Delaware § 913 Qualified U.S. financial institutions

Delaware Statutes

§ 913 — Qualified U.S. financial institutions

Delaware § 913

JurisdictionDelaware

Title18

PartInsurance

Ch. 9KINDS OF INSURANCE; LIMITS OF RISK; REINSURANCE

Subch.Reinsurance

This text of Delaware § 913 (Qualified U.S. financial institutions) is published on Counsel Stack Legal Research, covering Delaware primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Del. Code tit. 18, § 913 (2026).

Text

(a)For purposes of § 912(3) of this title, a “qualified U.S. financial institution” means an institution that:

(1)Is organized or (in the case of a U.S. 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 U.S. federal or state authorities having regulatory authority over banks and trust companies; and

(3)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.

(b)A “qualified U.S. financial

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(a) For purposes of § 912(3) of this title, a “qualified U.S. financial institution” means an institution that:

(1) Is organized or (in the case of a U.S. 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 U.S. federal or state authorities having regulatory authority over banks and trust companies; and

(3) 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.

(b) A “qualified U.S. financial institution” means, for purposes of those provisions of this law 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 U.S. branch or agency office of a foreign banking organization, 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.