Title 4 — Economic Resources
115 chapters · 1,861 sections in this title.
4 CMC § 6923 Membership Restricted
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6923. Membership Restricted. Membership in the credit union shall be restricted to employees of the Commonwealth government, persons who have retired from the Commonwealth government, and their lawful sp…
4 CMC § 6924 Administration of Credit Union
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6924. Administration of Credit Union. (a) Board of Directors. There shall be a board of directors of the credit union (hereafter “the credit union board” or “the board”). The board shall consist of five …
4 CMC § 6925 No Business Gross Revenue Tax Liability
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6925. No Business Gross Revenue Tax Liability. The credit union shall not be liable for any business gross revenue tax. Source: PL 9-52, § 8.
4 CMC § 6926 Restriction on Loans and Deposits; Paycheck Allotments Authorized; Investment by Government Agencies; Garnishment
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6926. Restriction on Loans and Deposits; Paycheck Allotments Authorized; Investment by Government Agencies; Garnishment. (a) The credit union may take deposits from, and issue loans to, its members only;…
4 CMC § 6927 Audits
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6927. Audits. For as long as any obligation under a loan agreement between the fund and the credit union remains unsatisfied: (a) The board of trustees shall have free access to all accounts, books, and …
4 CMC § 6928 Legal Counsel
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6928. Legal Counsel. The credit union board may retain or engage private legal counsel. In addition, until the credit union is wholly privatized, the Attorney General, unless prevented by conflict from d…
4 CMC § 6929 Bank Deposit and Safety Requirements
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TITLE 4: ECONOMIC RESOURCES DIVISION 6: BANKING AND FINANCIAL INSTITUTIONS § 6929. Bank Deposit and Safety Requirements. The credit union may, as it deems appropriate, make deposits of cash or other monetary instruments in banks which meet the requirements of 1 CMC § 7723, and in…
4 CMC § 7901 Definitions
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7901. Definitions. As used in this Chapter, unless the context requires otherwise: (a) “Captive insurance company” means: (1) a limited-purpose insurance subsidiary of a company with the specific objective of financing risks of …
4 CMC § 7902 Licensing Authority
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7902. Licensing Authority. (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 Title 4, Division 7, o…
4 CMC § 7903 Names of Companies
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7903. Names of Companies. 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 CNMI. Source: PL 24-03…
4 CMC § 7904 Minimum Capital
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7904. Minimum Capital. 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 pro…
4 CMC § 7905 Minimum Surplus; Letter of Credit
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7905. Minimum Surplus; Letter of Credit. No captive insurance shall be issued a license unless it shall possess and thereafter maintain a free surplus of: (a) in the case of a pure captive insurance company, not less than One Hu…
4 CMC § 7906 Formation of Captive Insurance Companies in the CNMI
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7906. Formation of Captive Insurance Companies in the CNMI. (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 ins…
4 CMC § 7907 Rules for Controlled Unaffiliated Business
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7907. Rules for Controlled Unaffiliated Businesses. The Commissioner may adopt rules establishing standards to ensure that a parent or its affiliated company, or an industrial insured or its affiliated company is able to exercis…
4 CMC § 7908 Financial Statements and Reports
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7908. Financial Statements and Reports. (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 …
4 CMC § 7909 Dividends
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7909. Dividends. No captive insurance company may pay a dividend out of, or other distribution with respect to, capital or surplus without the prior approval of the Commissioner. Approval of an ongoing plan for the payment of di…
4 CMC § 7910 Examinations and Investigations
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7910. Examinations and Investigations. 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 …
4 CMC § 7911 Grounds and Procedures for Suspension or Revocation of License
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7911. cense. Grounds and Procedures for Suspension or Revocation of Li- (a) The license of a captive insurance company to do an insurance business on CNMI may be suspended or revoked by the Commissioner for any of the following …
4 CMC § 7912 Legal Investments
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7912. Legal Investments. (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 t…
4 CMC § 7913 Reinsurance
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7913. Reinsurance. (a) Any captive insurance company may provide reinsurance, as defined and authorized in 4 CMC § 7507, on risks ceded by any other insurer. (b) Any captive insurance company may take credit for reserves on risk…
4 CMC § 7914 Exemption from Compulsory Associations; Ratings Organizations
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7914. zations. Exemption from Compulsory Associations; Ratings Organi- 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…
4 CMC § 7915 Tax on Premiums Collected
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7915. Tax on Premiums Collected. Each captive insurance established in the CNMI shall pay 2% taxes to the government of the CNMI on its premium or other insurance income. Source: PL 24-03, § 2 (June 12, 2025).
4 CMC § 7916 Rules and Regulations
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7916. Rules and Regulations. 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. The regulatio…
4 CMC § 7917 Laws Applicable
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7917. Laws Applicable. Other than provisions contained in this Chapter or contained in specific references contained in this Chapter shall apply to captive insurance companies. Source: PL 24-03, § 2 (June 12, 2025).
4 CMC § 7918 Establishment of the CNMI Captive Insurance Advisory Committee; Members
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7918. Establishment of the CNMI Captive Insurance Advisory Committee; Members: (a) The CNMI Captive Insurance Advisory Committee, the “Committee,” shall consist of such persons, not fewer than three (3) in number, to be appointe…
4 CMC § 7919 Duties of the Committee
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7919. Duties of the Committee. The Committee’s duties are prescribed by the Commission, and shall include: (a) The review of each application for a captive insurance company license, and a recommendation to the Commissioner as t…
4 CMC § 7920 Insolvency Proceedings
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7920. Insolvency Proceedings. 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…
4 CMC § 7921 Confidential Treatment of Captive Information
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TITLE 4: ECONOMIC RESOURCES DIVISION 7: INSURANCE § 7921. Confidential Treatment of Captive Information. All information pertaining to the CNMI Captive Insurance Companies shall be deemed proprietary and confidential unless: (a) The Commissioner deems it in the public interest to…
4 CMC § 9901 Definitions
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TITLE 4: ECONOMIC RESOURCES § 9901 DIVISION 9: LABOR § 9901. Definitions. (a) “Advisory Council” means the Advisory Council Under the CNMI State Workforce Development Board (SWDB). (b) “Apprentice” means means a worker at least 16 years of age, except where a higher minimum age s…
4 CMC § 9902 CNMI Registered Apprenticeship Program
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TITLE 4: ECONOMIC RESOURCES § 9902 DIVISION 9: LABOR § 9902. CNMI Registered Apprenticeship Program. The Secretary of Labor shall: (a) Administer the Commonwealth Registered Apprenticeship Program and coordinate with the Advisory Council; (b) Ensure proper educational accreditati…
4 CMC § 9903 Apprenticeship Program Occupations Approved for the Commonwealth Registered Apprenticeship Program
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TITLE 4: ECONOMIC RESOURCES DIVISION 9: LABOR § 9903 § 9903. Apprenticeship Program Occupations Approved for the Commonwealth Registered Apprenticeship Program. Annually, the Secretary shall: (a) Establish a list of skilled occupations and trades approved for the program based on…
4 CMC § 9904 Authorization to Enter into Apprenticeship Agreements
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TITLE 4: ECONOMIC RESOURCES § 9904 DIVISION 9: LABOR § 9904. Authorization to Enter into Apprenticeship Agreements. The SWDB Advisory Council, with the approval of the Secretary, may contract with program providers to prescribe the manner, terms, and conditions of DOL cooperation…
4 CMC § 9905 Eligibility
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TITLE 4: ECONOMIC RESOURCES § 9905 DIVISION 9: LABOR § 9905. Eligibility. An apprentice must: (a) Be a paid employee of RAP Sponsor. To qualify as an apprentice, an individual must have an established and documented employment history with the employer for three months or more; (…
4 CMC § 9906 Participation Requirements for Apprentices
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TITLE 4: ECONOMIC RESOURCES § 9906 DIVISION 9: LABOR § 9906. Participation Requirements for Apprentices. An apprentice shall sign an agreement with the respective employer and DOL that stipulates that, in exchange for the training, the apprentice will remain and work in the CNMI …
4 CMC § 9907 Administration of the Commonwealth Registered Apprenticeship Program
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TITLE 4: ECONOMIC RESOURCES § 9907 DIVISION 9: LABOR § 9907. Administration of the Commonwealth Registered Apprenticeship Program. (a) The CNMI State Workforce Development Board shall: (1) Establish an Advisory Council to provide leadership and guidance to promote and expand appr…
4 CMC § 9908 Tax Deduction for Apprenticeship Program Participates
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TITLE 4: ECONOMIC RESOURCES § 9908 DIVISION 9: LABOR § 9908. Tax Deduction for Apprenticeship Program Participants. (a) Any business that employs apprentices duly enrolled and registered under the terms of the program is entitled to a tax deduction on their BGR equal to one hundr…
4 CMC § 9909 Implementation of Tax Deduction by the Director of Revenue and Taxation
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TITLE 4: ECONOMIC RESOURCES § 9909 DIVISION 9: LABOR § 9909. Implementation of Tax Deduction by the Director of Revenue and Taxation. The Director of Revenue and Taxation shall, no later than one hundred and twenty days after the enactment hereof, in cooperation with the Secretar…
4 CMC § 9910 Reporting Requirements
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TITLE 4: ECONOMIC RESOURCES § 9910 DIVISION 9: LABOR § 9910. Reporting Requirements. (a) The Secretary shall include a summary report of this program in the Citizen Centric Report due at the close of each fiscal year. The report shall include: (1) List the number of Registered Ap…
4 CMC § D4P2C9 Chapter 9. [Reserved.]
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TITLE 4: ECONOMIC RESOURCES DIVISION 4: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS CHAPTER 9 [Reserved.]
4 CMC § 1931 Short Title
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1931. Short Title. This chapter may be cited as the Developer Infrastructure Tax Act of 1993. Source: PL 8-23, § 1. Commission Comment: PL 8-23 took effect July 19, 1993. According to PL 8-23, § 2: Section 2. Findings…
4 CMC § 1932 Definitions
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1932. Definitions. (a) “Building safety official” means the Chief of the Building Safety Division of the Department of Public Works or his or her designee. (b) “Director” means the Director of the Department of Financ…
4 CMC § 1933 Applicability
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1933 § 1933. Applicability. (a) The provisions of this chapter shall apply to all new development, as defined in 4 CMC § 1932, which has not received a building permit on July 19, 1993; provided, however, the provisio…
4 CMC § 1934 Developer Tax
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1934. Developer Tax. There is hereby imposed upon a developer, as defined by this chapter, a tax in the amount of two percent of the total project cost of new development, as defined in this chapter. Source: PL 8-23, …
4 CMC § 1935 Statement of Total Construction Costs; Administrative Fee
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1935. Statement of Total Construction Costs; Administrative Fee. (a) Statement. Upon application for a building permit, a developer shall submit a statement of estimated total project cost and evidence of tax credits,…
4 CMC § 1936 Payment of Developer Tax
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1936. Payment of Developer Tax. (a) Estimated Payment. Any person to whom the developer tax under this chapter applies shall pay an estimated payment of the tax based upon the statement of total project cost as verifi…
4 CMC § 1937 Enforcement
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1937. Enforcement. (a) Administrative Review. Any appeal of the Director of Finance’s decision pursuant to this chapter shall be had in accordance with 1 CMC § 9101 et seq. (b) Judicial Review. Within 20 days after th…
4 CMC § 1938 Segregation of Funds
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1938. Segregation of Funds. (a) The Director of Finance shall establish and maintain an interest-bearing trust account for each senatorial district into which developer tax payments collected pursuant to this chapter …
4 CMC § 1939 Use of Funds
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1939. Use of Funds. (a) All developer taxes collected pursuant to this chapter shall be used for infrastructure improvements for the benefit of the senatorial district in which the development shall be located. For th…
4 CMC § 1940 Physical Development Plans
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1940. Physical Development Plans. The Commonwealth Utilities Corporation shall prepare and present to the respective legislative delegations for adoption detailed physical development plans for the electrical, water, …
4 CMC § 1941 Appropriation Authority
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TITLE 4: ECONOMIC RESOURCES DIVISION 1: REVENUE AND TAXATION § 1941. Appropriation Authority. The funds in the accounts established by the Secretary of the Department of Finance pursuant to this Chapter shall be appropriated by the respective legislative delegation in accordance …