Draft legislation could do away with insurance QCs

Draft legislation could do away with insurance QCs

BY NICOLE B. BENAVENTE

Journal Staff

Supporting domestic insurers through the Guam Economic Development Authority Qualifying Certificate program helps to keep insurance prices low for Guam residents, according to Edward Camacho, business development manager of GEDA.

Yet draft legislation by Sen. Dennis G. Rodriguez Jr. proposes to revoke the QC program’s ability to rebate business privilege tax to insurance companies in order to generate revenue for Guam Memorial Hospital and its improvement. 

Domestic insurers that have been granted a QC use the benefits to build their financial strength by increasing surplus and funding solvency, ultimately providing Guam residents . . .

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