Guam § 15106 - Refusal, Suspension or Revocation.

§ 15106. Refusal, Suspension or Revocation.

The Commissioner may refuse to grant or renew a certificate,

or may suspend or revoke a certificate, for any one of the reasons

provided in this section:

(a) The insurer's refusal or failure to comply with, or the

violation of, any of the provisions of this Title applicable to

such insurer or any lawful order or regulation of the

Commissioner.

(b) The insurer is delinquent in the payment of any fees,

licenses, taxes, assessments, fines or penalties owed to the

government of Guam, or is otherwise in default for failure to

comply with any of the laws of Guam;

(c) Whenever in the judgment of the Commissioner the

assets of such insurer are not in such condition as to make

available within a reasonable time sufficient monies to meet

promptly any demand which might in the ordinary course of

its insurance business by properly made against the insurer;

(d) Whenever in the judgment of the Commissioner the

insurer is insolvent or in an unsafe financial condition which

would render any insurance of such insurer unsafe or

unsatisfactory;

(e) Whenever the insurer, or a then present officer or

director of the insurer, has been convicted of a felony having

as one of its necessary elements a fraudulent act or an act of

dishonesty in the solicitation of, acceptance, custody, or

payment of money or property.