Guam § 15704 - Application for License.

§ 15704. Application for License.

(a) A person applying for a resident insurance producer

license shall make application to the Commissioner of Banking

and Insurance on the Uniform Application and declare under

penalty of refusal, suspension or revocation of the license that the

statements made in the application are true, correct and complete

to the best of the individual's knowledge and belief. Before

approving the application, the Commissioner of Banking and

Insurance shall find that the individual:

(1) is at least eighteen (18) years of age;

(2) has not committed any act that is a ground for denial,

suspension or revocation set forth in this Title;

(3) has paid the fees set forth in this Title; and

(4) has successfully passed the examinations for the

lines of authority for which the person has applied.

(b) A business entity acting as an insurance producer is

required to obtain an insurance producer license. Application shall

be made using the Uniform Business Entity Application. Before

approving the application, the Commissioner of Banking and

Insurance shall find that:

(1) the business entity has paid the fees set forth in this

Title; and

(2) the business entity has designated a licensed

producer responsible for the business entity's compliance

with the insurance laws, rules and regulations of Guam.