Guam § 103102 - Banking and Insurance Commissioner.

§ 103102. Banking and Insurance Commissioner.

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 Commissioner shall be the primary regulator of

Guam banking and insurance institutions, and shall have the

authority expressly conferred by or reasonably implied from

the provisions of this Chapter.

(b) The salary of the Commissioner shall be equivalent

to the salary of the Director of Revenue and Taxation.

(c) The Commissioner shall have the following

minimum qualifications; a total of ten (10) years of

experience in a managerial position in any of the following

areas:

(1) credit risk, loan portfolio quality, payments,

liquidity management, asset funding, investment

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banking and securities, bank operations, and/or

regulatory compliance in a bank chartered by the

United States or one (1) of its states or territories or

Guam; or

(2) administration, sales, law, counseling,

education, actuarial, and/or regulatory compliance in

an insurance company, brokerage or agency registered

to do business in the United States or one (1) of its

states or territories or Guam; or

(3) experience in a management or supervisory

position within a government agency or other

regulatory body with responsibility and authority for

oversight, regulation and compliance activities of

institutions and organizations in § 103102 (c)(1) and §

103102 (c)(2).

(d) The Commissioner shall perform all duties

imposed upon him by the provisions of this Title, and other

laws regulating banking and insurance in Guam and shall

enforce all such provisions and laws.

(e) The Commissioner’s powers extend to any and all

entities, whether or not the entity is a bank, or is partially-

owned or controlled by a bank, to the extent that the entity

engages in an activity that is permissible to banks pursuant

to Section 106191 of Title 11 of the Guam Code Annotated.

Any and all banks are subject to the powers of the

Commissioner. The Commissioner shall have the power to

require a bank subject to his powers to:

(1) Maintain its accounts in accordance with such

regulations as he may prescribe having regard to the

size of the organization and the nature of its operations.

(2) Observe methods and standards which he may

prescribe for determining the value of various types of

assets.

(3) Charge off the whole or part of an asset which

at the time of the Commissioner’s action could not

lawfully be acquired.

(4) Write down an asset to its market value.

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(5) Record liens and other interests in property.

(6) Obtain a financial statement from a

prospective borrower to the extent that the bank can do

so.

(7) Obtain insurance against damage to real estate

taken as security.

(8) Search, or obtain insurance for, the title to real

estate taken as security.

(9) Maintain adequate insurance against such

other risks as the Commissioner may determine to be

necessary and appropriate for the protection of

depositors and the public.

(f) The Commissioner=s powers extend to any and all

insurance entities, and he may examine, or cause to be

examined, the books, papers, and property, and into the

affairs of any insurer, broker, agent, solicitor, or rating

bureau, or any person engaged in organizing, promoting, or

forming any insurer, as the Board considers proper to

determine whether any person has violated any provision of

this Title and other laws relating to the business of

insurance, and generally he may make such examinations,

conduct such inquiries, and hold such hearings as are

specifically provided for in this Title or as are reasonably

necessary for the proper discharge of his duties.

(g) In connection with any such examination, inquiry,

or hearing, the Commissioner shall have the power to

administer oaths; to summon and compel the attendance of

witnesses; to examine under oath all persons having

information or believed by him to have information

concerning the affairs of any insurer, broker, agent,

solicitor, or rating bureau, or any person engaged in

organizing, promoting or forming an insurer, or any person

whom the Commissioner believes is violating any provision

of this Title and other laws relating to the business of

insurance, and to compel such person to produce any books

or papers under his custody or control relevant thereto.

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(h) If there should be a vacancy in the office of the

Commissioner, the Director shall serve as Acting

Commissioner.