) A creditor may not provide consumer credit insurance upon a form delivered or issued for delivery in Guam or at a premium rate or charge unless the form and premium rate or charge have been approved by the Commissioner of Banking and Insurance or have been on file with him or her for thirty (30) days and he or she has not notified the insurer of his/her disapproval.
(2) All policies, certificates of insurance, notices of proposed insurance, applications for insurance, endorsements and riders relating to consumer credit insurance delivered or issued for delivery in Guam and the schedules of premium rates or charges pertaining thereto shall be filed by the insurer with the Commissioner of Banking and Insurance.
(3) If a group policy of consumer credit insurance has been or is delivered in another state before or after the effective date of this Act, the insurer shall file with the Commissioner of Banking and Insurance the group certificate of insurance and notice of proposed insurance delivered or issued for delivery in Guam and the schedules of premium rates or charges pertaining thereto.

(4) The Commissioner of Banking and Insurance shall, within thirty (30) days after the filing, according to Subsection (2) or (3), of any form or schedule of premium rates or charges, disapprove the form or schedule of premium rates or charges and notify the insurer of his/her disapproval:

COL120106
14 Guam Code Ann. UNIFORM CONSUMER CREDIT CODE
CH. 4 INSURANCE

(a) if the premium rates or charges are unreasonable in relation to the benefits provided under the form; or
(b) if the form contains provisions which are unjust, unfair, inequitable or deceptive or encourage misrepresentation of the coverage or are contrary to any provision of the Insurance Code Division 2 of Title 22, Guam Code Annotated, or of any rule or regulation promulgated thereunder.

(5) A term of consumer credit insurance of ten (10) years or less is presumed not to be unjust, unfair or inequitable.
SOURCE: Items (1) C (4) amended by P.L. 27-88:5.
———-

ARTICLE 3
PROPERTY AND LIABILITY INSURANCE