12 Guam Code Ann. § 58142
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Terms Used In 12 Guam Code Ann. § 58142
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
Each Qualifying Certificate, except for a Qualifying
Certificate issued to an insurer pursuant to the provisions of §§ 58127 and 58128 of this Article, shall require a Beneficiary to invest within Guam no less than fifty percent (50%) of any taxes
rebated or abated under §§ 58127 and 58128 of this Article for a
period of five (5) years following the rebate or abatement. A Beneficiary shall report all such investments to the Authority.
Certificate issued to an insurer pursuant to the provisions of §§ 58127 and 58128 of this Article, shall require a Beneficiary to invest within Guam no less than fifty percent (50%) of any taxes
rebated or abated under §§ 58127 and 58128 of this Article for a
period of five (5) years following the rebate or abatement. A Beneficiary shall report all such investments to the Authority.
SOURCE: Amended by P.L. 23-109:2(d) (July 26, 1996).