11 Guam Code Ann. § 103102
Terms Used In 11 Guam Code Ann. § 103102
- Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Oath: A promise to tell the truth.
- Oversight: Committee review of the activities of a Federal agency or program.
(a) The Commissioner shall be the primary regulator of Guam banking and insurance institutions, and shall have the authority expressly conferred by or reasonably implied from the provisions of this Chapter.
(b) The salary of the Commissioner shall be equivalent to the salary of the Director of Revenue and Taxation.
(c) The Commissioner shall have the following minimum qualifications; a total of ten (10) years of experience in a managerial position in any of the following areas:
(1) credit risk, loan portfolio quality, payments, liquidity management, asset funding, investment(2) administration, sales, law, counseling, education, actuarial, and/or regulatory compliance in an insurance company, brokerage or agency registered to do business in the United States or one (1) of its states or territories or Guam; or
(3) experience in a management or supervisory position within a government agency or other regulatory body with responsibility and authority for oversight, regulation and compliance activities of institutions and organizations in § 103102 (c)(1) and § 103102 (c)(2).
(d) The Commissioner shall perform all duties imposed upon him by the provisions of this Title, and other laws regulating banking and insurance in Guam and shall enforce all such provisions and laws.
(e) The Commissioner’s powers extend to any and all entities, whether or not the entity is a bank, or is partially- owned or controlled by a bank, to the extent that the entity engages in an activity that is permissible to banks pursuant to Section 106191 of Title 11 of the Guam Code Annotated. Any and all banks are subject to the powers of the Commissioner. The Commissioner shall have the power to require a bank subject to his powers to:
(1) Maintain its accounts in accordance with such regulations as he may prescribe having regard to the size of the organization and the nature of its operations.
(2) Observe methods and standards which he may prescribe for determining the value of various types of assets.
(3) Charge off the whole or part of an asset which at the time of the Commissioner’s action could not lawfully be acquired.
(4) Write down an asset to its market value.
11 Guam Code Ann. FINANCE & TAXATION
CH. 103 OFFICE OF COMMISSIONER OF BANKING AND INSURANCE
(5) Record liens and other interests in property.
(6) Obtain a financial statement from a prospective borrower to the extent that the bank can do so.
(7) Obtain insurance against damage to real estate taken as security.
(8) Search, or obtain insurance for, the title to real estate taken as security.
(9) Maintain adequate insurance against such other risks as the Commissioner may determine to be necessary and appropriate for the protection of depositors and the public.
(f) The Commissioner=s powers extend to any and all insurance entities, and he may examine, or cause to be examined, the books, papers, and property, and into the affairs of any insurer, broker, agent, solicitor, or rating bureau, or any person engaged in organizing, promoting, or forming any insurer, as the Board considers proper to determine whether any person has violated any provision of this Title and other laws relating to the business of insurance, and generally he may make such examinations, conduct such inquiries, and hold such hearings as are specifically provided for in this Title or as are reasonably necessary for the proper discharge of his duties.
(g) In connection with any such examination, inquiry, or hearing, the Commissioner shall have the power to administer oaths; to summon and compel the attendance of witnesses; to examine under oath all persons having information or believed by him to have information concerning the affairs of any insurer, broker, agent, solicitor, or rating bureau, or any person engaged in organizing, promoting or forming an insurer, or any person whom the Commissioner believes is violating any provision of this Title and other laws relating to the business of insurance, and to compel such person to produce any books or papers under his custody or control relevant thereto.
11 Guam Code Ann. FINANCE & TAXATION
CH. 103 OFFICE OF COMMISSIONER OF BANKING AND INSURANCE
(h) If there should be a vacancy in the office of the
Commissioner, the Director shall serve as Acting
Commissioner.
SOURCE: Added by P.L. 27-088 (May 6, 2004). Subsection (c) amended by P.L. 29-113:VI:40 (Sept. 30, 2008). Subsection (d) amended by P.L. 28-177:3 (Dec. 29, 2007).