Guam § 23118 - Duties of the Committee.

§ 23118. Duties of the Committee.

The Committee’s duties are as prescribed by the Commissioner, and

shall include:

(a) The review of each application for a captive insurance

company license, and a recommendation to the Commissioner as to

whether or not the applicant should be granted a license to do an

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insurance business under this Chapter and including the reasons for its

recommendation. Recommendations to the Commissioner shall be

made within thirty (30) days of receipt of the financial and other

information provided by the Commissioner.

(b) In formulating its recommendations, the Committee shall

employ the following criteria:

(i) Whether such applicant meets the financial requirements

of this Chapter;

(ii) Whether such applicant’s proposal is actuarially sound

and is adequately capitalized to meet the requirements of the risks

it has undertaken or proposed to insure. For the purposes of this

actuarial determination, the Committee shall consider, if

advisable, the formal opinion of a certified property/casualty

actuary who is a member in good standing of an acknowledged

academy or society of actuaries;

(iii) Whether or not the parent’s officers, directors, and

administrative and managerial personnel are of good moral

character; and

(iv) Such other criteria as the Committee, with the consent of

the Commissioner, deems appropriate.

(c) Meetings of the Committee may be conducted by telephone

except that at least one (1) meeting per year shall be held in Guam, and

shall be attended personally by Committee members.

(d) Recommendations made by the Committee to the

Commissioner shall be advisory in nature. A Committee member, or

the Committee as a whole, shall not be held liable in any claim or suit

for damages arising solely from a recommendation to the

Commissioner, or for the results of any action taken and/or

implemented by the Commissioner pursuant to any such Committee

recommendation.

(e) The Commissioner shall supply the Committee with the

financial and other information required by the Committee to conduct

its investigation under this Section.

(f)The Commissioner shall receive the recommendations of the

Committee with respect to the financial, actuarial, and managerial

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soundness of each applicant, and shall give appropriate consideration

to all such recommendations in conjunction with his duties under this

Chapter.