Examinations and Investigations

At least once in three

(3)years, and whenever the Commissioner determines it to be prudent, he shall personally, or by some competent person appointed by him, visit each captive insurance company and thoroughly inspect and examine its affairs to ascertain its financial condition, its ability to fulfill its obligations and whether it has complied with the provisions of this Chapter. The Commissioner upon application, in his discretion, may enlarge the aforesaid three

(3)year period to five

(5)years, provided said captive insurance company is subject to a comprehensive annual audit during such period of a scope satisfactory to the Commissioner by independent auditors approved by him. The Commissioner may use independent contractor examiners to conduct examinations pursuant to this Section. The expenses and charges of the examination shall be paid to the government of Guam by the company or companies examined and the Commissioner shall issue his warrants for the proper charges incurred in all examinations.