For purposes of this subchapter, a "qualified United States financial institution" means an institution that:
(1) Is organized or, in the case of a United States office of a foreign banking organization, licensed under the laws of the United States or any state thereof;
(2) Is regulated, supervised, and examined by federal or state authorities having regulatory authority over banks and trust companies; and
(3) Has been determined by either the Insurance Commissioner or the Securities Valuation Office of the National Association of Insurance Commissioners to meet such standards of financial condition and standing as are considered necessary and appropriate to regulate the quality of financial institutions whose letters of credit will be acceptable to the commissioner.
Section: Previous 23-62-402 23-62-403 23-62-404 23-62-405 23-62-406 23-62-407 23-62-408 23-62-409 23-62-410 23-62-411 23-62-412 23-62-413 NextLast modified: November 15, 2016