Guam § 103115 - Examinations and Reports.

§ 103115. Examinations and Reports.

(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 satisfactory rating or its equivalent by

the regulatory agency.

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(b) The Commissioner may accept, adopt, or use in lieu of

an examination prescribed herein, all or any part of the results of

an examination conducted by a Federal regulatory agency of a

Guam financial institution for the same period or subject matter

that would be covered by an examination required or permitted

under this Article.

(c) In the event that the Commissioner has not received a

satisfactory or equivalent rating by a territorial bank=s primary

safety and soundness regulator for the most recent examination

period, the Commissioner shall examine the condition of each

territorial bank at least once in each calendar year and shall

require each such organization to submit a report of its condition

as of such dates as he or she may fix at least twice in each

calendar year. Only summary examinations and reports shall be

required in respect of fiduciary activities that are subject to court

accounting. A report of examination shall be sent to the

organization examined.

(d) In the event that the Commissioner has not received a

satisfactory or equivalent rating of a corporation by its primary

safety and soundness regulator for the most recent examination

period, the Commissioner may examine any corporation the

majority of the stock of which is owned by a territorial bank or

which is found by the Board to be controlled by a territorial

bank.

(e) In the event that it has not received a satisfactory or

equivalent rating by its primary safety and soundness regulator

for the most recent examination period, the Commissioner shall

examine the condition of each state chartered bank authorized to

do business on Guam in conjunction with the examination

performed by the Federal Deposit Insurance Corporation and

State Regulatory Authority and shall require each such

organization to submit a report of its condition as of such dates

as he or she may fix at least twice in each calendar year. Only

summary examinations and reports may be required in respect of

fiduciary activities that are subject to court accounting. A report

of examination shall be sent to the organization examined.

(f) In the event that it has not received a satisfactory or

equivalent rating by its primary safety and soundness regulator

for the most recent examination period, the Commissioner may

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examine each state bank and may require each such organization

to submit a report of its condition as of such dates as he or she

may fix. Only summary examinations and reports may be

required in respect of fiduciary activities that are subject to court

accounting. A report of examination shall be sent to the

organization examined.

(g) The Board shall determine the need and frequency for

necessary reporting and for examination of insurance carriers,

but shall require an examination no less often than once every

five (5) years.

(h) The Board shall determine the need and frequency for

examination of all of the entities referenced under § 103101 of

this Chapter.