Terms Used In 22 Guam Code Ann. § 15110

  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
(a) The Commissioner shall require the payment in advance

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

of the following fees:

Filing of application for certificate of authority
$900.00
Filing of application for renewal of certificate of authority
$500.00
Filing of any other certificate, statement, paper or exhibit required by this Title
$20.00
Filing of new application after refusal to issue original certificate
$900.00
Filing of application for issuance of certificate after revocation or expiration
$900.00
Filing of application for withdrawal
$200.00
Furnishing copies of papers filed, per page $
1.00

Certifying copies of paper filed, per document $
25.00

Fees paid in accordance with the provisions of this Section shall not be refundable under any circumstance.

(b) All funds deriving from this Section shall be deposited in the Banking and Insurance Enforcement Fund.

(c) The Commissioner, in consultation and with the approval of the Banking and Insurance Board, shall have the authority to adjust the fees, as provided pursuant to this Section, within an amount not to exceed fifteen percent (15%) per annum. The Commissioner shall conduct a public hearing on any proposed fee increase(s) not to exceed fifteen percent (15%) pursuant to the Open Government Law, and shall transmit the findings and recommendations of the public hearing to I Liheslaturan Guåhan and I Maga’låhen Guåhan prior to the

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

implementation of the proposed fee increase(s). Any proposed fee increase above that percentage shall only be promulgated pursuant to Article 3 (Rule-Making Procedures) of Chapter 9 (Administrative Adjudication Law) of Division 1, Title 5, Guam Code Annotated.

SOURCE: GC § 43109. Amended by P.L. 29-002:V:I:86 (May 18,
2007) and P.L. 33-091:3 (Nov. 09, 2015), effective upon commencement of Fiscal Year 2017 pursuant to P.L. 33-091:5.

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