License Renewal and Fees

(a)Unless denied licensure pursuant to § 15910 of this Article, persons who have met the requirements of § 15905 of this Article shall be issued an adjuster license. An adjuster may qualify for a license for any lines of authority which are authorized under the laws of Guam.

(b)An adjuster license shall remain in effect unless probated, suspended, revoked, or refused as long as the request for renewal and fee set forth in this Section is paid and all other requirements for license renewal are met by the due date, otherwise the license expires.

(c)An individual adjuster shall not simultaneously have an insurance producer license to avoid conflict in carrying out his/her duties as such.

(d)An adjuster who is unable to comply with license renewal procedures and requirements due to long-term medical disability or some other extenuating circumstance may request a waiver of the same and a waiver of any examination requirement, fine, or other sanction imposed for failure to comply with renewal procedures.

(e)The fee for each type of license and the renewal thereof shall be as follows:

(1)Individual Adjuster - One Hundred Dollars ($100.00) for each two (2)-year period.

(2)Business Entity Adjuster - One Hundred Dollars ($100.00) for each two (2)-year period. COL 1/26/2024 CH. 15 BUSINESS OF INSURANCE

(f)An individual adjuster license and renewal thereof shall be for a term of two

(2)years expiring the first

(1st)day of July occurring after issuance.

(g)A business entity’s adjuster’s license and renewal thereof shall be for a term of two

(2)years expiring the first

(1st)day of July occurring after issuance. However, if, for any reason, the individual adjuster’s licenses of all employees should lapse during the term of the business entity’s adjuster’s license, then the business entity’s license shall also lapse on the day that its last employee’s license lapsed or expired.

(h)The adjuster shall inform the Commissioner of Banking and Insurance of any change in residence or business address(es) for Guam or in legal name within thirty

(30)days of the change.

(i)The license shall contain the licensee’s name, address, personal identification number, the date of issuance and expiration and any other information the Commissioner of Banking and Insurance deems necessary.