(a) Admission is secured by obtaining a Certificate of Authority from the Commissioner. Such Certificate shall not be granted until the applicant conforms with the applicable requirements of this Title, and of the other laws of Guam prerequisite to its issuance. After a certificate of authority is granted, the Insurer shall continue to comply with the requirements pertaining to it as set forth in this Title and in other laws of Guam.

(b) The Commissioner of Banking and Insurance shall revisit annually, the requirements for a Certificate of Authority for providers of Healthcare Insurance Coverage, to ensure that the processes remain transparent, fair and open to eligible on- island, national and international Healthcare Insurance providers in order to foster vigorous competition and shall amend its requirements when necessary or recommend to I Liheslaturan Guåhan, changes to General Regulations and laws relative to Certificates of Authority.

SOURCE: GC § 43101. Amended by P.L. 30-227:3 (Dec. 30, 2010), P.L. 31-221:1 (June 15, 2012).

2015 NOTE: Subsection designations added/altered to adhere to
Compiler’s general codification scheme pursuant to authority by GCA § 1606.

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