Application for Authority

Any number of persons sufficient to organize a corporation in Guam may file an application with the Commissioner for authority to organize as an insurance corporation. No person shall COL 1/26/2024 CH. 15 BUSINESS OF INSURANCE organize an insurance corporation until written authority for that purpose has been obtained from the Commissioner. The application shall be in duplicate and shall contain the information required herein.

(a)The proposed location of its principal office, amount of paid-in capital, and corporate name which shall include the word insurance;

(b)The proposed articles of incorporation showing the classes of insurance business which it proposes to transact;

(c)Evidence of the character, financial responsibility, business experience and ability of the proposed incorporators, directors and officers;

(d)All other information required to be filed with the articles of incorporation under the laws of Guam for the purpose of receiving a corporate charter, or by regulations of the Commissioner, or specifically requested of the incorporators by the Commissioner.