22 Guam Code Ann. § 23104
Terms Used In 22 Guam Code Ann. § 23104
- Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
(1) in the case of a pure captive insurance company, not less than
Fifty Thousand Dollars ($50,000.00);
(2) in the case of a group captive insurance company incorporated as a stock insurer, not less than One Hundred Thousand Dollars ($100,000.00);
(3) in the case of an industrial insured captive insurance company incorporated as a stock insurer not less than One Hundred Fifty Thousand Dollars ($150,000.00); and
(4) in the case of a rent-a-captive or a protected cell captive, not less than One Hundred Fifty Thousand Dollars ($150,000.00) for the first client or cell, increasing by One Hundred Fifty Thousand Dollars ($150,000.00) for each additional client or cell up to a maximum of Seven Hundred Fifty Thousand Dollars ($750,000.00).
Such capital may be in the form of cash deposited in a member bank of the Federal Reserve System licensed to do business in Guam and approved by the Commissioner.
SOURCE: GC § 43704; added by P.L. 17-85:1. Amended by P.L. 24-104:3. Amended by P.L. 27-54:4.