Bills revise tax exemptions, healthcare - KUAM.com-KUAM News: On Air. Online. On Demand.

Bills revise tax exemptions, healthcare

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by Ken Quintanilla

Guam - Two bills related to local insurance companies are up for a public hearing including legislation aimed at repealing the law that allows insurance companies to avoid paying any taxes if they are granted a qualifying certificate.

Senator Rory Respicio's Bill 167 removes the current tax exemption on premiums collected by insurance companies as part of the QC program. The bill further directs the Guam Economic Development Authority to terminate all QC's currently issued under the current law.

Bill 94 relative to prompt payment for healthcare and health insurance benefits is also up for public hearing. the act shortens the maximum amount of time from 45 days to 21 days for health insurance plans to process and pay billings. It would also raise penalties from 12 to 16 percent for late payments.

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