Affidavit as Prerequisite to Procurance of Insurance:

Contents. Before the person named in such license shall procure, effect or issue any such insurance policy or indemnity contract or surety bond, he or she shall in every case execute and file with the Commissioner his or her affidavit in acceptable form that the insured is unable to procure in any company or companies or insurers admitted to do business in Guam the amount or kind of insurance necessary to protect the property or undertakings of the insured, described in such affidavit at rates not less than the minimum rates on such property promulgated by an authorized rating bureau or other bureau or conference whose rates have been accepted by the Commissioner of Banking and Insurance, and filed in the insurance department as the fair and equitable rate.