Guam § 15804 - Limitations on Issuance: Endorsement on Policy:

§ 15804. Limitations on Issuance: Endorsement on Policy:

Filing of Power of Attorney: Validity of Power.

Such surplus line insurance shall only be issued after the

insured has procured insurance in companies admitted to do

business on Guam to the full amount which such companies are

willing to write on such property. Every policy issued under this

Section shall be endorsed “ISSUED IN AN UNAUTHORIZED

COMPANY, UNDER AGENT’S (OR BROKER’S) LICENSE NO.

_______”, which endorsement shall be properly filled in and

signed by the broker or agent.

Before registering and delivering any such policy for an

unauthorized insurance company or insurer, such broker or agent

shall procure from such company or insurer a power of attorney

which shall empower him or her as its attorney in fact to receive

and accept on its behalf service of any and all writs, processes and

summonses requisite or necessary to give complete jurisdiction of

any such company or insurer to any of the courts of Guam, and

shall be deemed to constitute such attorney the authorized agent

of such company or insurer upon whom lawful service may be

made of all writs, processes and summonses in any case, suit or

proceeding in any court mentioned herein. Such power of attorney

shall be valid so long as such company or insurer has any liability

existing in Guam on account of any outstanding policies or unpaid

claims pending against it. Such broker or agent shall file such

power of attorney with the Commissioner of Banking and

Insurance promptly on receipt of same.