Iowa § 521B.104 Qualified United States financial institutions

Iowa Statutes

§ 521B.104 — Qualified United States financial institutions

Iowa § 521B.104

Title XIIICOMMERCE

Ch. 521BCREDIT FOR REINSURANCE

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Bluebook

Iowa Code § 521B.104 (2026).

Text

1.For purposes of section 521B.103, subsection 2, paragraph “c”, a “qualified United States financial institution” means an institution that meets all of the following requirements:

a.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 of 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.

c.Hasbeendeterminedbyeitherthecommissionerorthesecuritiesvaluationofficeofthe NAIC to meet the 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 comm

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1. For purposes of section 521B.103, subsection 2, paragraph “c”, a “qualified United
States financial institution” means an institution that meets all of the following requirements:
a. 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 of 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.
c. Hasbeendeterminedbyeitherthecommissionerorthesecuritiesvaluationofficeofthe
NAIC to meet the 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. For purposes of those provisions of this chapter specifying the institutions that are
eligible to act as a fiduciary of a trust, a “qualified United States financial institution” means
an institution that meets all of the following requirements:
a. 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 of any state of the
United States, and has been granted authority to operate with fiduciary powers.
b. Is regulated, supervised, and examined by United States federal or state authorities
having regulatory authority over banks and trust companies.