License Refusal, Non-Renewal, or Revocation

(a)The Commissioner of Banking and Insurance may place on probation, suspend, revoke, or refuse to issue or renew an adjuster’s license or may levy a civil penalty in accordance with COL 1/26/2024 CH. 15 BUSINESS OF INSURANCE Guam law, or any combination of the above actions, for any one

(1)or more of the following causes:

(1)providing incorrect, misleading, incomplete or materially untrue information in the license application;

(2)violating any insurance laws, regulations, subpoena or order of the Commissioner of Banking and Insurance or of another state’s Commissioner of Banking and Insurance;

(3)obtaining or attempting to obtain a license through misrepresentation or fraud;

(4)improperly withholding, misappropriating, or converting any monies or properties received in the course of doing insurance business;

(5)intentionally misrepresenting the terms of an actual or proposed insurance contract or application for insurance;

(6)having been convicted of a felony;

(7)having admitted or been found to have committed any insurance unfair trade practice or fraud;

(8)using fraudulent, coercive, or dishonest practices, or demonstrating incompetence, untrustworthiness, or financial irresponsibility, in the conduct of insurance business in Guam or elsewhere;

(9)having an insurance license, or its equivalent, probated, suspended, revoked, or refused in any other state, province, district, or territory;

(10)forging another person’s name to any document related to an insurance transaction; or

(11)cheating, including improperly using notes or any other reference material, to complete an examination for an insurance license.

(b)In the event the Commissioner of Banking and Insurance refuses the application for licensure or renewal of an existing license, the Commissioner of Banking and Insurance shall notify the applicant or licensee in writing, advising of the reason for the COL 1/26/2024 CH. 15 BUSINESS OF INSURANCE refusal. The applicant or licensee may make written demand upon the Commissioner of Banking and Insurance pursuant to Chapter 9, Title 5, Guam Code Annotated, for a hearing before the Commissioner of Banking and Insurance to determine the reasonableness of the refusal. The hearing shall be held pursuant to the terms of the Administrative Adjudication Law found in Chapter 9, Title 5, Guam Code Annotated.

(c)The license of a business entity may be probated, suspended, revoked, or refused if the Commissioner of Banking and Insurance finds, after a hearing, that its designated individual licensee’s violation occurred while acting on behalf of or representing the business entity and that the violation was known or should have been known by one or more of the business entity’s partners, officers, or managers, and that the violation was neither reported to the Commissioner of Banking and Insurance nor was corrective action taken.

(d)In addition to or in lieu of any applicable probation, suspension, revocation, or refusal, a person may, after a hearing, additionally be subject to a civil fine pursuant to § 15915 of this Article.

(e)The Commissioner of Banking and Insurance shall retain the authority to enforce the provisions of and impose any penalty or remedy authorized by this Article against any person who is under investigation for or charged with a violation of this Article even if the person’s license or registration has been surrendered or has expired by operation of law.