Guam § 23104 - Minimum Capital.

§ 23104. 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 protected cell

captive insurance company shall be issued a license unless it shall possess

and thereafter maintain unimpaired paid-in capital of:

(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.