Limitations on Issuance: Endorsement on Policy:

Filing of Power of Attorney: Validity of Power. Such surplus line insurance shall only be issued after the insured has procured insurance in companies admitted to do business on Guam to the full amount which such companies are willing to write on such property. Every policy issued under this Section shall be endorsed “ISSUED IN AN UNAUTHORIZED COMPANY, UNDER AGENT’S (OR BROKER’S) LICENSE NO. _______”, which endorsement shall be properly filled in and signed by the broker or agent. Before registering and delivering any such policy for an unauthorized insurance company or insurer, such broker or agent shall procure from such company or insurer a power of attorney which shall empower him or her as its attorney in fact to receive and accept on its behalf service of any and all writs, processes and summonses requisite or necessary to give complete jurisdiction of any such company or insurer to any of the courts of Guam, and shall be deemed to constitute such attorney the authorized agent of such company or insurer upon whom lawful service may be made of all writs, processes and summonses in any case, suit or proceeding in any court mentioned herein. Such power of attorney shall be valid so long as such company or insurer has any liability existing in Guam on account of any outstanding policies or unpaid claims pending against it. Such broker or agent shall file such power of attorney with the Commissioner of Banking and Insurance promptly on receipt of same.