Guam § 18502 - Standards.
Full text of Guam Guam Code Annotated § 18502 — Standards., with citation guidance and answers to common questions.
§ 18502. Standards.
An insurer in making rates, and the Commissioner in
approving them, shall apply the standards prescribed in this
section:
(a) Rates shall not be excessive or inadequate, as
herein provided, nor shall they be unfairly discriminatory.
(b) No rate shall be held excessive unless such rate is
unreasonably high for the insurance provided and
reasonable degree of competition does not exist in Guam
COL6/24/2021
with respect to the classification to which such rate is
applicable.
(c) No rate shall be held inadequate unless such rate is
unreasonably low for the insurance provided and the
continued use of such rate endangers the solvency of the
insurer; or unless such rate is unreasonably low for the
insurance provided and the use of such rate by the insurer
will have the effect of destroying competition in Guam
(d) Consideration shall be given, to the extent
applicable, to past and prospective loss experiences, to
prevailing hazards, and to underwriting profits,
contingencies, expenses and other normal business
requirements and factors.
Frequently Asked Questions About Guam § 18502
What does Guam Code Annotated § 18502 cover?
Section 18502 ("Standards.") 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 § 18502?
A common citation format is "Guam Code Annotated § 18502" (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 § 18502 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.