South Carolina § 38-9-220 "Qualified United States financial institution" defined.

South Carolina Statutes

§ 38-9-220 — "Qualified United States financial institution" defined.

South Carolina § 38-9-220

Title 38INSURANCE

Ch. 9CAPITAL, SURPLUS, RESERVES, AND OTHER FINANCIAL MATTERS

This text of South Carolina § 38-9-220 ("Qualified United States financial institution" defined.) is published on Counsel Stack Legal Research, covering South Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.C. Code Ann. § 38-9-220 (2026).

Text

(A)For purposes of Section 38-9-210, a "qualified United States financial institution" means an institution that:

(1)is organized or, for a United States office of a foreign banking organization, licensed under the laws of the United States or its state;

(2)is regulated, supervised, and examined by federal or state authorities having regulatory authority over banks and trust companies;

(3)has been determined by the director or designee or the Securities Valuation Office of the National Association of Insurance Commissioners to meet standards of financial condition and standing necessary and appropriate to regulate the quality of financial institutions whose letters of credit are acceptable to the director or designee.

(B)For purposes of those provisions of this law specifying those in

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(A) For purposes of Section 38-9-210, a "qualified United States financial institution" means an institution that: (1) is organized or, for a United States office of a foreign banking organization, licensed under the laws of the United States or its state; (2) is regulated, supervised, and examined by federal or state authorities having regulatory authority over banks and trust companies; (3) has been determined by the director or designee or the Securities Valuation Office of the National Association of Insurance Commissioners to meet standards of financial condition and standing necessary and appropriate to regulate the quality of financial institutions whose letters of credit are acceptable to the director or designee. (B) For purposes of those provisions of this law specifying those institutions that are eligible to act as a fiduciary of a trust, a "qualified United States financial institution" means an institution that is: (1) organized or, for a United States branch or agency office of a foreign banking organization, licensed under the laws of the United States or its state and 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.