22 Guam Code Ann. § 23111
Terms Used In 22 Guam Code Ann. § 23111
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Judgement: The official decision of a court finally determining the respective rights and claims of the parties to a suit.
(b) Any captive insurance company may take credit for reserves on risks ceded to a reinsurer; provided, however, that no captive insurance
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22 Guam Code Ann. BUSINESS REGULATIONS
CH. 23 CAPTIVE INSURANCE COMPANIES
company shall reinsure a risk or part thereof with reinsurers not complying with the provisions of ‘18802 of this Title.
(c) A captive insurance company may take credit for reserves on risks or portions of risks ceded to a pool, exchange or association acting as a reinsurer which has been authorized by the Commissioner. The Commissioner may require any other documents, financial information or other evidence that such a pool, exchange or association will be able to provide adequate security for its financial obligations. The Commissioner may deny authorization or impose any limitations on the activities of a reinsurance pool, exchange or association that, in his judgement, are necessary and proper to provide adequate security for the ceding captive insurance company and for the protection and consequent benefit of the public at large.
(d) For all purposes of this Chapter, insurance by a captive insurance company of any workers’ compensation qualified self-insured plan of its parent and affiliates shall be deemed to be reinsurance.
SOURCE: GC § 43711; added by P.L. 17-85:1. Amended by P.L. 24-104:8.
§ 23112. Exemption from Compulsory Associations; Ratings
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 affiliated company, or any member organization of its association, receive any benefits from any such plan, pool, association, or guaranty or insolvency fund for claims arising out of the operations of such captive insurance company.
SOURCE: GC § 43712; added by P.L. 17-85:1. Amended by P.L. 24-104:9.