§ 20-3601 — Definitions of qualified United States financial institution

A. For the purposes of section 20-3603, subsection B, paragraph 3, "qualified United States financial institution" means an institution that both:

1. Is:

(a) 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 of the United States.

(b) Regulated, supervised and examined by United States federal or state authorities having regulatory authority over banks and trust companies.

2. Has been determined by either the director 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 director.

B. For the purposes of the provisions of this article that specify the institutions that are eligible to act as a fiduciary of a trust, "qualified United States financial institution" means an institution that is both:

1. 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 of the United States and that has been granted authority to operate with fiduciary powers.

2. Regulated, supervised and examined by federal or state authorities having regulatory authority over banks and trust companies.