Guam § 15103 - Certificate of Authority: Application.

§ 15103. Certificate of Authority: Application.

Any person desiring to transact insurance business in Guam

as an insurer, shall file with the Commissioner an application for

a certificate stating the class or classes of insurance which it

proposes to transact accompanied by the following:

(a) A copy of its charter, articles of association, articles

of incorporation, or other controlling instruments certified by

the official who is required to keep or record the same in the

jurisdiction under the laws of which the insurer is organized

or incorporated.

(b) A resolution adopted by its governing body in

accordance with its by-laws or other internal laws,

consenting that service of process upon the Commissioner in

any action or proceedings against such insurer brought or

pending in Guam upon any cause of action arising in or

growing out of business transacted in Guam, shall be valid

personal service upon such insurer, irrevocable so long as a

policy of such company shall remain in force in Guam, or

any loss remains unpaid therein;

(c) A statement setting forth the location and post office

address of its principal office, and such shall continue until

changed by a similar statement filed with the Commissioner;

(d) A statement of its financial condition and business

in such form as prescribed by, or acceptable to, the

Commissioner, signed and sworn to be the president and

secretary or other principal officers of the insurer; if an alien

insurer, the statement shall comprise only its condition and

business in the United States and shall be signed and sworn

to, in addition to its principal officers, by its United States

manager;

(e) If a foreign insurer, a copy of the last report of

examination certified to by the Commissioner of Banking

and Insurance, or like officer, of the political subdivision in

which said insurer is organized, or if alien, of the political

subdivision in which said United States branch is located, or

other proper supervisory official;

(f) A good and sufficient bond, with a surety company

approved by the Director of Revenue and Taxation, with the

applicant as principal, in a form to be approved by the

Commissioner, and running to the Commissioner and his

successor in office in the sum of fifty thousand dollars

($50,000.00), with the condition that the surety on the bond

shall be answerable up to the amount of the bond for all

judgments, decrees, or orders given, made or rendered

against the principal on the bond by any court in Guam for

the payment of money. In case of any breach of the condition

of any bond, the Commissioner may, and upon demand and

receipt of satisfactory assurance for the payment of costs,

shall enforce the bond either in his own name or in the name

of the interested party thereto for the use and benefit of any

person injured by the breach. The surety on the above bond

may withdraw from the same upon giving to the

Commissioner written notice of such intention not less than

sixty (60) days prior to the date on which the then existing

certificate of such principal insurer is to expire, such

withdrawal to then be effective on the date of expiration of

said certificate; or in lieu of the bond as required by this

paragraph, the applicant may deposit with the Commissioner

acceptable unencumbered securities or other unencumbered

assets of the value of fifty thousand dollars ($50,000.00) as

surety subject to the same conditions as such bond as set forth

in this paragraph;

(g) A resolution adopted by its governing body in

accordance with its by-laws or other internal laws consenting

to being sued by the injured person or his heirs or

representatives in a direct action on any policy of liability

insurance in accordance with §18305, whether or not the

policy of insurance sued upon was written or delivered in

Guam, and whether or not such policy contains a provision

forbidding such direct action, provided that the cause of

action arose in Guam;

(h) Such further information as the Commissioner shall

require by regulation or specifically request from the

applicant.