Arkansas § 23-62-403 Qualified United States financial institutions

Arkansas Statutes

§ 23-62-403 — Qualified United States financial institutions

Arkansas § 23-62-403

Title23

This text of Arkansas § 23-62-403 (Qualified United States financial institutions) is published on Counsel Stack Legal Research, covering Arkansas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ark. Code Ann. § 23-62-403 (2026).

Text

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.

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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.