Definitions

For the purpose of this article:

(a)Insurer means any person, firm, corporation, association, or aggregation of persons doing any insurance business subject to the insurance supervisory authority of the Commissioner of Banking and Insurance of Guam, or the equivalent insurance supervisory official of another state.

(b)Delinquency proceeding means any proceeding commenced against an insurer for the purpose of liquidating, rehabilitating, reorganizing, or conserving such insurer.

(c)State means any state of the United States, its territories arid possessions, and the District of Columbia.

(d)Foreign country means territory not in any state. COL 1/26/2024 CH. 15 BUSINESS OF INSURANCE

(e)Domiciliary state means the state in which an insurer is incorporated or organized, or, in the case of an insurer incorporated or organized in a foreign country, the state in which such insurer, having become authorized to do business in such state, has, at the commencement of delinquency proceedings, the largest amount of its assets held in trust, and assets held on deposit for the benefit of its policy holders or policy holders and creditors in the United States; and any such insurer is deemed to be domiciled in such state.

(f)Ancillary state means any state other than a domiciliary state.

(g)Reciprocal state means any state other than Guam in which, in substance and effect, the provisions of this article are in force, including the provisions requiring that the Commissioner of Banking and Insurance or equivalent insurance supervisory official be the receiver of a delinquent insurer.

(h)General assets means all property, real, personal, or otherwise, not specifically mortgaged, pledged, deposited, or otherwise encumbered for the security or benefit of specified persons, or a limited class or classes of persons, and as to such specifically encumbered property the term includes all such property or its proceeds in excess of the amount necessary to discharge the sum or sums secured thereby. Assets held in trust and assets held on deposit for the security or benefit of all policy holders, or all policy holders and creditors in the United States, shall be deemed general assets.

(i)Preferred claim means any claim with respect to which the law of a state or of the United States accords priority of payment from the general assets of the insurer.

(j)Special deposit claim means any claim secured by a deposit made pursuant to statute for the security or benefit of a limited class or classes of persons, but not including any general assets.

(k)Secured claim means any claim secured by mortgage, trust, deed, pledge, deposit as a security, escrow, COL 1/26/2024 CH. 15 BUSINESS OF INSURANCE or otherwise, but not including special deposit claims or claims against general assets. The term also includes claims which more than four

(4)months prior to the commencement of delinquency proceedings in the state of the insurer's domicile have become liens upon specific assets by reason of judicial process.

(l)Receiver means receiver, liquidator, rehabilitator, or conservator, as the context may require.