Title 11 — Finance and Taxation

There is, within the Division of Insurance, Securities and Banking of the Department of Revenue and Taxation, an Office of the Commissioner of Banking and Insurance that shall be charged with supervising banking and insurance activities in Guam as provided in this Title, and in o…

There shall be a Commissioner of Banking and Insurance who shall be appointed by I Maga’lahen Guåhan (the Governor of Guam), with the advice and consent of I Liheslatura (the Legislature), and who shall serve under the direction of the Director of Revenue and Taxation. (a) The Co…

(a) There is hereby established in the Office of the Commissioner of Banking and Insurance, a Banking and Insurance Board that shall supersede the Banking Board, which shall consist of the Commissioner and nine (9) members. The Commissioner shall be Chairman. (b) The nine (9) mem…

(a) In addition to other powers conferred by this Title, the Board shall have the power to: (1) Regulate its own procedures and practices in accordance with the Administrative Adjudication Act. (2) Implement by regulation not inconsistent with law, any provision of this Title, an…

(a) Any finding, decision, or order of the Commissioner shall be effective only when in writing and signed by the Commissioner. Orders shall be filed in the Division of Insurance, Securities and Banking of the Department of Revenue and Taxation. (b) Every such order shall state: …

Within ten (10) days after the serving of notice of any order by the Commissioner, any person adversely and directly affected thereby may request a hearing on the subject of the order before the Commissioner. A final order shall be made within ten (10) days after the close of suc…

If any person fails to comply with an order that has become final, the Commissioner may apply for the enforcement of the order to the Superior Court of Guam. If the Court determines that the order was made and served in accordance with the law and that such person failed to compl…

Any person aggrieved and directly affected by an order of the Board may appeal to the Superior Court of Guam, within thirty (30) days after issuance of the order. The filing of a petition for review shall not stay enforcement of an order, but the Court may order a stay upon such …

All officers and employees of the Division of Insurance, Securities and Banking, other than the Commissioner, shall be in the classified service. The Commissioner may delegate to any officer or employee of the Division any of his or her powers and may designate any officer or emp…

Employees. (a) No employee of the Division shall be an officer, director, trustee, attorney, owner, shareholder, partner, broker, agent, solicitor, employee or representative of any bank or insurance company, or, except as hereinafter provided, receive, directly or indirectly, an…

(a) The Commissioner shall be bonded with a good and sufficient surety, as the Board shall determine and shall fix, conditioned that he or she shall faithfully account for and dispose of any funds and securities received into his or her custody or control, in accordance with appl…

No member of the Board or officer or employee of the Division shall be liable in any civil action for damages for any act done or omitted in good faith in performing the functions of his or her office.

(a) The Commissioner shall charge an examination fee based on cost per hour per examiner, plus travel, per diem and other related expenses for all institutions examined by him/her or his/her staff. (b) The Board may implement by regulation not inconsistent with law additional fee…

(a) The Commissioner shall report to I Maga=lahi and I Liheslatura annually, within sixty (60) days after the end of each fiscal year. His/her report shall include: (1) The text of all rules of the Division of general application adopted or altered since his/her last previous rep…

(a) The Commissioner need not examine or cause to be examined any financial institution that is regulated by the FDIC, the Board of Governors of the Federal Reserve Bank, or the Office of the Comptroller of Currency, so long as the financial institution has received a satisfactor…

(a) Information from the records of the Division shall not be revealed to any person other than members of the Board, except with the consent of the Commissioner and shall not be subject to subpoena, unless otherwise permitted by territorial, state or Federal law, rule or regulat…

(a) Every territorial bank and insurance company shall retain its business records for such periods as are or may be prescribed by or in accordance with the terms of this Title. (b) Each territorial bank shall retain permanently the minute books of meetings of its stockholders an…

The Board and the Commissioner, in the exercise of the power to make rules and issue regulations pursuant to this Title, shall act in the interests of promoting and maintaining sound banking and insurance systems, the security of deposits and depositors and other customers, the p…

Except as otherwise expressly provided by law, no person directly or indirectly shall enter into any contract, understanding or combination with any insurer or manager, agent or representative thereof for the purpose of, nor shall any such persons or insurers jointly or severably…

Enforcement Fund. There is hereby established, separate and apart from other funds of the government of Guam, a special fund known as the ‘Banking and Insurance Enforcement Fund’ (hereinafter the 'Fund'). The Fund shall not be commingled with the General Fund or any other fund of…