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.