Title 22 — Business Regulation

Damages. In all cases where loss occurs and the insurer liable therefor shall fail to pay the same within the time specified in the policy, after demand made therefor, such insurer shall be liable to pay the holder of such policy, in addition to the amount of such loss, twelve pe…

Recovery of Full Amount. A fire or miscellaneous insurance policy, in case of a total loss of any risk insured under the classes specified in this Title as fire or miscellaneous insurance shall be held and considered to be a liquidated demand against the insurer taking such risk …

Double insurance exists when the same person is insured by several insurers separately in respect to the same subject, interest and risk. SOURCE: GC § 43425.

In case of double insurance, the several insurers are liable to pay losses thereon as follows: (a) Fire insurance. In fire and miscellaneous insurance, each insurer shall contribute ratably without regard to the dates of the several policies. (b) Marine insurance. In marine insur…

A contract of reinsurance is one by which an insurer procures a third person to insure him against loss or liability by reason of such original insurance. SOURCE: GC § 43450.

No admitted insurer shall reinsure with any other insurer who has not been previously admitted in Guam, or who has not been approved by the Commissioner as a reinsurer. SOURCE: GC § 43451. ---------- ARTICLE 9 HEALTH INSURANCE COVERAGE SOURCE: Pursuant to P.L. 35-128:3 (Dec. 29, …

Derivatives, Mandate Established. (a) No health insurance company or health care provider contracted to provide health care to employees in a small group or large group plan may deny coverage to the employee or dependent on the basis of blood or blood derivatives. Blood and blood…

Approved Clinical Trials. (a) A health insurance company or healthcare plan shall continue coverage of routine costs for any insured during the approved clinical trial. (b) For the purposes of this Section, routine costs of care include any treatments, procedures, and services th…

(a) This Title shall become effective July 1, 1959, except as otherwise provided. (b) Chapter 12 shall become effective on the date of approval of this Title. (c) As to insurers authorized to transact business in Guam prior to the date of approval of this Title, and who have been…

Any broker, general agent, agent, sub-agent, or solicitor, having a current, valid business license as such pursuant to the Business License Law on the effective date of this Title, shall be considered to have complied with '15701 until the expiration date of such license, unless…

As used in this Chapter, unless the context requires otherwise: (1) >Captive insurance company=: (a) Means a limited purpose insurance subsidiary of a company with the specific objective of financing risks of its parent and affiliated companies; and (b) Is a pure captive insuranc…

(a) Any captive insurance company, when permitted by its articles of association, or charter, may apply to the Commissioner for a license to do any and all insurance comprised in Article 1 of Chapter 18, Title 22, Guam Code Annotated; provided, however, that: (1) no pure captive …

COL120106 No captive insurance company shall adopt a name that is the same, deceptively similar, or likely to be confused with or mistaken for any other existing business name registered on Guam. SOURCE: GC § 43703; added by P.L. 17-85:1.

No pure captive insurance company, group captive insurance company incorporated as a stock insurer or industrial insured captive insurance company incorporated as a stock insurer, a rent-a-captive or a protected cell captive insurance company shall be issued a license unless it s…

No captive insurance company shall be issued a license unless it shall possess and thereafter maintain free surplus of: (1) in the case of a pure captive insurance company, not less than One Hundred Thousand Dollars ($100,000.00); COL120106 (2) in the case of a group captive insu…

(a) A pure captive insurance company shall be incorporated as a stock insurer with its capital divided into shares and held by the stockholders. (b) A group captive insurance company or an industrial insured captive insurance company may be incorporated: (1) as a stock insurer wi…

(a) Each pure captive insurance company shall submit to the Commissioner a statement of financial condition written according to generally accepted accounting principles and audited by an independent certified public accountant on or before the last day of the sixth (6th) month f…

At least once in three (3) years, and whenever the Commissioner determines it to be prudent, he shall personally, or by some competent person appointed by him, visit each captive insurance company and thoroughly inspect and examine its affairs to ascertain its financial condition…

License. (a) The license of a captive insurance company to do an insurance business on Guam may be suspended or revoked by the Commissioner for any of the following reasons: (1) Insolvency or impairment of capital or surplus; (2) Failure to meet the requirements of '§ 23104 or 23…

(a) No pure captive insurance company, group captive insurance company or industrial insured captive insurance company shall be subject to any restrictions on allowable investments whatever, including those limitations contained in '15317 of this Title; provided, however, that th…

(a) Any captive insurance company may provide reinsurance, as defined and authorized in Article 8 of Chapter 18 of this Title, on risks ceded by any other insurer. (b) Any captive insurance company may take credit for reserves on risks ceded to a reinsurer; provided, however, tha…

Organizations. No captive insurance company shall be required to join a rating organization or to join or contribute financially to any plan, pool, association, or guaranty or insolvency fund on Guam, nor shall any captive insurance company, or its insured, or its parent or any a…

No taxes on qualified captive insurers. Each captive insurance company to which is issued a Special Qualifying Certificate pursuant to the provisions of Chapter 58, Title 12, Guam Code Annotated, shall pay no taxes to the government of Guam on its premium or other insurance incom…

The Commissioner may establish and from time to time amend such rules relating to captive insurance companies as are necessary to enable him to carry out the provisions of this Chapter. SOURCE: GC § 43714; added by P.L. 17-85:1.

No provisions of this Title, other than those contained in this Chapter or contained in specific references contained in this Chapter, shall apply to captive insurance companies. SOURCE: GC § 43715; added by P.L. 17-85:1.

[Repealed] SOURCE: Added by P.L. 24-104:10. Repealed by P.L. 27-54:10.

Committee; Members: (a) The Guam Captive Insurance Advisory Committee, the >Committee,’ shall consist of such persons, not fewer than three (3) in number, to be appointed by the Commissioner. The membership shall, to the extent possible, consist of one (1) person who is a certifi…

The Committee’s duties are as prescribed by the Commissioner, and shall include: (a) The review of each application for a captive insurance company license, and a recommendation to the Commissioner as to whether or not the applicant should be granted a license to do an COL120106 …

In the event a captive insurance company is declared insolvent by its board of directors or by the Commissioner or is placed in receivership for rehabilitation or liquidation any reinsurance due or becoming due and payable by the reinsurer shall be paid without diminution directl…

All information pertaining to Guam Captive Insurance Companies shall be deemed proprietarily and confidential unless: (a) The Commissioner of Banking and Insurance deems it in the public interest to make such information available for public inspection; or (b) The Parent authoriz…

Prepaid Legal Services is a contract whereby one undertakes to provide or pay for legal services offered by attorneys licensed to practice law on Guam which are incurred by another who is a member of an approved plan registered at the Department of Revenue and Taxation and licens…

All plans for the provision of prepaid legal services shall be licensed to do business in the territory and shall be regulated by the Director of Revenue and Taxation in the same manner as Health Maintenance Organizations and shall maintain reserves in accordance with generally a…

Except as provided in this Chapter, no provision of this Title shall apply to prepaid legal services. SOURCE: GC '43803, added in P.L. 18-6:18 is repealed. GC '43804, added in P.L. 18-6:18 is renumbered to be 22 GCA § 26103 by P.L. 18-49:16.. NOTE: § 26103 (GC '43803) Rules and R…

Mental Illness and Chemical Dependency. A standard health plan developed and approved under Guam law shall provide coverage for the treatment of chemical dependency and mental illness that is at least equal to the basic coverage offered.

(a) As used in this Section, the term >chemical dependency= means the pathological use or abuse of alcohol or other drugs in a manner, or to a degree, that produces an impairment in personal, social or occupational functioning and which may, but need not, include a pattern of tol…

Dependent. (a) As used in this Section, the term: (1) Mental illness has the same meaning as defined in '86102 of Title 10 of the Guam Code Annotated; and (2) Chemical dependency has the same meaning as defined in Substance-Related Disorders, a diagnosis found in the Diagnostic a…

(a) Applicant means: (1) In the case of an individual Medicare supplement policy, the person who seeks to contract for insurance benefits, and (2) In the case of a group Medicare supplement policy, the proposed certificate holder. (b) Certificate means, for the purposes of this C…

(a) Except as otherwise specifically provided in § 29104, this Chapter shall apply to: (1) all Medicare supplement policies delivered or issued for delivery in Guam on or after the effective date hereof, and (2) All certificates issued under group Medicare supplement policies, wh…

Regulations. (a) No Medicare supplement policy or certificate in force in Guam shall contain benefits that duplicate benefits provided by Medicare. (b) Notwithstanding any other provision of law, a Medicare supplement policy or certificate shall not exclude or limit benefits for …

Medicare supplement policies shall return to policy holders benefits which are reasonable in relation to the premium charged. The commissioner shall issue reasonable regulations to establish minimum standards for loss ratios of Medicare supplement policies on the basis of incurre…

(a) In order to provide for full and fair disclosure in the sale of Medicare supplement policies, no Medicare supplement policy or certificate shall be delivered in Guam unless an outline of coverage is delivered to the applicant at the time application is made. (b) The Commissio…

Medicare supplement policies and certificates shall have a notice prominently printed on the first page of the policy or certificate or attached thereto stating in substance that the applicant shall have the right to return the policy or certificate within thirty (30) days of its…

Every issuer of Medicare supplement insurance policies or certificates in Guam shall provide a copy of any Medicare supplement advertisement intended for use in Guam whether through written, radio, or television medium to the commissioner for review or approval by the Commissione…

Regulations adopted pursuant to '12212, Chapter 12 relating to the adoption and promulgation of rules and regulations. COL9222017 SOURCE: GC § 43907; added by P.L. 21-123:1 (July 20, 1992).

In addition to any other applicable penalties for violations of the Insurance Code, the commissioner may require issuers violating any provision of this Chapter or regulations promulgated pursuant to this Chapter to cease marketing any Medicare supplement policy or certificate in…

If any provision of this Chapter or the application thereof to any person or circumstances is for any reason held to be invalid, the remainder of the Chapter and the application of such provision to other persons or circumstances shall not be affected thereby. SOURCE: GC § 43909;…

(a) The federal government, as a result of the massive real estate defaults in "savings and loan" financing, has drastically overhauled the standards for real estate appraisers where federally insured financing is involved. The provisions of the federal law (Financial Institution…

(a) Real Estate Appraiser means one who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective (b) Director means the Director of Revenue and Taxation. (c) Real Estate Appraisal means (noun) the act or process of develo…

It shall be unlawful for any individual to engage in appraisal activity without first obtaining a real estate appraiser certification or license as provided in this Act. This Act shall not apply to a real estate broker or salesperson licensed by the government of Guam, (so long a…

The Director shall: (a) receive applications for certification or license of appraisers; (b) establish the procedure for processing applications made under this Act; (c) retain all applications and other records submitted to him or her; (d) maintain a registry of the names and ad…