(a) The Commissioner may, for the reasons contained herein, refuse to issue or renew a license, or may suspend or revoke a license, for any of the following reasons:

(1) The person has wilfully violated any provision of this Title;

(2) The person has intentionally made a material misstatement in his application;

(3) The person has been guilty of fraudulent or dishonest practices;

(4) The person has misappropriated or converted to his own use or illegally withheld monies held in a fiduciary capacity;

(5) The person has misrepresented the terms and conditions of policies;

(6) The person has been guilty of rebating;

(7) The person has conducted his business in such a manner as to cause injury to the public or to those with whom he is dealing;

(8) The person does not meet the necessary qualifications to act in such capacity.

(b) A license may be suspended for not more than sixty (60) days. A person whose license has been revoked shall not be eligible to apply for a new license for a period of three (3) months.

(c) A refusal, suspension, or revocation under this section shall be by order of Commissioner, and the person adversely affected may request a hearing pursuant to §12206.

(d) Notice of any refusal, suspension or revocation of a license under this section shall be given to the insurer, general agent or sub-agent requesting that such applicant be licensed.

SOURCE: GC § 43253.

22 Guam Code Ann. BUSINESS REGULATIONS
CH. 15 BUSINESS OF INSURANCE