(a) The review of each application for a captive insurance company license, and a recommendation to the Commissioner as to whether or not the applicant should be granted a license to do an

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insurance business under this Chapter and including the reasons for its recommendation. Recommendations to the Commissioner shall be made within thirty (30) days of receipt of the financial and other information provided by the Commissioner.

(b) In formulating its recommendations, the Committee shall employ the following criteria:

(i) Whether such applicant meets the financial requirements of this Chapter;

(ii) Whether such applicant’s proposal is actuarially sound and is adequately capitalized to meet the requirements of the risks it has undertaken or proposed to insure. For the purposes of this actuarial determination, the Committee shall consider, if advisable, the formal opinion of a certified property/casualty actuary who is a member in good standing of an acknowledged academy or society of actuaries;

(iii) Whether or not the parent’s officers, directors, and administrative and managerial personnel are of good moral character; and

(iv) Such other criteria as the Committee, with the consent of the Commissioner, deems appropriate.

(c) Meetings of the Committee may be conducted by telephone except that at least one (1) meeting per year shall be held in Guam, and shall be attended personally by Committee members.

(d) Recommendations made by the Committee to the Commissioner shall be advisory in nature. A Committee member, or the Committee as a whole, shall not be held liable in any claim or suit for damages arising solely from a recommendation to the Commissioner, or for the results of any action taken and/or implemented by the Commissioner pursuant to any such Committee recommendation.

(e) The Commissioner shall supply the Committee with the financial and other information required by the Committee to conduct its investigation under this Section.

(f)The Commissioner shall receive the recommendations of the
Committee with respect to the financial, actuarial, and managerial

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soundness of each applicant, and shall give appropriate consideration to all such recommendations in conjunction with his duties under this Chapter.

SOURCE: Added by P.L. 24-104:12.