Guam – Local health insurance companies were unanimous Monday night in their opposition to Bill 167, which would have eliminated the tax exemption on the premiums they get from the qualifying certificates they have.
Senator Rory Respicio introduced the Bill in the wake of an August OPA audit critical of the Q.C. program.
The audit was raised Monday night at the public hearing on the bill. It was critical of GEDA’s administration of the program finding that roughly $120-million in tax benefits have been provided over the past 16 years, with little measurable benefits in return.
But island insurers argued that the Q.C. program has helped them stay in business, and saved island residents thousands of dollars in premium payments.
Even Governor Calvo went on the record questioning the cost of the program saying it out-weighed the benefits and recommended changes to the program.