22 Guam Code Ann. § 18501
(b) It shall be unlawful for any insurer to use any rates in violation of the provisions of this section, or to alter, amend or otherwise change any rates without the approval of the Commissioner.
(c) It shall be unlawful for any insurer to charge any rate for any insurance transacted in Guam other than the rate approved by the Commissioner for such insurer for such risk and class of insurance.
(d) A filing fee of Two Hundred Dollars ($200.00) shall be paid for every rate plan or request for the Commissioner’s approval that is filed with the Commissioner.
SOURCE: GC § 43385. Subsection (d) added by P.L. 29-002:V:I:98 (May 18, 2007). Subsection (a) amended by P.L. 29-121:6 (Dec. 2,
2008).
§ 18501.1 Rate Approval: Health Insurance.
(a) No insurance rate, rate schedule, rate plans or methods of computing rates to be applied to any insurance transacted in Guam shall be advertised, publicized, charged or otherwise represented in Guam unless the rate, rate schedule, rate plan or method of computing rates is filed for approval with the Commissioner at least forty-five (45) days prior to its effective date, whichever occurs first.
(b) The Commissioner shall review each rate, rate schedule, rate plan or method of computing rates for the purpose of determining the following about the rate, rate schedule, rate plan or method of computing rates:
(1) whether it is in violation of this Chapter;
(2) whether it is unreasonable in relation to the benefits provided; or
(3) whether it exceeds those amounts established by rule or regulation.
(c) Within forty-five (45) days after the filing of any insurance rate, rate schedule, rate plan or method of computing rates requiring approval pursuant to this Section, the Commissioner will indicate approval by signing or giving explanation for disapproval in writing. The Commissioner, for good cause, may extend, for up to an additional forty-five (45) days, the period within which he shall approve or disapprove the rate, rate schedule, rate plan or method of computing rates. Good cause may include written notification to the insurer within the first forty-five (45) days that its rate submission is incomplete, and the items necessary to complete the submission. Any rate, rate schedule, rate plan or method of computing rates received but neither approved nor disapproved by the Commissioner shall be deemed approved at the end of the forty- five (45) days if the period is not extended, or at the end of the extended period, if any; however, no rate, rate schedule, rate plan or method of computing rates policy form or endorsement shallbe deemed approved under the provisions of this Section unless written notice of the intent to use the rate, rate schedule, rate plan or method of computing rates has been filed with the Commissioner.
(d) It shall be unlawful for any insurer to use any rate in violation of the provisions of this Section, or to alter, amend or otherwise change any rate without the approval of the Commissioner.
(e) It shall be unlawful for any insurer to charge any rate for insurance transacted in Guam other than the rate approved by the Commissioner for such insurer for such risk and class of insurance.
(f) If the Commissioner proposes to withdraw approval of a rate, rate schedule, rate plan or method of computing rates previously given or deemed given to which this Section applies, he shall notify the insurer in writing at least ninety (90) days prior to the proposed effective date of withdrawal giving his reasons for withdrawal.
(g) The rate, rate schedule, rate plan or method of computing rates approved under this Section shall be open to public inspection. Copies may be obtained by any person on request and upon payment of a reasonable charge for the copies.
(h) A filing fee of Two Hundred Dollars ($200.00) shall be paid for every rate plan or request filed for the Commissioner’s approval.
SOURCE: Added by P.L. 29-121:7 (Dec. 2, 2008).