Issuance of Licenses: Fee: Authority Conferred by

License. The Commissioner of Banking and Insurance, upon receipt of an application in proper form and a license fee of One Hundred Dollars ($100.00), may issue a surplus line license to any duly qualified and licensed insurance broker or agent in Guam. Such license shall permit the broker or agent named therein to act as broker or agent in Guam for any foreign company or insurer (or alien company or insurer approved by the Commissioner) not authorized to transact business in Guam in securing, issuing or placing policies of insurance, contracts of indemnity and/or surety COL 1/26/2024 CH. 15 BUSINESS OF INSURANCE bonds on property located in, or undertakings to be carried out in Guam for such companies.