Guam § 15113 - Withdrawal.

§ 15113. Withdrawal.

(a) An insurer who desires to withdraw from Guam must first

make application to the Commissioner for an order granting

permission to withdraw.

(b) Such application shall be accompanied by an affidavit of

its principal officer and general agent, that:

(1) It desires to withdraw and to permanently

discontinue the transaction of the insurance business in

Guam;

(2) All its outstanding policies have either expired or

have been reinsured, in which case it shall file an affidavit by

the reinsuring company stating that it has reinsured certain

policies of the withdrawing company and setting forth in

detail the policies it has reinsured; and that

(3) All existing claims arising out of insurance

transacted in Guam have been paid in full.

(c) It shall cause publication of a notice of its intention to

withdraw in a newspaper of general circulation in Guam once a

week for four (4) consecutive weeks, and shall cause said

newspaper to file affidavit of publication with the Commissioner.

(d) If any person shall object to such withdrawal within one

(1) week from date of last publication, and give good and

sufficient cause therefore, the Commissioner may order that

permission for such withdrawal be refused.

(e) If the insurer has complied with the provisions of this

section and no objection has been made, or if objection is made

but without good and sufficient cause, the Commissioner shall

order permission to withdraw and the withdrawing insurer shall

deliver to the Commissioner for cancellation its certificate of

authority and current licenses of its agents and solicitors.