Guam § 15803 - Affidavit as Prerequisite to Procurance of Insurance:

§ 15803. Affidavit as Prerequisite to Procurance of Insurance:

Contents.

Before the person named in such license shall procure, effect

or issue any such insurance policy or indemnity contract or surety

bond, he or she shall in every case execute and file with the

Commissioner his or her affidavit in acceptable form that the

insured is unable to procure in any company or companies or

insurers admitted to do business in Guam the amount or kind of

insurance necessary to protect the property or undertakings of the

insured, described in such affidavit at rates not less than the

minimum rates on such property promulgated by an authorized

rating bureau or other bureau or conference whose rates have been

accepted by the Commissioner of Banking and Insurance, and

filed in the insurance department as the fair and equitable rate.