Any person desiring to transact insurance business in Guam as an insurer, shall file with the Commissioner an application for a certificate stating the class or classes of insurance which it proposes to transact accompanied by the following:

(a) A copy of its charter, articles of association, articles of incorporation, or other controlling instruments certified by the official who is required to keep or record the same in the jurisdiction under the laws of which the insurer is organized or incorporated.

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(b) A resolution adopted by its governing body in accordance with its by-laws or other internal laws, consenting that service of process upon the Commissioner in any action or proceedings against such insurer brought or pending in Guam upon any cause of action arising in or growing out of business transacted in Guam, shall be valid personal service upon such insurer, irrevocable so long as a policy of such company shall remain in force in Guam, or any loss remains unpaid therein;

(c) A statement setting forth the location and post office address of its principal office, and such shall continue until changed by a similar statement filed with the Commissioner;

(d) A statement of its financial condition and business in such form as prescribed by, or acceptable to, the Commissioner, signed and sworn to be the president and secretary or other principal officers of the insurer; if an alien insurer, the statement shall comprise only its condition and business in the United States and shall be signed and sworn to, in addition to its principal officers, by its United States manager;

(e) If a foreign insurer, a copy of the last report of examination certified to by the Commissioner of Banking and Insurance, or like officer, of the political subdivision in which said insurer is organized, or if alien, of the political subdivision in which said United States branch is located, or other proper supervisory official;

(f) A good and sufficient bond, with a surety company approved by the Director of Revenue and Taxation, with the applicant as principal, in a form to be approved by the Commissioner, and running to the Commissioner and his successor in office in the sum of fifty thousand dollars ($50,000.00), with the condition that the surety on the bond shall be answerable up to the amount of the bond for all judgments, decrees, or orders given, made or rendered against the principal on the bond by any court in Guam for

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the payment of money. In case of any breach of the condition of any bond, the Commissioner may, and upon demand and receipt of satisfactory assurance for the payment of costs, shall enforce the bond either in his own name or in the name of the interested party thereto for the use and benefit of any person injured by the breach. The surety on the above bond may withdraw from the same upon giving to the Commissioner written notice of such intention not less than sixty (60) days prior to the date on which the then existing certificate of such principal insurer is to expire, such withdrawal to then be effective on the date of expiration of said certificate; or in lieu of the bond as required by this paragraph, the applicant may deposit with the Commissioner acceptable unencumbered securities or other unencumbered assets of the value of fifty thousand dollars ($50,000.00) as surety subject to the same conditions as such bond as set forth in this paragraph;

(g) A resolution adopted by its governing body in accordance with its by-laws or other internal laws consenting to being sued by the injured person or his heirs or representatives in a direct action on any policy of liability insurance in accordance with §18305, whether or not the policy of insurance sued upon was written or delivered in Guam, and whether or not such policy contains a provision forbidding such direct action, provided that the cause of action arose in Guam;

(h) Such further information as the Commissioner shall require by regulation or specifically request from the applicant.

SOURCE: GC § 43102.

2011 NOTE: Reference to the “”Insurance Commissioner”” in subsection (e) changed to the “”Commissioner of Banking and Insurance”” pursuant to P.L. 27-088:10 (May 6, 2004).