Grounds and Procedures for Suspension or Revocation of

License.

(a)The license of a captive insurance company to do an insurance business on Guam may be suspended or revoked by the Commissioner for any of the following reasons:

(1)Insolvency or impairment of capital or surplus;

(2)Failure to meet the requirements of '§ 23104 or 23105 of this Chapter; COL120106 CH. 23 CAPTIVE INSURANCE COMPANIES

(3)Refusal or failure to submit an annual report, as required by § 23107 of this Chapter, or any other report or statement required by law or by lawful order of the Commissioner;

(4)Failure to comply with the provisions of its own Charter or By-Laws;

(5)Failure to submit to examinations or any legal obligation relative thereto, as required by § 23108 of this Chapter.

(6)Refusal or failure to pay the cost of examination as required by § 23108 of this Chapter.

(7)Use of methods that, although not otherwise specifically prohibited by law, nevertheless render its operation detrimental or its condition unsound with respect to the public or to its policyholders;

(8)Failure otherwise to comply with the laws of Guam.

(b)If the Commissioner finds, upon examination, hearing, any of the acts specified in Subsection (a), he may suspend or revoke such license if he deems it in the best interest of the public and the policyholders of such captive insurance company, notwithstanding any other provision of this Title.