Guam State Laws Practice Exam

The agency responsible for regulating the insurance industry in Guam is the Department of Revenue and Taxation. This department oversees various financial services, including the licensing and regulation of insurance companies, agents, and brokers. The focus of the Department of Revenue and Taxation in this context is to ensure that insurance providers operate fairly, comply with applicable laws, and provide protection to consumers.

The other entities mentioned have different roles. The Attorney General of Guam primarily handles legal affairs and consumer protection issues but does not directly regulate the insurance industry. The Guam Insurance Board, while it may play a role in advisory capacities or specific functions related to insurance, does not hold the primary regulatory authority. The Guam Legislature is responsible for enacting laws but does not oversee the day-to-day regulation of the insurance market. Therefore, the correct answer points to the agency with the specific mandate to regulate and oversee insurance operations within Guam.