Loans and Advances

No domestic company may make loans or advances to any Officer, Director, Shareholder or affiliated company without prior approval by the Insurance Commissioner in accordance to the rules and regulations promulgated by the Commissioner pursuant to the Administrative Adjudication Law found in Chapter 9, Title 5, Guam Code Annotated. SOURCE: Added by P.L. 37-054:3 (Dec. 13, 2023). P.L. 37-054:5 states “The Banking and Insurance Commissioner shall promulgate rules and regulations in compliance with the Administrative Adjudication Law found in Chapter 9, Title 5, Guam Code Annotated, within one hundred eighty (180) days upon enactment of this Act.”