(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.

SOURCE: GC § 43162. Subsection (a) amended by P.L. 15-66:VI:10.