Guam § 23119 - Insolvency Proceedings.
Full text of Guam Guam Code Annotated § 23119 — Insolvency Proceedings., with citation guidance and answers to common questions.
§ 23119. Insolvency Proceedings.
In the event a captive insurance company is declared insolvent by its
board of directors or by the Commissioner or is placed in receivership for
rehabilitation or liquidation any reinsurance due or becoming due and
payable by the reinsurer shall be paid without diminution directly to the
ceding company, or to the Commissioner or to the court-appointed receiver
or liquidator. This provision shall be deemed to be incorporated in any
contract of reinsurance for any risks insured in Guam.
Frequently Asked Questions About Guam § 23119
What does Guam Code Annotated § 23119 cover?
Section 23119 ("Insolvency Proceedings.") 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 § 23119?
A common citation format is "Guam Code Annotated § 23119" (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 § 23119 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.