Guam § 23109 - Grounds and Procedures for Suspension or Revocation of

§ 23109. Grounds and Procedures for Suspension or Revocation of

License.

(a) The license of a captive insurance company to do an insurance

business on Guam may be suspended or revoked by the Commissioner for

any of the following reasons:

(1) Insolvency or impairment of capital or surplus;

(2) Failure to meet the requirements of '§ 23104 or 23105 of this

Chapter;

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(3) Refusal or failure to submit an annual report, as required by §

23107 of this Chapter, or any other report or statement required by law

or by lawful order of the Commissioner;

(4) Failure to comply with the provisions of its own Charter or

By-Laws;

(5) Failure to submit to examinations or any legal obligation

relative thereto, as required by § 23108 of this Chapter.

(6) Refusal or failure to pay the cost of examination as required

by § 23108 of this Chapter.

(7) Use of methods that, although not otherwise specifically

prohibited by law, nevertheless render its operation detrimental or its

condition unsound with respect to the public or to its policyholders;

(8) Failure otherwise to comply with the laws of Guam.

(b) If the Commissioner finds, upon examination, hearing, any of the

acts specified in Subsection (a), he may suspend or revoke such license if he

deems it in the best interest of the public and the policyholders of such

captive insurance company, notwithstanding any other provision of this

Title.