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29.1003 Qualifications of brokers.

Cite as [A.S.C.A. § 29.1003]

(a) Every applicant for a certificate of authority as a general insurance broker shall be required to submit the following with the Insurance Commissioner:

(1) a copy of its charter, articles of association, articles of incorporation, partnership agree-ment, or other controlling instruments, certified by the official who is required to keep those records in the jurisdiction where the applicant is incorporated, organized, or otherwise doing business in a capacity similar to that of a general broker as defined in this title;

(2) a resolution adopted by its governing body in accordance with its bylaws or other internal law, stating that service of process upon the Treasurer, in any action or proceeding against it brought or pending out of business transacted in American Samoa, shall be valid personal service upon the general insurance broker;

(3) a statement setting forth the location and post office address of its principal office; and similar such statement anytime the general insurance broker changes its principal office;

(4) a good and sufficient bond, with a surety company approved by the Commissioner with the applicant as principal, in a form to be approved by the Commissioner, and running to the Commissioner or his successor in the office in the sum of $10,000, with the condition that the surety on the bond shall be answerable up to the amount of the bond for all judgments, decrees, or orders given, made or rendered against the principal on the bond by the High Court of American Samoa for the payment of costs, shall enforce the bond either in his own name or in the name of the interested party thereto for the use and benefit of any person injured by the breach; the surety on the above bond may withdraw from it upon giving to the Commissioner written notice of his intention not less than 60 days prior to the date on which the then existing certificate of the general insurance broker is to expire, the withdrawal then is effective on the date of expiration of the certificate; in lieu of the bond as required by this section, the applicant may deposit with the Commissioner acceptable unencumbered securities or other unencumbered assets of $10,000 as surety subject to the same conditions as the bond;

(5) the name and complete information regarding the financial stability, reputation, and integrity of any nonadmitted insurer with whom such applicant has dealt or proposes to deal with in the transaction of insurance business in American Samoa. The applicant shall provide, in writing, so much of the information requested as he can produce, together with a signed statement identifying the same and giving reasons for omissions, if any. These are continuing obligations and must be complied with any time the general broker proposes to deal with a nonadmitted insurer that he has not previously obtained the Commissioner ’s approval to deal with. After due examination of the information, the Commissioner shall identify those insurers with whom the general broker may deal and set forth in writing the specific reasons for rejecting others. The Commissioner may, if he finds it to be in the public interest, order the general broker not to place or continue to place further insurance business on property located, or operations conducted within or on lives of persons residing in this territory with the non-admitted insurer. Any placement of such insurance with a nonapproved, nonadmitted insurer by a general broker shall subject him to the revocation or penalty, or both provisions set forth in this chapter:

(6) other information as in the Commissioner’s opinion would assist him in making his determination of the qualifications of the applicant

(b) Within a reasonable time after having received all of the necessary information, the Commissioner shall make a determination of the applicant’s qualifications.

History: 1978, PL 15-79 § 2; amd 1978, PL, 15-99.

Amendment: 1978 Subsection (a)(5): deleted the followings from the end of first sentence: and resolutions by both the applicant and each of the nonadmitted insurers stating that service of process upon the nonadmitted insurers may be made by serving the general broker or in his absence, the “Treasurer”.