Guam Administrative Code

§1116. Same: General Requirements. (a) The letter of transmittal shall be sent in duplicate. CH. 1 - INSURANCE - 1997 - P. 24 (b) The filing and explanatory memorandum shall be sent in duplicate. (c) The filing shall be not later than thirty (30) days prior to the proposed effect…

§1117. Same: Underwriting Profit Report. Form I- 20, which is attached hereto and made a part hereof, is hereby adopted as a regulation and the information contained therein is required in support of every filing for approval of rates for each insurance coverage, except in the ca…

§1118. Proceedings for the Investigation, Hearings and Resolution of Complaints: Legal Authority . Legal authority cited for proceedings for the investigation, hearings and resolution of complaints, 22 GCA §§12204, 12206 of the Insurance Law.

§1119. Same: Filing of Complaint . Any person may file before the Commissioner a complaint charging violations of the Insurance Law and its regulations. Such complaint shall be made in writing: (a) The complaint shall contain the full name and the corporate name, in the case of a…

§1120. Same: Complaint, Notice of Hearing and Answer. (a) The issuance of a complaint shall be accompanied by a "Notice of Hearing," which shall fix a date and place for the hearing, specifying the matters to be considered thereat. The hearing shall not be held until a period of …

§1121. Same: Intervention. Prior to the opening of any hearing any person having a valid interest in the CH. 1 - INSURANCE - 1997 - P. 33 proceeding and desiring to intervene in any proceeding or hearing shall file with the Commissioner a motion in writing setting out the grounds…

§1122. Same: Motions. The Commissioner shall rule upon all motions made prior to the commencement of the hearing. The Commissioner shall rule upon all motions made during the hearing.

§1123. Same: Consolidation or Severance . Whenever the Commissioner deems it necessary in order to effectuate the purposes of the law, he may, at any time after a complaint is filed, order that such complaint or any other proceeding which may have been instituted in respect there…

§1124. Same: Prehearing Conferences. The Commissioner may hold prehearing conferences for the settlement or simplification of the issues. In such conference will be considered the issues to be heard, the position of each party, the simplification of proof, the exchange of exhibit…

§1125. Same: Hearings . Hearings shall be held before the Commissioner or Deputy Commissioner. Any person in the proceeding shall have the right to appear at such hearing in person or by counsel. Such person will have the right to call, examine and cross-examine witnesses, and to…

§1126. Same: Contemptuous Conduct. It shall be sufficient reason for exclusion from the hearing for any person to engage in disorderly, disrespectful or contemptuous conduct before the Commissioner

§1127. Same: Record. The Commissioner shall keep a true and concise record of the proceeding of the hearings.

§1128. Same: Order . Within ten (10) days after the termination of the hearing the Commissioner shall make his order thereon. Such order shall contain his findings of facts and conclusions of law, it shall set forth the action taken and the effective date of such action. A copy o…

§1129. Same: Duties and Powers of the Commissioner Representing the Complainant . It shall be the duty of the Commissioner to inquire fully into the facts as to whether the Respondent has engaged in or is engaging in any violation, set forth in the complaint, of the Insurance Law…

§1130. Same: Witnesses and Subpoenas. (a) Witnesses shall be examined orally under oath or affirmation except that for good cause shown the Commissioner may permit their testimony to be taken outside the hearing by deposition under oath. Any such deposition shall be taken in acco…

§1131. Books of Accounts, Registers and Documents - Required of Domestic Insurers: Legal Authority. Legal authority cited for requirements that domestic insurer's keep books of accounts, registers and documents, 22 GCA §§12204, 12212 of the Insurance Law.

§1132. Same: General. Every domestic insurer shall keep in his main office in Guam in an adequate manner and according to sound methods of accounting, books of accounts for all its operations and transactions. Said books, as well as the contracts, vouchers, records and any other …

§1133. Same: Life and Disability Insurance. The following shall be an essential part of the accounting system of every domestic life and disability insurer: CH. 1 - INSURANCE - 1997 - P. 36 (a) An application register that may be formed with the originals of the applications rece…

§1134. Same: Property, Casualty and Miscellaneous Risks.

§1135. Books of Accounts, Registers and Documents - Required of General Agents, Managers and Agents Authorized to Countersign Policies: CH. 1 - INSURANCE - 1997 - P. 39 Legal Authority . Legal authority for requirement that general agents, managers and agents authorized to counte…

§1136. Same: General . Every general agent, manager or agent authorized to countersign policies shall keep in his principal office in Guam, in an appropriate form and following approved methods of accounting, books of accounts for all kinds of business and transactions of the com…

§1137. Same: Life and Disability Insurance . The following shall be an essential part of the accounting system of the general agent and manager of life and disability insurers: (a) An insureds register that shall contain the name of the insured, address and date of birth or age. …

§1138. Same: Property and Casualty Insurance. The following shall be an essential part of the accounting system of the general agent, manager and agent authorized to countersign policies of property and casualty insurers: (a) A copy of every policy issued or an insurance memorand…

§1139. Annual Statement of Insurers. (a) Legal authority cited for annual statement of insurers, 22 GCA §15504 and §15404 Insurance Law. (b) The annual statement of insurers shall be prepared in the official forms approved by the National Association of Insurance Commissioners as…

§1140. Advertisements. (a) Legal authority cited for advertisements, 22 GCA §§15705 and 15708 Insurance Law. (b) Every insurer, general agent, agent, broker or solicitor duly authorized by the Commissioner to transact insurance business in Guam, shall send to the Office of the Co…

§1141. Surplus Line Agents and Surplus Line Brokers. (a) Legal authority cited for surplus line agents and surplus line brokers, 22 GCA §15204 Insurance Law. (b) General agents and subagents licensed to transact insurance in Guam shall, with prior approval of the Commissioner, ha…

§1142. Deviation From Approved Rates. Application for deviation from approved rates will be submitted in writing in duplicate and must include experience, statistical and/or other supporting reasons for the request. All application for deviation from approved rates must be submit…

§15704 Insurance Law.) Whenever the appointment of Subagent or Solicitor is terminated, the Commissioner shall be immediately notified thereof in writing accompanied by proof that notice of termination has also been delivered or mailed to such Subagent or Solicitor. Such notice o…

§ 2101. Authority; Legislative Findings and Intent. I Liheslaturan Gu å han intends to establish government policy that would improve the delivery of insurance protection and services to consumers on Guam. One approach toward this objective deals with encouraging and promoting t…

§ 2102. Purpose. The purpose of these regulations is to establish requirements and standards for the continuing education program for persons licensed to transact or sell insurance.

§ 2103. Definitions. The following terms in this Chapter are defined as follows: (a) “Agent” means general agent and insurance producer, unless otherwise apparent from the context. (b) “Broker” means a person who, for compensation and on behalf of another person, transacts insura…

§ 2104. Applicability. These regulations shall apply to resident persons licensed pursuant to Article 7 of Chapter 15, Title 22, Guam Code Annotated, to engage in the sale of the following classes of insurance: (a) life insurance, annuity contracts, variable annuity contracts, an…

§ 2105. Educational Requirements. (a) Resident persons licensed to sell or transact insurance shall mean any person licensed for: (1) life insurance, annuity contracts, variable annuity contracts, and variable life insurance; (2) sickness, accident and health insurance; (3) all l…

§ 2106. Qualifying Continuing Education Courses; Approval; Records. (a) Any course, program of instruction, or seminar developed and/or sponsored by any admitted and licensed insurer, insurance trade or agents’ associations or any independent program of instruction, shall require…

§ 2107. Repeated Courses. A continuing education course may be repeated for credit in successive renewal terms, but they are not permitted to take a course for credit more than once in the same license continuation period.

§ 2108. Extension of Time. For good cause shown, the Commissioner may grant an extension of time during which the requirements imposed by these regulations may be compiled for each type of license identified in § 2105 of this Chapter. The extension will not alter the requirements…

§ 2109. Compliance. Any person licensed to sell insurance prior to the effective date of these regulations shall comply with all the terms and requirements of § 2105 of this Chapter in order to be licensed.

§ 2110. Penalty, Legal Authority, §§ 15703 and 15705 of the Insurance Laws. Any person failing to meet the requirements imposed by these regulations and who has not been granted an extension of time within which to comply pursuant to § 2108, or who has submitted to the Commission…

§ 2111. Continuing Education Exemption. Any agent, broker, or insurance producer who is fifty-five (55) years of age and older, and who has been continuously licensed for twenty-five (25) years and is in good standing, is exempted from taking the continuing education courses. An …

§ 2112. Pre-Licensing Course and Written Examination. All applicants must complete thirty (30) credit hours of pre-licensing insurance courses on either life, accident and health, property and casualty, claims adjuster, and other classes of insurance authorized by Title 22 GCA, C…

§1101. Authority. The Administrator, Guam Uniform Securities Act, adopted the following regulations under the authority conferred upon him by 22 GCA §46413.

§1102. Findings . Public Law 16-65 amends the Guam Uniform Securities Act ("Act") to provide for the organization, operation and regulations of investment companies and international finance companies in Guam. The following regulations are intended to insure that investment compa…

§1103. Regulations. The regulations are set forth below. Please note that the form of the regulations, including the numbering system used, is subject to amendment as necessary to conform to the standard code of rules promulgated for the agencies of the government of Guam. All se…

§1104. Residence of Investment and International Finance Companies. This Regulation relates to 22 GCA 13 GAR - SECURITIES CH. 1 - INVESTMENT & INTERNATIONAL FINANCE COMPANIES - 1997 - P. 2 §46202(a). Any person incorporated, organized or formed under the laws of Guam, and which b…

§1105. Residence of Broker/Dealer or Adviser. This Regulation relates to 22 GCA §46202(c) of the Act. No person who is registered as a broker/dealer or as an investment adviser pursuant to the Uniform Securities Act shall be deemed to maintain a business office within Guam for pu…

§1106. Investment Companies: Presumption. This 13 GAR - SECURITIES CH. 1 - INVESTMENT & INTERNATIONAL FINANCE COMPANIES - 1997 - P. 3 Regulation relates to 22 GCA §46202(e) of the Act. Any person incorporated, organized or formed under the laws of this Territory who is or would b…

§§1802.201 and 1803.508: (1) The contract may be precomputed to include the dollar finance charge for payment according to schedule. In the example shown, the dollar finance charge of Two Hundred Eleven Dollars Sixty-Eight Cents ($211.68) would be added to the original unpaid pri…