Guam § 15601 - Definitions.

§ 15601. Definitions.

For the purpose of this article:

(a) Insurer means any person, firm, corporation,

association, or aggregation of persons doing any insurance

business subject to the insurance supervisory authority of the

Commissioner of Banking and Insurance of Guam, or the

equivalent insurance supervisory official of another state.

(b) Delinquency proceeding means any proceeding

commenced against an insurer for the purpose of liquidating,

rehabilitating, reorganizing, or conserving such insurer.

(c) State means any state of the United States, its

territories arid possessions, and the District of Columbia.

(d) Foreign country means territory not in any state.

(e) Domiciliary state means the state in which an insurer

is incorporated or organized, or, in the case of an insurer

incorporated or organized in a foreign country, the state in

which such insurer, having become authorized to do business

in such state, has, at the commencement of delinquency

proceedings, the largest amount of its assets held in trust, and

assets held on deposit for the benefit of its policy holders or

policy holders and creditors in the United States; and any

such insurer is deemed to be domiciled in such state.

(f) Ancillary state means any state other than a

domiciliary state.

(g) Reciprocal state means any state other than Guam in

which, in substance and effect, the provisions of this article

are in force, including the provisions requiring that the

Commissioner of Banking and Insurance or equivalent

insurance supervisory official be the receiver of a delinquent

insurer.

(h) General assets means all property, real, personal, or

otherwise, not specifically mortgaged, pledged, deposited, or

otherwise encumbered for the security or benefit of specified

persons, or a limited class or classes of persons, and as to

such specifically encumbered property the term includes all

such property or its proceeds in excess of the amount

necessary to discharge the sum or sums secured thereby.

Assets held in trust and assets held on deposit for the security

or benefit of all policy holders, or all policy holders and

creditors in the United States, shall be deemed general assets.

(i) Preferred claim means any claim with respect to

which the law of a state or of the United States accords

priority of payment from the general assets of the insurer.

(j) Special deposit claim means any claim secured by a

deposit made pursuant to statute for the security or benefit of

a limited class or classes of persons, but not including any

general assets.

(k) Secured claim means any claim secured by

mortgage, trust, deed, pledge, deposit as a security, escrow,

or otherwise, but not including special deposit claims or

claims against general assets. The term also includes claims

which more than four (4) months prior to the commencement

of delinquency proceedings in the state of the insurer's

domicile have become liens upon specific assets by reason of

judicial process.

(l) Receiver means receiver, liquidator, rehabilitator, or

conservator, as the context may require.