Terms Used In 22 Guam Code Ann. § 18302

  • Contract: A legal written agreement that becomes binding when signed.
All policies issued on risks in Guam shall be signed and subscribed as provided in this section:

(a) If the insurer is an admitted domestic insurer, each policy shall be signed and subscribed by two (2) of the major officers of the insurer designated in its articles of incorporation or in its by-laws to do so.

(b) If the insurer is an admitted foreign insurer, it shall be signed and subscribed by two (2) of the major officers of the insurer authorized to do so and in all cases it shall be counter-signed by such insurer’s authorized resident general agent, or shall have attached thereto an appropriate countersignature endorsement signed by such resident general agent.

(c) If the insurer is an admitted alien insurer, it shall be signed by its United States general manager or other person in charge of its United States business if it has such official, or if it does not, by two (2) of the major officers of the insurer authorized to do so, and in all cases it shall be countersigned by such insurer’s authorized resident general agent, or shall have attached thereto an appropriate countersignature endorsement signed by such resident general agent.

(d) Countersignature, by an authorized resident general agent of the insurer originating a contract of insurance participated in by other insurers as co-sureties or co- indemnitors, shall satisfy all countersignature requirements in respect of such contract of insurance.

(e) The provisions of this section relating to countersignature by an insurer’s authorized general agent shall not apply to:

(1) any contract of insurance covering the rolling stock of any railroad, or covering any vessel, aircraft, or motor carrier used in interstate or foreign commerce, or covering any liability or other risks incident to the ownership, maintenance or operation thereof;

(2) any contract of reinsurance between any insurance companies or other insurers;

(3) any contract of insurance covering any property in interstate or foreign commerce, or any liability or risks incident thereto.

SOURCE: GC § 43351.