Title 22, Business Regulation

(a) An alien insurer, as a prerequisite to the transaction of any insurance in Guam, shall furnish such proof as the Commissioner shall require that it has, in Guam, unencumbered United States dollar assets available for the payment of claims in Guam in a minimum amount equal to …

Every admitted alien insurer shall, on or before April 1 of each year, file with the Commissioner an annual financial statement, verified under oath, setting forth its financial conditions, transactions and affairs as of the 31st day of December immediately preceding, in general …

Whenever any alien insurer applies for admission, the Commissioner may cause to be made by the proper authority of the jurisdiction where such insurer is organized, or if authorized to transact insurance business in a United States jurisdiction other than Guam, by the insurance a…

The filing fee for an annual financial statement shall be Fifty Dollars ($50.00). Any alien insurer that fails to file a financial statement on or before April 1st of each year as required in §15504 shall pay a penalty of Five Hundred Dollars ($500.00). After May 15th, the alien …

For the purpose of this article: (a) Insurer means any person, firm, corporation, association, or aggregation of persons doing any insurance business subject to the insurance supervisory authority of the Commissioner of Banking and Insurance of Guam, or the equivalent insurance s…

Insurers Domiciled in Guam. (a) Whenever under the laws of Guam a receiver is to be appointed in delinquency proceedings for an insurer domiciled in Guam, the court shall appoint a competent receiver who shall furnish proper bond in an amount determined by said court. The court s…

Insurers not Domiciled in Guam. (a) Whenever under the laws of Guam an ancillary receiver is to be appointed in delinquency proceedings for an insurer not domiciled in Guam, the Commissioner shall file a petition requesting the appointment (1) if he finds that there are sufficien…

Delinquent Insurers Domiciled in Guam. (a) In a delinquency proceeding begun in Guam against an insurer domiciled in Guam, claimants residing in reciprocal states may file claims either, with the ancillary receivers, if any, in their respective states, or with the domiciliary rec…

Delinquent Insurers Domiciled in Reciprocal States. (a) In a delinquency proceeding in a reciprocal state against an insurer domiciled in that state, claimants against such insurer who reside within Guam may file claims either with the ancillary receiver, if any, appointed in Gua…

(a) In a delinquency proceeding against an insurer domiciled in Guam, claims owing to residents of ancillary states shall be preferred claims if like claims are preferred under the laws of Guam. All such claims whether owing to residents or non- residents shall be given equal pri…

The owners of special deposit claims against an insurer for which a receiver is appointed in this or any other states shall be given priority against their several special deposits in accordance with the provisions of the statutes governing the creation and maintenance of such de…

The owner of a secured claim against an insurer for which a receiver has been appointed in this or any other state may surrender his security and file his claim as a general creditor, or the claim may be discharged by resort to the security, in which case the deficiency, if any, …

During the pendency of delinquency proceedings in this or any reciprocal state, no action or proceeding in the nature of an attachment, garnishment, or execution shall be commenced or maintained in the courts of Guam against the delinquent insurer or its assets. Any lien obtained…

The domiciliary receiver of an insurer domiciled in a reciprocal state may sue in Guam to recover any assets of such insurer to which he may be entitled under the laws of Guam. SOURCE: GC § 43234. 2024 NOTE: References to “this territory” replaced with “Guam” pursuant to 1 GCA § …

If any provision of this article or the application thereof to any person or circumstance is held invalid, such invalidity shall not affect other provisions or applications of the article which can be given effect without the invalid provision or application, and to this end the …

This article shall be so interpreted and construed as to effectuate its general purpose to make uniform the law of those states that enact it. SOURCE: GC § 43236.

This article may be cited as the Uniform Insurers Liquidation Act. SOURCE: GC § 43237.

All acts or parts of acts which are inconsistent with the provisions of this article are hereby repealed to the extent of such inconsistency. SOURCE: GC § 43238. ARTICLE 7 BROKERS, GENERAL AGENTS, SUB-AGENTS AND SOLICITORS

It shall be unlawful for any person to do or perform any act in Guam as an insurance broker, general agent, sub-agent, or solicitor, or hold himself out as such, for any kind of insurance without having first obtained a license issued by the Commissioner. Licenses and the renewal…

The Commissioner shall investigate the qualifications of any person applying for a license or renewal. For the purpose of his investigation, he shall require the applicant to file with him a statement, verified under oath, as follows: (a) The name, age, business and residence add…

For the protection of the people of Guam, the Commissioner shall not permit a person to continue as licensed to sell insurance pursuant to this Article unless such person has demonstrated, to the satisfaction of the Commissioner, that in addition to meeting the standards containe…

Requirements. The statement of the applicant required by § 15702 shall be accompanied by the following: (a) If the application is for a general agent's license, the request of the insurer that the applicant be licensed to represent such insurer as a general agent; (b) If the appl…

(a) A person applying for a resident insurance producer license shall make application to the Commissioner of Banking and Insurance on the Uniform Application and declare under penalty of refusal, suspension or revocation of the license that the statements made in the application…

(a) [No text.] (1) No person, corporation or bank shall act as an agent of any: (A) local mutual aid association; (B) local mutual burial association; (C) statewide mutual assessment corporation; (D) government mutual insurance company; (E) casualty company writing accident and h…

(a) The Commissioner may, for the reasons contained herein, refuse to issue or renew a license, or may suspend or revoke a license, for any of the following reasons: (1) The person has wilfully violated any provision of this Title; (2) The person has intentionally made a material…

(a) Unless denied licensure pursuant to § 157119, a non- resident person shall receive a non-resident producer license if: (1) the person is currently licensed as a resident and in good standing in that person’s home state; (2) the person has submitted the proper request for lice…

(a) The paying or allowing of any commission or other valuable consideration on insurance transacted in Guam by an insurer or its agent to other admitted insurers or to licensed brokers, agents, or solicitors for solicitation of the business is lawful. (b) If at the time of the s…

As used in this Section, the following terms have the following meanings: (a) Co-payment is the partial payment of medical expenses, emergency room services, or prescription drugs required by an individual who is enrolled in a group health insurance plan. For example, a co-paymen…

Wellness Incentives in Health Plans or Health Insurance Policies. (a) It shall not be unlawful for an insurer to offer or sell, or for a broker, agent or solicitor on behalf of an insurer to offer or sell, a health plan or health insurance policy which provides for a refund or re…

It is unlawful for an insurer, broker, agent, or solicitor to cause or permit to be issued, circulated or used, any misrepresentation of the following: (a) The terms of a policy issued by the insurer or sought to be negotiated by the person making or permitting the misrepresentat…

It is unlawful for an insurer to pay any representative who is given discretion as to the settlement or adjustment of claims under any insurance, whether in direct negotiations or in supervision of the person negotiating, which in any way is contingent upon the amount of settleme…

No person, except a person otherwise licensed under this article, shall make any adjustment under an insurance policy covering hazards described in Article I of Chapter 18 of this Title, unless he shall hold a license under this section or is exempted therefrom. (a) An insurance …

Issued. (a) Definitions. (1) In this Section, “person” means an individual or business entity. The term “partnership” or “agency partnership,” as used in this Section, means a general partnership or a registered limited liability partnership. (2) In this Section, the term “corpor…

Any person who is found violating any provision of this Article, shall pay a fine of not more than Five Thousand Dollars ($5,000.00). SOURCE: Added by P.L. 29-002:V:I:94 (May 18, 2007). ARTICLE 8 SURPLUS LINE BROKER OR AGENTS

License. The Commissioner of Banking and Insurance, upon receipt of an application in proper form and a license fee of One Hundred Dollars ($100.00), may issue a surplus line license to any duly qualified and licensed insurance broker or agent in Guam. Such license shall permit t…

Condition: Rights Conferred by License: Expiration Date. Before receiving such license, such surplus line broker or agent shall execute and deliver to the commission a bond in the penal sum of two thousand dollars ($2,000.00) in such form and with such sureties as the Commissione…

Contents. Before the person named in such license shall procure, effect or issue any such insurance policy or indemnity contract or surety bond, he or she shall in every case execute and file with the Commissioner his or her affidavit in acceptable form that the insured is unable…

Filing of Power of Attorney: Validity of Power. Such surplus line insurance shall only be issued after the insured has procured insurance in companies admitted to do business on Guam to the full amount which such companies are willing to write on such property. Every policy issue…

Every such broker or agent shall keep a separate account of the business done under his surplus line license and on or before the first day of July in each year, shall file with the Commissioner a statement for the calendar year preceding, giving the name of the insured to whom s…

Suit: Duty of Agent on Being Served with Process: Time for Answer: When Jurisdiction Deemed Acquired. (a) Every company, insurer or insurers making insurance under the provisions of this section shall be deemed and held to be doing business in Guam as an unlicensed concern, and m…

Action for Recovery: Revocation of License: Conditions Prerequisite to Reissuance. (a) Every such broker or agent who fails or refuses to make and file said annual statement, and to pay the taxes required to be paid thereon prior to the first day of July after such tax is due, sh…

This Article governs the qualifications and procedures for the licensing of insurance adjusters. It specifies the duties of and restrictions on adjusters.

(a) Adjuster means an individual, a business entity, an independent contractor, or an employee of a contractor, who contracts for compensation with insurers or self-insurers, and who investigates, negotiates, or settles claims for insurers or for self- insurers. (b) Appraiser mea…

No person shall make any adjustment under an insurance policy covering any hazards which are insured on Guam, unless he or she shall hold a license in accordance with this Article, or is exempt from licensure as an adjuster under this Article.

The definition of adjuster shall not be deemed to include, and a license as an adjuster shall not be required of the following: (a) attorneys-at-law admitted to practice on Guam, when acting in their professional capacity as an attorney; (b) a person employed solely to obtain fac…

(a) An individual applying for an adjuster license shall submit an application to the Commissioner of Banking and Insurance on the appropriate National Association of Insurance Commissioners (NAIC) Uniform Individual Application, or other application prescribed by the Commissione…