Chapter 56

COL12010612GCA AUTONOMOUS AGENCIES CH.56GUAM AGRICULTURAL EXPENSE INSURANCE 1CHAPTER 56 GUAM AGRICULTURAL EXPENSE INSURANCE § 56101. Guam Economic Development Authority: Addi tional Powers. § 56102. Rules and Regulations. § 56103. Revolving Fund. § 56104. Farmers Assistance Revolving Fund. § 56101. Guam Economic Development Autho rity: Additional Powers. In addition to the general powers and authorized activities as enumerated in Chapter 50 of this Division, the Guam Economic Development Authority, hereinafter referred to as the Corporation is authorized and empowered: (a) To insu re, or to reinsure insurers of, bona fide farmers of Guam under any plan or plans of insurance determined by the Board of Directors of the Corpora tion. Such insurance shall be against loss of insured due to natural disaster such as typhoon, rain, flood an d drought but shall be limited only to loss of the insured arising from labor costs, land prepara tion costs, includ ing costs of fungicides, insecti cides and pesticides, costs of seed and fertilizer. (b) To insure, or to reinsure insurers of, bona fide l ivestock producers of Guam under any plan or plans of insurance determined by the Board of Dir

des and pesticides, costs of seed and fertilizer. (b) To insure, or to reinsure insurers of, bona fide l ivestock producers of Guam under any plan or plans of insurance determined by the Board of Dir ectors of the Corporation. Such insurance shall be against loss of insured due to natural disaster caused by typhoon, pestilence or loss of livestock caused by Pu blic Health or Department of Agriculture officials who order such livestock exter minated because of exposure to a conta gious disease; provided, however, that it is not the intention of this Chapter to insure livestock producers whose stock -raising methods areconducive to the spreading of disease and therefore in claiming any loss of livestock dying of disease, the insured must present to the Board of Directors certified proof from the Department of Agriculture or Public Health that insured livestock raisi ng methods meet the standards prescribed by the Department of Agriculture for the typ e of livestock raised but shall be limited only to loss of the insured COL12010612GCA AUTONOMOUS AGENCIES CH.56GUAM AGRICULTURAL EXPENSE INSURANCE 2arising from cost of feed excluding open graz ing, costs of medicine and costs of

l be limited only to loss of the insured COL12010612GCA AUTONOMOUS AGENCIES CH.56GUAM AGRICULTURAL EXPENSE INSURANCE 2arising from cost of feed excluding open graz ing, costs of medicine and costs of livestock. (c) To insure, or to reinsure insurers of, bona fide operators of commercial fish, eel and shrimp farms of Guam under any plan or plans of insurance determined by the Board of Direc tors of the Corporation. Such insurance shall be against loss of the insured due to natural disaster such as typhoon, rain or flood but shall be limited only to loss of the insured arising from labor costs, land and pond preparation costs, algicides costs, costs of fish fry, eel fry and shrimp fry. (d) To fix adequate premiums for such insurance at such rates as the Board deems sufficient to cover claims for losses on such insurance, and to establish as expeditiously as possible a reasonable reserve against unforeseen losses. Such premiums shall be collected at such time or times, or sh all be secured in such man ner, as the Board may deter mine. (e) To adjust and pay claims for such losses under rules prescribed by the Board.

premiums shall be collected at such time or times, or sh all be secured in such man ner, as the Board may deter mine. (e) To adjust and pay claims for such losses under rules prescribed by the Board. In the event that any claim under the provisions of this Chapter is denied by the Corporation, an action on said claim ma y be brought against said Cor poration in any court having jurisdiction; pro vided, howev er, that no suit on such claim shall be allowed unless the same shall have been brought within one (1) year after the notice of denial of the claim is mailed tothe claima nt. SOURCE: GC § 53604, as amended by P.L. 13 -195. § 56102. Rules and Regulations. The Board is autho rized to issue such rules and regulations as may be neces sary to carry out the provisions of this Chapter. SOURCE: GC § 53605. § 56103. Re volving Fund. Ther e is her eby authorized to be established and set aside a separate and special revolv ing fund in the sum of Fifty Thousand Dollars ($50,000) to be used solely in connection with the intent and purposes of this Chapter. SOURCE: GC § 53606 . COL12010612GCA AUTONOMOUS AGENCIES CH.56GUAM AGRICULTURAL EXPENSE INSURANCE 3§ 56104.

lars ($50,000) to be used solely in connection with the intent and purposes of this Chapter. SOURCE: GC § 53606 . COL12010612GCA AUTONOMOUS AGENCIES CH.56GUAM AGRICULTURAL EXPENSE INSURANCE 3§ 56104. Farmers Assistance Revolving Fund. (a) There is established within the Guam Eco nomic Development Authority a Farmers Assis tance Revolving Fund to assist farmers involved in agriculture and aquaculture related services. (b) The Fund shall be administered by the Guam Economic Development Authority Board of Directors, and all applications made shall be made pursuant to prescribed rules and regula tions as with other loans submitted to the Au thority. Funds so advanced will be on the basis of an interest charge of three percent (3%) per annum. (c) Notwithstanding any law, rule, or regu lation, the Authority is authorized to freeze all existing loans pending before the Authority for a period of six (6) months. (d) The Authority shall give pref erential treatment to loans submitted regarding agricul ture and aquaculture development, and shall encourage the development of agriculture and aquaculture.

months. (d) The Authority shall give pref erential treatment to loans submitted regarding agricul ture and aquaculture development, and shall encourage the development of agriculture and aquaculture. (e) The Authority shall deposit the sum of Two Hundred Thousand Dollars ($200,000) into the Fund established by Subsection (a) of this Section from funds derived from 12 GCA §64108.1. SOURCE: Added by P.L. 19 -5:111. ----------