Guam § 15910 - License Refusal, Non-Renewal, or Revocation.

§ 15910. License Refusal, Non-Renewal, or Revocation.

(a) The Commissioner of Banking and Insurance may place

on probation, suspend, revoke, or refuse to issue or renew an

adjuster’s license or may levy a civil penalty in accordance with

Guam law, or any combination of the above actions, for any one

(1) or more of the following causes:

(1) providing incorrect, misleading, incomplete or

materially untrue information in the license application;

(2) violating any insurance laws, regulations, subpoena

or order of the Commissioner of Banking and Insurance or of

another state’s Commissioner of Banking and Insurance;

(3) obtaining or attempting to obtain a license through

misrepresentation or fraud;

(4) improperly withholding, misappropriating, or

converting any monies or properties received in the course of

doing insurance business;

(5) intentionally misrepresenting the terms of an actual

or proposed insurance contract or application for insurance;

(6) having been convicted of a felony;

(7) having admitted or been found to have committed

any insurance unfair trade practice or fraud;

(8) using fraudulent, coercive, or dishonest practices, or

demonstrating incompetence, untrustworthiness, or financial

irresponsibility, in the conduct of insurance business in

Guam or elsewhere;

(9) having an insurance license, or its equivalent,

probated, suspended, revoked, or refused in any other state,

province, district, or territory;

(10) forging another person’s name to any document

related to an insurance transaction; or

(11) cheating, including improperly using notes or any

other reference material, to complete an examination for an

insurance license.

(b) In the event the Commissioner of Banking and Insurance

refuses the application for licensure or renewal of an existing

license, the Commissioner of Banking and Insurance shall notify

the applicant or licensee in writing, advising of the reason for the

refusal. The applicant or licensee may make written demand upon

the Commissioner of Banking and Insurance pursuant to Chapter

9, Title 5, Guam Code Annotated, for a hearing before the

Commissioner of Banking and Insurance to determine the

reasonableness of the refusal. The hearing shall be held pursuant

to the terms of the Administrative Adjudication Law found in

Chapter 9, Title 5, Guam Code Annotated.

(c) The license of a business entity may be probated,

suspended, revoked, or refused if the Commissioner of Banking

and Insurance finds, after a hearing, that its designated individual

licensee’s violation occurred while acting on behalf of or

representing the business entity and that the violation was known

or should have been known by one or more of the business entity’s

partners, officers, or managers, and that the violation was neither

reported to the Commissioner of Banking and Insurance nor was

corrective action taken.

(d) In addition to or in lieu of any applicable probation,

suspension, revocation, or refusal, a person may, after a hearing,

additionally be subject to a civil fine pursuant to § 15915 of this

Article.

(e) The Commissioner of Banking and Insurance shall retain

the authority to enforce the provisions of and impose any penalty

or remedy authorized by this Article against any person who is

under investigation for or charged with a violation of this Article

even if the person’s license or registration has been surrendered or

has expired by operation of law.