Title 22 — Business Regulation

As used in this Chapter, unless the context requires otherwise: (1) >Captive insurance company=: (a) Means a limited purpose insurance subsidiary of a company with the specific objective of financing risks of its parent and affiliated companies; and (b) Is a pure captive insuranc…

(a) Any captive insurance company, when permitted by its articles of association, or charter, may apply to the Commissioner for a license to do any and all insurance comprised in Article 1 of Chapter 18, Title 22, Guam Code Annotated; provided, however, that: (1) no pure captive …

COL120106 No captive insurance company shall adopt a name that is the same, deceptively similar, or likely to be confused with or mistaken for any other existing business name registered on Guam. SOURCE: GC § 43703; added by P.L. 17-85:1.

No pure captive insurance company, group captive insurance company incorporated as a stock insurer or industrial insured captive insurance company incorporated as a stock insurer, a rent-a-captive or a protected cell captive insurance company shall be issued a license unless it s…

No captive insurance company shall be issued a license unless it shall possess and thereafter maintain free surplus of: (1) in the case of a pure captive insurance company, not less than One Hundred Thousand Dollars ($100,000.00); COL120106 (2) in the case of a group captive insu…

(a) A pure captive insurance company shall be incorporated as a stock insurer with its capital divided into shares and held by the stockholders. (b) A group captive insurance company or an industrial insured captive insurance company may be incorporated: (1) as a stock insurer wi…

(a) Each pure captive insurance company shall submit to the Commissioner a statement of financial condition written according to generally accepted accounting principles and audited by an independent certified public accountant on or before the last day of the sixth (6th) month f…

At least once in three (3) years, and whenever the Commissioner determines it to be prudent, he shall personally, or by some competent person appointed by him, visit each captive insurance company and thoroughly inspect and examine its affairs to ascertain its financial condition…

License. (a) The license of a captive insurance company to do an insurance business on Guam may be suspended or revoked by the Commissioner for any of the following reasons: (1) Insolvency or impairment of capital or surplus; (2) Failure to meet the requirements of '§ 23104 or 23…

(a) No pure captive insurance company, group captive insurance company or industrial insured captive insurance company shall be subject to any restrictions on allowable investments whatever, including those limitations contained in '15317 of this Title; provided, however, that th…

(a) Any captive insurance company may provide reinsurance, as defined and authorized in Article 8 of Chapter 18 of this Title, on risks ceded by any other insurer. (b) Any captive insurance company may take credit for reserves on risks ceded to a reinsurer; provided, however, tha…

Organizations. No captive insurance company shall be required to join a rating organization or to join or contribute financially to any plan, pool, association, or guaranty or insolvency fund on Guam, nor shall any captive insurance company, or its insured, or its parent or any a…

No taxes on qualified captive insurers. Each captive insurance company to which is issued a Special Qualifying Certificate pursuant to the provisions of Chapter 58, Title 12, Guam Code Annotated, shall pay no taxes to the government of Guam on its premium or other insurance incom…

The Commissioner may establish and from time to time amend such rules relating to captive insurance companies as are necessary to enable him to carry out the provisions of this Chapter. SOURCE: GC § 43714; added by P.L. 17-85:1.

No provisions of this Title, other than those contained in this Chapter or contained in specific references contained in this Chapter, shall apply to captive insurance companies. SOURCE: GC § 43715; added by P.L. 17-85:1.

[Repealed] SOURCE: Added by P.L. 24-104:10. Repealed by P.L. 27-54:10.

Committee; Members: (a) The Guam Captive Insurance Advisory Committee, the >Committee,’ shall consist of such persons, not fewer than three (3) in number, to be appointed by the Commissioner. The membership shall, to the extent possible, consist of one (1) person who is a certifi…

The Committee’s duties are as prescribed by the Commissioner, and shall include: (a) The review of each application for a captive insurance company license, and a recommendation to the Commissioner as to whether or not the applicant should be granted a license to do an COL120106 …

In the event a captive insurance company is declared insolvent by its board of directors or by the Commissioner or is placed in receivership for rehabilitation or liquidation any reinsurance due or becoming due and payable by the reinsurer shall be paid without diminution directl…

All information pertaining to Guam Captive Insurance Companies shall be deemed proprietarily and confidential unless: (a) The Commissioner of Banking and Insurance deems it in the public interest to make such information available for public inspection; or (b) The Parent authoriz…