22 Guam Code Ann. § 15202
Terms Used In 22 Guam Code Ann. § 15202
- Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Service of process: The service of writs or summonses to the appropriate party.
22 Guam Code Ann. BUSINESS REGULATIONS
CH. 15 BUSINESS OF INSURANCE
or in transacting insurance business in this territory, either by fixing rates by adjusting or investigating losses, by inspecting or examining risks, by acting as attorney-in-fact or as attorney for service of process, or otherwise, except as provided in § 15205.
SOURCE: GC § 43126.
§ 15203. Representing or Aiding Insured in Effecting
Insurance on Property or Risk in Unauthorized State.
No person, corporation, association or partnership shall make, negotiate for or place, or aid in negotiating or placing any insurance contract in this territory for another who is an applicant for insurance covering any property or risk in another state, territory or district of the United States with any insurer not authorized to transact insurance business in the state, territory or district wherein such property or risk or any part thereof is located..
SOURCE: GC § 43127.