§ 38.2-1316.1. Definitions
As used in this article:
"Accredited reinsurer" means an assuming insurer accredited pursuant to the provisions of subdivision 2 of subsection A of § 38.2-1316.2.
"Credit" includes any credit for reinsurance (i) allowed as an admitted asset or as a deduction from liability and (ii) used to compute the valuation reserves required by § 38.2-1311, unearned premium reserves required by § 38.2-1312 or § 38.2-4610.1, or loss or claim reserves required by § 38.2-1314 or § 38.2-4609.
"Qualified United States financial institution," as used in subdivision 2 c of § 38.2-1316.4, means an institution that:
1. Is organized or, in the case of a United States office of a foreign banking organization, is licensed, under the laws of the United States or any state thereof;
2. Is regulated, supervised, and examined by the United States federal or state authorities having regulatory authority over banks and trust companies; and
3. Has been determined by either the Commission 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 Commission.
"Qualified United States financial institution" means, for purposes of those provisions of this article specifying those institutions that are eligible to act as a fiduciary of a trust, an institution that:
1. Is organized or, in the case of a United States branch or agency office of a foreign banking organization, is licensed, under the laws of the United States or any state thereof and has been granted authority to operate with fiduciary powers; and
2. Is regulated, supervised and examined by federal or state authorities having regulatory authority over banks and trust companies.
(1991, c. 264.)
Sections: Previous 38.2-1311 38.2-1312 38.2-1313 38.2-1314 38.2-1315 38.2-1315.1 38.2-1316 38.2-1316.1 38.2-1316.2 38.2-1316.3 38.2-1316.4 38.2-1316.5 38.2-1316.6 38.2-1316.7 38.2-1316.8 NextLast modified: April 16, 2009