance Commissioner, is one that deserves full support of these Legislative Bodies. With the approval of this Act, our intention is to fully enforce the will of the Legislative Power stated in Act No. 62 of 1996, supra.
In view of the above, the Legislature of the Commonwealth of Puerto Rico hereby approves this Act, so that the Office of the Insurance Commissioner may provide an Internship Program for post-graduate students interested in working in the insurance industry or related areas, as determined by the Commissioner, so that we may have better and more competent citizens in this important industry of our country.
Section 1.- This Act shall be known as the "Internship Program of the Office of the Insurance Commissioner".
Section 2.- The Internship Program of the Office of the Insurance Commissioner is hereby created under the direction and administration of the Insurance Commissioner of the Commonwealth of Puerto Rico (hereinafter the Commissioner).
Section 3.- The Commissioner shall establish and foster the mechanisms needed for the availability of positions that are to be filled by the interns of the Program.
Section 4.- Any student from any public or private college institution, duly-accredited by the Commonwealth of Puerto Rico, shall be eligible to be nominated as a Program intern. The interns shall pursue studies leading to obtain a Bachelor's Degree, Master's Degree, Doctor's Degree or juris
doctor, and have a full-time academic load, as provided by the Regulations to such effect.
Section 5.- The selection criteria of the Program's interns shall follow the regulations promulgated to such effect by the Commissioner, taking into consideration the academic background, grades and field of study, in addition to a classification system for said interns, and the respective compensation.
Section 6.- The Program interns shall work in the various branches of the Office of the Commissioner, as he so determines, during one (1) academic semester.
Section 7.- The Commissioner shall make the pertinent arrangements with the participating private or public institutions, so that the participation of the interns during the period established in Section 6 of this Act, may be accepted as university credits. Likewise, the Commissioner shall make all the necessary arrangements for an effective coordination with other government offices to achieve the purposes of this Act, or to establish new programs that promote the provisions set forth herein.
Section 8.- The Commissioner is hereby instructed to promulgate, administer, execute or amend, as the case may be, such regulations, determinations, or other provisions related to the compliance of this Act.
Section 9.- The Commissioner is hereby empowered to accept any monetary items transferred, apportioned or ceded to the Office of the Insurance Commissioner by any agency, public corporation or instrumentality of the governments of the Commonwealth of Puerto Rico, the United States of America, or municipal governments for compliance of this Act. To such effect, the regulations that are approved by the
Commissioner for compliance of this Act, shall include the procedure to attain the provisions of this Section.
Section 10.- The Commissioner shall not use additional resources that are assigned to his Office for compliance of this Act in substitution of the budget allocations from the General Fund of the Commonwealth of Puerto Rico. The funds that upon the approval of this Act are used by the Commissioner for internships that are already established, shall be identified as such in its budget and may only be used for the Internship Program.
Section 11.- Any internship or practice program that the Office of the Insurance Commissioner has established, or are in the process of being established upon the approval of this Act, shall be deemed to be included within the Internship Program created by this Act, and shall be governed by the provisions thereof.
Section 12.- This Act shall take effect immediately after its approval. It is hereby provided that the Internship Program established by this Act shall commence in the first semester of the 2003-2004 academic year.
I hereby certify to the Secretary of State that the following Act No. 273 (H.B. 2101) of the $4^{ ext {th }}$ Session of the $14^{ ext {th }}$ Legislature of Puerto Rico:
AN ACT to establish the Internship Program of the Office of the Insurance Commissioner, attached to said administrative agency, in order to offer internship to graduate students interested in developing within the insurance industry or related areas; to establish its administration, selection criteria and regulations; to merge it with other programs already in existence; and for other purposes, has been translated from Spanish to English and that the English version is correct.
In San Juan, Puerto Rico, today $20^{ ext {th }}$ of August of 2004.
Elba Rosa Rodríguez-Fuentes Director