22 Guam Code Ann. § 15210
Terms Used In 22 Guam Code Ann. § 15210
- 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.
Unauthorized Insurers Prohibited.
No person, corporation, association or partnership shall, in this territory, act as agent for any insurer not authorized to transact business in this territory, or negotiate for or place or aid in placing insurance coverage in this territory for another with any such insurer.
SOURCE: GC § 43125.
§ 15201.1. Non-Profit Sports Association Insurance. [Temporary Authorization].
(a) Legislative Findings and Intent. I Liheslaturan Guåhan
[Guam Legislature] finds that Youth Sports Organizations were
22 Guam Code Ann. BUSINESS REGULATIONS
CH. 15 BUSINESS OF INSURANCE
previously insured by [a] National or International Insurance Company at a rate affordable by the local organizations and which no insurance company on Guam could match such rates.
(b) Authorization to Secure Off-Guam Insurance. Notwithstanding any other provision of Law, any registered Guam non-profit youth sport association is hereby authorized to secure off-Guam liability and accident insurance for purposes of their participation in local inter-league plays and off-Guam participations.
This authorization shall only be implemented after solicitations of local insurance companies is exhausted, and only if the rate of insurance by the local insurance company is more than twenty-five percent (25%) higher than those offered by the National or International Insurance Company.
SOURCE: Added by P.L. 26-27:3 (7/05/2001). Subsection (b) amended by P.L. 26-60:9.