License and registration, please: Banking and Insurance Board seeks penalty payments

License and registration, please: Banking and Insurance Board seeks penalty payments

BY JOY WHITE

Journal Staff

Guam’s Banking and Insurance Board is working to flex its authoritative muscles. In its quarterly meeting on Nov. 17, the board discussed its efforts to implement licensing laws and potential penalties for those not in compliance.

The Banking and Insurance Board is chaired by the banking and insurance commissioner, Artemio B. Ilagan.

The office of the banking and insurance commissioner issued a letter dated Aug. 18 to car dealers and other retailers, including Macy’s, K-Mart, Uttams and T Galleria by DFS, that extended warranties on products, outside of the embedded warranties, require . . .

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