Ins. Company Licensing in Pacific Islands

[asmith]

Hello,

I am aware that to write Surety business, an Insurance Company must typically be licensed in the state where the work will be done.

My question is regarding the many small, pacific islands in the general area of Guam.

The NAIC recognizes Guam and the Commonwealth of the Northern Mariana Islands (CNMI) and a separate license is needed to conduct business there. Does anyone know whether an insurnce company has to be licensed by the other territories/republics in that area? Specifically I'm talking about the Republic of the Marshall Islands, the Republic of Palau, and the Republic of the Federated States of Micronesia.

(All these are independent countries which have treaties with the U.S. Government identifying them as States in free association with the U.S.)

Does anyone have any experience in this area?

Thank you for your help!!

[Admin]

Sorry for the slow response, I guess none of us really have experience in this area.

I would guess there is no license required of the surety for Guam. However, I don't think any standard surety markets would be interested in writing bonds in that territory.

[asmith]

A license is required in Guam and the Northern Mariana Islands (CNMI) but I still don't know about those other locations I mentioned. Thank you for your help!!

[Admin]

That's a shame. I don't see that being a very competitive surety marketplace then. Most sureties aren't even licensed in all 50 states, let alone Guam.

However, for every market there is usually someone to fill the void. It will just take more searching.

Good luck!