Guam Administrative Code

§16113. Resident Registered Agent for Service of Process. The registered agent of a licensed captive insurance company shall be either an individual who resides in Guam or a corporation formed on Guam or a partnership formed on Guam that maintains an office in Guam that is regula…

§16114. Extension of Period Between Examination . Under 22 GCA §23108, requiring that the Commissioner make an examination of the affairs of each captive insurance company at least once every three years, but the Commissioner has the right, upon application, to enlarge the three …

§16115. Restrictions on Insurance of Direct Risks by Captive Insurance Companies . (a) Title 22 Guam Code Annotated §23102(a)(1), limiting the insurance of risks by pure captive insurance companies, applies only to direct insurance of risks and not to reinsurance, which is govern…

§16116. Reinsurance. (a) Any captive insurance company authorized to do business under the Act may take credit for reserves on risks ceded to a reinsurer subject to the following limitations: (1) No credit shall be allowed for reinsurance where the reinsurance contract does not r…

§16117. Insurance Managers and Intermediaries. (a) In addition to the ‘Principal Place of Business‘ of the captive insurance company shall be a person who resides in Guam. Any entity or association organized under the laws of Guam and keeping a principal office in Guam may apply …

§16118. Directors. Every company shall report to the Commissioner within thirty days after any change in its executive officers or directors, including in its report a statement of the business and professional affiliations of any new executive officer or director. No director, o…

§16119. Conflict of Interest. In addition to the investment of funds limitation in §16118 of these regulations, each company licensed under the Act is required to adopt a conflict of interest statement for officers, directors and key employees. Such statement shall disclose that …

§16120. Suspension or Revocation . The Commissioner may, for any of the following reasons, conduct for suspension or revocation of the license of a captive insurance company in accordance with the Administrative Adjudication Law: (1) if the company has not commenced business acco…

§16121. Waiver of Hearing. (a) In the event the suspension or revocation of license is requested by the president or any board of director of the captive insurance company, such request shall be deemed to be a waiver of hearing. The Commissioner may upon receipt of such request f…

§16122. Acquisition of Control of or Merger with Domestic Company.

§16122.Acquisition of Control of or Merger with Domestic Company . No person other than the issuer shall make a tender offer for or a request or invitation for tenders of, or enter into any agreement to exchange securities for, seek to acquire, or acquire in the open market or ot…

§16123. Change of Business . Any change in the nature of the captive, business from that stated in the company's plan of operation filed with the Commissioner upon application requires prior approval from the Commissioner. Any change in any other information filed with the applic…

§18101. Authority. These Rules and Regulations are promulgated pursuant to the authority granted to the Banking Board, 11 GCA §103103 is hereinafter referred to as Banks & Banking.

§18102. Purpose. The purpose of these Rules and Regulations is to establish the Definitions, Licensing, Placement and Operations of a Bank Branch, an "Automated Teller Machine" (ATM)(s) and a "Remote Automated Teller Machine" (Remote ATM)(s) for the Territory of Guam.

§18103. Definitions. The following definitions or terms as defined in 11 GCA §100101 of the Banks and Banking Law, are hereby made a part of these Rules and Regulations: (a) Financial Institutions means any bank as defined in 11 GCA §100102 of the Guam Banking Code which is duly …

§18104. Licensing. Licensing regulations for Bank Branch, Automated Teller Machines (ATM)(s), Remote Automated Teller Machine (Remote ATM)(s), and Interstate Branching. (a) Bank Branch CH. 18 - AUTOMATED TELLER MACHINE REGS. - 1997 - P. 4 (1) An application to establish a Bank Br…

§18105. Placements. (a) Bank Branch. (1) A financial institution shall not change the location of an established bank branch without prior written approval from the Banking Board. (b) Automated Teller Machine (ATM)(s) (1) A financial institution shall not change the location of a…

§18106. Operations. (a) Automated Teller Machine (ATM)(s) (1) An ATM of a financial institution located other than on the premises of the principal place of business of the financial institution or the premises of any of its branches, may by agreement be made available to one or …

§18107. Effective Date. These Rules and Regulations shall become effective the _____day of ______, 199__ and shall remain in effect unless amended or until rescinded.

§18108. Forms NOTE: Due to recent litigation and a change in federal law, ATM’s are no longer restricted as to the numbers that may be operated by non-Guam chartered banks. Therefore, check with the Banking Commissioner for the latest on this issue.

§3 (s)(3) of the Federal Deposit Insurance Act. (l) Adequately Capitalized means a level of capitalization which meets of exceeds all applicable Territorial or Federal regulatory capital standards. (m) Electronic Fund transfer means any transfer of funds, other than a transaction…

§ 19101. Authority; Legislative Findings and Intent. I Liheslaturan Guåhan wishes to establish government policy that would help improve the delivery of insurance protection and services to consumers in this particular industry in Guam. One approach toward this objective deals wi…

§ 19102. Purpose. The purpose of these Regulations is to establish requirements and standards for the continuing education program for persons licensed to transact or sell insurance.

§ 19103. Definitions. The following terms: (a) “Agent”; (b) “Broker”; (c) “Commissioner”; (d) “General Agent”; (e) “Solicitor”; (f) “Sub-Agent”; (g) “Persons”; and (h) “Transact,” as they are defined in §§ 12104 and 12201 of Articles 1 and 2, Division 2, of Title 22 of the Guam C…

§ 19104. Applicability. (a) These regulations shall apply to resident persons licensed after the date of the passage of this Regulation to engage in the sale of the following classes of insurance: (1) life insurance, annuity contracts, variable annuity contracts and variable life…

§ 19105. Educational Requirements. Resident persons licensed to sell or transact insurance shall satisfactorily complete such courses or programs as follows: (a) any person issued a license for: (1) life and/or death insurance, (2) Property and/or casualty insurance, or (3) any c…

§ 19106. Courses; Approval; Records. The courses or programs of instruction successfully completed are: (a) Any course or program of instruction or seminar developed and/or sponsored by any admitted and licensed insurer, insurance trade or agents’ associations or any independent …

§ 19107. Repeated Courses. A course shall not be repeated if the maximum credits have been attained or received for the same course.

§ 19108. Extension of Time. For good cause shown, the Commissioner may grant an extension of time during which the requirements imposed by these regulations may be compiled for each type of life/health insurance license. The extension will not alter the requirements or due date o…

§ 19109. Compliance. (a) Any person previously licensed to sell insurance whose license was not in effect on the effective date of this Regulation shall comply with all the terms and requirements of § 19105 of this Regulations, in order to be licensed. COL1/19/2022 4 TAXATION (b)…

§ 19110. Penalty, Legal Authority, §§ 15703 and 15705 of the Insurance Laws. Any person failing to meet the requirements imposed upon him by these Regulations and who has not been granted an extension of time within which to comply pursuant to § 19105, or who has submitted to the…

§ 19111. Severability. If any provision of these Regulations or its application to any person or circumstance is found to be invalid or contrary to law, such invalidity shall not affect other provisions or applications of these Regulations which can be given effect without the in…

§ 19112. Effective Date. This Regulation shall take effect upon enactment and shall remain in effect, unless otherwise amended or until rescinded by law. ---------- COL1/19/2022 5…

§ 19201.6 states that any person required to collect, account for and pay over the Admission Tax, who willfully fails to collect, or truthfully account for and pay over such tax shall, in addition to other penalties provided by law, be guilty of a felony, and, upon conviction the…

§ 2101. Exemption of Rental Income from Gross Receipts Tax. (a) The purpose of this Section [regulation] is to implement § 26203(j). Gross Receipts Tax, 11 GCA Chapter 26, Government Code of Guam (Public Law 43 - Second Guam Legislature) which provides as follows: “§ .1010. The f…

§ 2102. Landed Costs: Definition of the Term Landed Cost. (a) The purpose of this regulation is to revoke Business Privilege Tax Regulation No. 3, approved September 13, 1956, and to correctly restate the section [regulation] with respect to the definition of the term “landed cos…

§ 2103. Prescribed Form for Monthly Tax Returns. (a) The purpose of this Section [regulation] is to prescribe one form for the reporting of monthly Business Privilege Taxes. (b) The use of the attached Form FCN 2-2-57 Rev. 9-59 for filing monthly returns of Business Privilege Tax…

§ 2104. Refund, Abatement or Drawback. The purpose of this Section [regulation] is to prescribe a convenient form for use by taxpayers in filing claims for refund, abatement or drawback under the provisions of the Business Privilege Tax Law: (a) “Form FCN 2-2-100, approved 2-19-6…

§ 2105. Incidence and Release of Liens. The purpose of this Section [regulation] is to implement the provisions of 11 GCA § 26103, as amended by Public Law 5-114, approved August 8, 1960 and effective September 1, 1960, relative to the incidence of tax liens under the Business Pr…

§ 2106. Hearings, Appeals and Review Claims and Suits for Refund. The purpose of this Section [regulation] is to set forth and explain the rights, legal remedies and procedures available to taxpayers seeking relief for taxes levied, assessed, collected or paid under the Business …

§ 2107. Gross Income and Gross Proceeds of Sale.

§ 2108. Exemption from Gross Receipts Tax. (a) The purpose of this regulation is to implement the provisions of 11 GCA § 26117 insofar as they apply to exemptions from Gross Receipts Tax under 11 GCA § 26203. (b) Title 11 Guam Code Annotated § 26117 states that if any person (as …

§ 2109. Inspection of Returns and Disclosure of Information. ( a) The purpose of this Section [regulation] is to prescribe rules pertaining to the inspection of Business Privilege Tax returns and disclosure of other information filed or furnished by taxpayers relative thereto, an…

§ 2110. Tax on Soft Drinks. (a) The purpose of this regulation is to conform previously existing regulations to the tax on soft drinks with the provisions of Public Law 6-45, approved August 23, 1961, effective August 24, 1961. (b) Subchapter E of Chapter 6, relating to the tax o…

§ 2111. Beverage Tax. (a) The purpose of this regulation is to prescribe rules and regulations to affect the purposes of Public Law 6-94, approved March 21, 1962 and effective April 1, 1962 with reference to the tax on alcoholic beverages. The law repeals Subchapter C as heretofo…

§ 2112. Liquid Fuel Tax. (a) The purpose of this Section [regulation] is to prescribe rules and regulations to effect the purposes of Public Law 6-94, approved March 21, 1962 and effective April 1, 1962 with reference to the tax on liquid fuels. The law amends 11 GCA § 26403 but …

§ 2113. Tobacco Taxes. (a) The purpose of this Section [regulation] is to prescribe rules and regulations to effect the purposes of Public Law 6-94, approved March 21, 1962, and effective April 1, 1962 with reference to the tax on tobacco and tobacco products. (b) The law amends …