§ 10-3-704 — Qualified United States financial institutions

Colorado § 10-3-704

• Jurisdiction: Colorado
• Title 10: Insurance
• Art.: Regulation of Insurance Companies

Text

(1) For purposes of
section 10-3-703 (1)(c), a qualified United States financial institution means an
institution that:

(a) 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 of the
United States;

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

(c) Has been determined by either the 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.

(2) A qualified United States financial institution means, for purposes of
those provisions of this part 7 specifying those institutions that are eligible to act as
a fiduciary of a trust, an institution that:

(a) Is organized, or, in the case of a United States branch or agency office of
a foreign banking organization, licensed, under the laws of the United States or any
state of the United States and has been granted authority to operate with fiduciary
powers; and

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

Legislative History

Source: L. 2014: Entire part R&RE, (HB 14-1315), ch. 295, p. 1212, � 1, effective January 1, 2015.