Establishment

There is, within the Division of Insurance, Securities and Banking of the Department of Revenue and Taxation, an Office of the Commissioner of Banking and Insurance that shall be charged with supervising banking and insurance activities in COL11/8/2019 CH. 103 OFFICE OF COMMISSIONER OF BANKING AND INSURANCE Guam as provided in this Title, and in other legislation conferring jurisdiction upon the office.

(a)For the purposes of this Chapter and unless otherwise specified, all references to banks and banking shall include, where applicable, banks, savings and loans, finance companies, mortgage brokers, credit unions, pawnshops, check cashing companies, foreign exchange companies and the like, including any entities that make loans, accept deposits, sell notes, corporate paper, debentures or similar instruments, transmit funds, own or operate automated teller machines (>ATMs=) services, also known as >customer/bank communication terminals= (>CBCTs=), >electronic terminal devices=, >cash dispensing machines= and >cash machines=, or otherwise engage in any banking related activity.

(b)For the purposes of this Chapter and unless otherwise specified, insurance organizations subject to regulation include carriers, general agents, subagents, solicitors, brokers and claims adjusters.