20-261.03. Qualified United States financial institution; definitions

A. For the purposes of section 20-261.02, subsection B and section 20-261.06, subsection B, " qualified United States financial institution" means an institution that:

1. 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.

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

3. According to the director of insurance or the securities valuation office of the national association of insurance commissioners, meets the standards of financial condition and standing that 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 this article, except for the purposes of section 20-261.02, subsection B and section 20-261.06, subsection B, " qualified United States financial institution" means an institution that:

1. 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 that has been granted authority to operate with fiduciary powers.

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