Guam § 23105 - Minimum Surplus; Letter of Credit.

§ 23105. Minimum Surplus; Letter of Credit.

No captive insurance company shall be issued a license unless it shall

possess and thereafter maintain free surplus of:

(1) in the case of a pure captive insurance company, not less than

One Hundred Thousand Dollars ($100,000.00);

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(2) in the case of a group captive insurance company incorporated

as a mutual insurer, not less than One Hundred Fifty Thousand Dollars

($150,000.00);

(3) in the case of an industrial insured captive insurance company

incorporated as a stock insurer, not less than Two Hundred Thousand

Dollars ($200,000.00);

(4) in the case of a group captive insurance incorporated as a

mutual insurer, not less than Two Hundred Thousand Dollars

($200,000.00);

(5) in the case of an industrial insured captive insurance company

incorporated as a mutual insurer, not less than Two Hundred Thousand

Dollars ($200,000.00); and

(6) in the case of a rent-a-captive or a protected cell company, not

less than Two Hundred Fifty Thousand Dollars ($250,000.00).

Such surplus may be in the form of (i) cash or an irrevocable letter of

credit issued by a member bank of the Federal Reserve System and

approved by the Commissioner; or (ii) any other acceptable to the

Commissioner.