Refusal, Suspension or Revocation

The Commissioner may refuse to grant or renew a certificate, or may suspend or revoke a certificate, for any one of the reasons provided in this section:

(a)The insurer's refusal or failure to comply with, or the violation of, any of the provisions of this Title applicable to such insurer or any lawful order or regulation of the Commissioner.

(b)The insurer is delinquent in the payment of any fees, licenses, taxes, assessments, fines or penalties owed to the government of Guam, or is otherwise in default for failure to comply with any of the laws of Guam;

(c)Whenever in the judgment of the Commissioner the assets of such insurer are not in such condition as to make available within a reasonable time sufficient monies to meet promptly any demand which might in the ordinary course of its insurance business by properly made against the insurer;

(d)Whenever in the judgment of the Commissioner the insurer is insolvent or in an unsafe financial condition which COL 1/26/2024 CH. 15 BUSINESS OF INSURANCE would render any insurance of such insurer unsafe or unsatisfactory;

(e)Whenever the insurer, or a then present officer or director of the insurer, has been convicted of a felony having as one of its necessary elements a fraudulent act or an act of dishonesty in the solicitation of, acceptance, custody, or payment of money or property.