GCA FINANCE & TAXATION
CH. 103 OFFICE OF COMMISSIONER OF BANKING AND INSURANCE
(a) Every territorial bank and insurance company shall
retain its business records for such periods as are or may be prescribed by or in accordance with the terms of this Title.

(b) Each territorial bank shall retain permanently the minute books of meetings of its stockholders and directors, its capital stock ledger and capital stock certificate ledger or stubs, its general ledger, its investment ledger, its copies of bank examination reports, and all records which the Board shall, in accordance with the terms of this Title, require to be retained permanently. The Commissioner in his/her discretion may require that certain records be reproduced and stored in a safe deposit box.

(c) Each insurance company shall retain permanently the minute books of meetings of its stockholders and directors, its ledgers, and all records that the Board shall, in accordance with the terms of this Title, require to be retained permanently. The Commissioner in his/her discretion may require that certain records be reproduced and stored in a safe deposit box.

(d) All other bank and insurance records shall be retained for such periods as the Board shall, from time to time, issue regulations classifying all records kept by territorial banks and insurance companies and prescribing the period for which records of each class shall be retained. Such periods may be permanent or for a lesser term of years. Such regulations, may from time to time, be amended or repealed. Prior to issuing any such regulation, the Board shall consider:

(1) Actions at law and administrative proceedings in which the production of records might be necessary or desirable.

(2) Territorial, State and Federal statutes of limitations applicable to such actions or proceedings.

(3) The availability of information contained in bank and insurance company records from other sources.

(4) Such other matters as the Board shall deem pertinent in order that its regulations will require banks and insurance companies to retain their records for as short a

(e) Any territorial bank or insurance company may dispose of any record which has been retained for the period prescribed by or in accordance with the terms of this Title for retention of records of its class, and shall thereafter be under no duty to produce such record in any action or proceeding.

(f) Any territorial bank or insurance company may cause any or all records at any time in its custody to be reproduced photographically or electronically pursuant to the provisions of Guam law and any reproduction so made shall have the same force and effect as the original thereof and be admitted in evidence equally with the original.

(g) To the extent that they are not in contravention of any law of the United States, the provisions of this Section shall apply to all banks and insurance companies doing business in Guam.