Application for License

(a)A person applying for a resident insurance producer license shall make application to the Commissioner of Banking and Insurance on the Uniform Application and declare under penalty of refusal, suspension or revocation of the license that the statements made in the application are true, correct and complete to the best of the individual's knowledge and belief. Before approving the application, the Commissioner of Banking and Insurance shall find that the individual:

(1)is at least eighteen

(18)years of age;

(2)has not committed any act that is a ground for denial, suspension or revocation set forth in this Title;

(3)has paid the fees set forth in this Title; and COL 1/26/2024 CH. 15 BUSINESS OF INSURANCE

(4)has successfully passed the examinations for the lines of authority for which the person has applied.

(b)A business entity acting as an insurance producer is required to obtain an insurance producer license. Application shall be made using the Uniform Business Entity Application. Before approving the application, the Commissioner of Banking and Insurance shall find that:

(1)the business entity has paid the fees set forth in this Title; and

(2)the business entity has designated a licensed producer responsible for the business entity's compliance with the insurance laws, rules and regulations of Guam.