Guam § 15313 - Life Insurer: Reserve.

§ 15313. Life Insurer: Reserve.

(a) Every domestic insurer authorized to transact, or

transacting, life insurance shall provide, hold and maintain

minimum reserves for each such life policy based upon the

Commissioner’s Standard Ordinary Mortality Table.

(b) The minimum reserves required by this section to be

maintained shall be kept on deposit in such bank or banks, or other

financial institutions, located in Guam, as are approved for such

purposes by the Commissioner. Such deposits shall at all times

include lawful money of the United States equalling at least

twenty-five percent (25%) of the required minimum reserves; the

remainder of such deposits may consist of lawful money of the

United States or securities of the types allowable as investments

for domestic insurers under § 15317 of this Title, or any

combination of such money and such securities.