Request Disapproval; Written Demand for a

Hearing to Determine the Reasonableness of the Disapproval. In the event that the Commissioner of Banking and Insurance disapproves the request for the distribution of extraordinary dividends and/or loans and advances outlined in §§ 15320.1 and 15310.2, respectively, the Commissioner of Banking and Insurance shall notify the person in writing, advising of the reason for the disapproval. The person whose request was denied may make written demand upon the Commissioner of Banking and Insurance pursuant to Chapter 9, Title 5, Guam Code Annotated, for a hearing before the Commissioner of Banking and Insurance to determine the reasonableness of the disapproval. The hearing shall be held pursuant to the Administrative Adjudication Law found in Chapter 9, Title 5, Guam Code Annotated. SOURCE: Added by P.L. 37-054:4 (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.”