Except as otherwise expressly provided by law, no person directly or indirectly shall enter into any contract, understanding or combination with any insurer or manager, agent or representative thereof for the purpose of, nor shall any such persons or insurers jointly or severably do any act or engage in any practice for the purpose of:

(a) Controlling the rates to be charged, or the commissions or other compensations to be paid, for insuring any risk or class of risks; or

11 Guam Code Ann. FINANCE & TAXATION
CH. 103 OFFICE OF COMMISSIONER OF BANKING AND INSURANCE
(b) Entering into any agreement to commit, or
individually or by any concerted action committing, any act of boycott, coercion, or intimidation resulting or tending to result in unreasonable restraint of, or a monopoly in, the business of insurance.

§ 103120. Creation of the Banking and Insurance
Enforcement Fund.

There is hereby established, separate and apart from other funds of the government of Guam, a special fund known as the
‘Banking and Insurance Enforcement Fund’ (hereinafter the
‘Fund’). The Fund shall not be commingled with the General Fund or any other fund of the government of Guam. The Fund shall be held in an account or accounts at a Guam financial institution or institutions separate and apart from all other accounts and funds of the government of Guam. The Fund shall not be subject to I Maga’låhen Guåhan’s transfer authority. The Fund shall be used for enforcement within the purview of the Office of Commissioner of Banking and Insurance, and the Banking and Insurance Board, subject to appropriations.

SOURCE: Added by P.L. 27-088:2 (May 6, 2004). Repealed and added by P.L. 33-091:2 (Nov. 9, 2015).

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