Security for Compensation

(a)Every employer shall compensation under this Title: secure the payment of

(1)By insuring and keeping insured the payment of such compensation with any stock corporation or mutual association authorized by the Commission to transact the business of workers’ compensation insurance in Guam.

(2)By obtaining and keeping in force guarantee insurance with any company authorized by the Com mission to do such guarantee business within Guam.

(3)The government of Guam may make compensation payments under the provisions of this Title from the special fund referred to in § 9143.

(b)In granting authorization to any carrier to insure payment of compensation under this Title, the Commission may take into consideration the recommendation of any authority having supervision over carriers or over workers’ compensation, and may authorize any carrier to insure the payment of compensation under this Title in Guam. The Commission may suspend or revoke any such authorization for good cause shown after a hearing at which the carrier shall be entitled to be heard in person or by counsel, and to present evidence. No suspension or revocation shall affect the liability of any carrier already incurred.