Registration

All plans for the provision of prepaid legal services shall be licensed to do business in the territory and shall be regulated by the Director of Revenue and Taxation in the same manner as Health Maintenance Organizations and shall maintain reserves in accordance with generally accepted actuarial practices as shall be mandated by rules and regulations promulgated by the Director of Revenue and Taxation, and shall pay participating attorneys according to agreement submitted to the Director of Revenue and Taxation. Each prepared legal service shall provide services to consumers in accordance with rules and regulations promulgated by the Director of Revenue and Taxation and in accordance with the master agreement with consumers which must be filed annually by each prepared legal service with the Director of Revenue and Taxation. The Director of Revenue and Taxation may enforce this Section and rules and regulations promulgated under authority of this Section in the same manner as laws, rules, and regulations pertaining to insurance are enforced, and may revoke the license of any prepaid legal service for substantial violations. all incorporators, directors and officers of any prepaid legal service shall have a fiduciary relationship with the participating consumers and attorneys as to funds paid in and expended. Attorneys participating in prepaid legal services must be bona fide licensed Guam attorneys.