License Application

(a)An individual applying for an adjuster license shall submit an application to the Commissioner of Banking and Insurance on the appropriate National Association of Insurance Commissioners

(NAIC)Uniform Individual Application, or other application prescribed by the Commissioner of Banking and Insurance, and declare under penalty of suspension, revocation, or refusal 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)is a resident of Guam;

(3)has not committed any act that is a ground for probation, suspension, revocation, or refusal of an adjuster’s license as set forth in § 15910 of this Article;

(4)has successfully passed the Guam examination for the line(s) of authority for which the person has applied; and

(5)has paid the fees set forth in this Article.

(b)A business entity applying for an adjuster license shall make application to the Commissioner of Banking and Insurance on the appropriate National Association of Insurance Commissioners

(NAIC)Uniform Business Entity Application, or other application prescribed by the Commissioner of Banking and Insurance, and declare under penalty of suspension, revocation, or refusal of the license that the statements made in the application are true, correct, and complete to the best of the business entity’s knowledge and belief. Before approving the application, the Commissioner of Banking and Insurance shall find that the business entity:

(1)is a resident of Guam;

(2)has designated a licensed individual adjuster responsible for the business entity’s compliance with the insurance laws, rules, and regulations of Guam; COL 1/26/2024 CH. 15 BUSINESS OF INSURANCE

(3)has not committed an act that is a ground for probation, suspension, revocation, or refusal of an adjuster’s license as set forth in § 15910 of this Article; and

(4)has paid the fees set forth in this Article.

(c)The Commissioner of Banking and Insurance may require any documents reasonably necessary to verify the information contained in the application.