Guam § 15704 - Licensing of Agents.

§ 15704. Licensing of Agents.

(a) [No text.]

(1) No person, corporation or bank shall act as an agent

of any:

(A) local mutual aid association;

(B) local mutual burial association;

(C) statewide mutual assessment corporation;

(D) government mutual insurance company;

(E) casualty company writing accident and health

insurance;

(F) health maintenance organization; or

(G) any other type of insurance carrier licensed to

do business on Guam and which insurance carrier’s

agents are required to be licensed under the provisions

of this Article, on the date that this Chapter shall become

effective; shall have first procured a license from the

Department as in this Article is provided, unless that

individual or entity, and no such insurance carrier shall

appoint any person, corporation, or bank shall have

obtained a license under the provisions of this Article;

and no such person, corporation or bank who obtains a

license shall engage in business as an agent until that

individual or entity shall have been appointed to act as

an agent by some duly authorized insurance carrier

designated by the provisions of this Article, and

authorized to do business on Guam.

(2) Any person, corporation or bank desiring to act as an

agent of any insurance carrier licensed to do business on

Guam and writing health and accident insurance may obtain

a separate license as an agent to write health and accident

insurance; provided, such person, corporation or bank

complies with the provisions of this Article, and has been

appointed to act as an agent by some duly authorized

insurance carrier authorized to do health and accident

insurance business on Guam.

(b) No insurer or licensed insurance agent doing business on

Guam shall pay directly or indirectly any commission, or other

valuable consideration, to any person, corporation or bank for

services as an insurance agent within Guam, unless such person,

corporation or bank shall hold a currently valid license to act as an

insurance agent as required by the laws of Guam; nor shall any

person, corporation or bank, other than a duly licensed agent,

accept any such commission or other valuable consideration.

(c) Unless denied licensure pursuant to this Section, persons

who have met the requirements of §§ 15703 and 15704.1 shall be

issued an insurance producer license. An insurance producer may

receive qualification for a license in one (1) or more of the

following lines of authority:

(1) life-insurance coverage on human lives, including

benefits of endowment and annuities, and may include

benefits in the event of death or dismemberment by accident

and benefits for disability income;

(2) accident and health, health maintenance

organization or sickness insurance coverage for sickness,

bodily injury or accidental death, and may include benefits

for disability income;

(3) property-insurance coverage for the direct or

consequential loss or damage to property of every kind;

(4) casualty-insurance coverage against legal liability,

including that for death, injury or disability, or damage to real

or personal property;

(5) variable life and variable annuity products-insurance

coverage provided under variable life insurance contracts and

variable annuities;

(6) personal lines-property and casualty insurance

coverage sold to individuals and families for primarily non-

commercial purposes;

(7) credit-limited line credit insurance; or

(8) any other line of insurance permitted under Guam

laws or regulations.

(d) An insurance producer license shall remain in effect

unless revoked or suspended as long as the fee set forth in this

Title is paid.

(e) A licensed insurance producer who is unable to comply

with license renewal procedures due to military service or some

other extenuating circumstance may request a waiver of those

procedures. The producer may also request a waiver of any

examination requirement, or any other fine or sanction imposed

for failure to comply with renewal procedures.

(f) The license shall contain the licensee’s name, address,

personal identification number, the date of issuance, the lines of

authority, the expiration date and any other information the

Commissioner of Banking and Insurance deems necessary.

(g) Licensees shall inform the Commissioner of Banking and

Insurance by any means acceptable to the Commissioner of

Banking and Insurance of a change of address within ninety (90)

days of the change.

(h) In order to assist in the performance of the duties of the

Commissioner of Banking and Insurance, the Commissioner of

Banking and Insurance may contract with non governmental

entities, including the National Association of Insurance

Commissioners (“NAIC”), or any affiliates or subsidiaries that the

NAIC oversees, to perform any ministerial functions, including

the collection of fees, related to producer licensing that the

Commissioner of Banking and Insurance and the non

governmental entity may deem appropriate.