(a) The Commissioner need not examine or cause to be examined any financial institution that is regulated by the FDIC, the Board of Governors of the Federal Reserve Bank, or the Office of the Comptroller of Currency, so long as the financial institution has received a satisfactory rating or its equivalent by the regulatory agency.

11 Guam Code Ann. FINANCE & TAXATION
CH. 103 OFFICE OF COMMISSIONER OF BANKING AND INSURANCE
(b) The Commissioner may accept, adopt, or use in lieu of
an examination prescribed herein, all or any part of the results of an examination conducted by a Federal regulatory agency of a Guam financial institution for the same period or subject matter that would be covered by an examination required or permitted under this Article.

(c) In the event that the Commissioner has not received a satisfactory or equivalent rating by a territorial bank=s primary safety and soundness regulator for the most recent examination period, the Commissioner shall examine the condition of each territorial bank at least once in each calendar year and shall require each such organization to submit a report of its condition as of such dates as he or she may fix at least twice in each calendar year. Only summary examinations and reports shall be required in respect of fiduciary activities that are subject to court accounting. A report of examination shall be sent to the organization examined.

(d) In the event that the Commissioner has not received a satisfactory or equivalent rating of a corporation by its primary safety and soundness regulator for the most recent examination period, the Commissioner may examine any corporation the majority of the stock of which is owned by a territorial bank or which is found by the Board to be controlled by a territorial bank.

(e) In the event that it has not received a satisfactory or equivalent rating by its primary safety and soundness regulator for the most recent examination period, the Commissioner shall examine the condition of each state chartered bank authorized to do business on Guam in conjunction with the examination performed by the Federal Deposit Insurance Corporation and State Regulatory Authority and shall require each such organization to submit a report of its condition as of such dates as he or she may fix at least twice in each calendar year. Only summary examinations and reports may be required in respect of fiduciary activities that are subject to court accounting. A report of examination shall be sent to the organization examined.

(f) In the event that it has not received a satisfactory or equivalent rating by its primary safety and soundness regulator for the most recent examination period, the Commissioner may(g) The Board shall determine the need and frequency for necessary reporting and for examination of insurance carriers, but shall require an examination no less often than once every five (5) years.

(h) The Board shall determine the need and frequency for examination of all of the entities referenced under § 103101 of this Chapter.