Guam § 15706 - Commissions.
Full text of Guam Guam Code Annotated § 15706 — Commissions., with citation guidance and answers to common questions.
§ 15706. Commissions.
(a) The paying or allowing of any commission or other
valuable consideration on insurance transacted in Guam by an
insurer or its agent to other admitted insurers or to licensed
brokers, agents, or solicitors for solicitation of the business is
lawful.
(b) If at the time of the solicitation and issuance of a policy
of insurance which by its terms continues until cancelled, a
licensed person may lawfully receive commissions thereon, such
person or his personal representative may continue to receive
commissions thereon during the continuance in force or renewal
of such policy without being licensed.
(c) It is unlawful for any insurance agent who is not also a
licensed insurance broker to receive commissions derived from
insurance placed with an insurer which has not appointed him to
act as its agent in the transaction of such insurance.
(d) It is unlawful for an insurance agent who is not also a
licensed insurance broker to receive commissions on insurance
from any source other than an insurer for whom he is licensed.
Frequently Asked Questions About Guam § 15706
What does Guam Code Annotated § 15706 cover?
Section 15706 ("Commissions.") is part of the Guam Code Annotated, the codified statutory law of Guam. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Guam § 15706?
A common citation format is "Guam Code Annotated § 15706" (Guam). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Guam law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Guam official source linked on this page or consult a licensed Guam attorney.
How does Guam § 15706 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Guam can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Guam.