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NRS 681A.140 - “Qualified financial institution in the United States” defined.

NV Rev Stat § 681A.140 (2019) (N/A)
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As used in NRS 681A.140 to 681A.240, inclusive, “qualified financial institution in the United States” means an institution that:

1. Is organized, or in the case of a branch or agency of a foreign banking organization in the United States licensed, under the laws of the United States or any state thereof and 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;

3. Is determined:

(a) By the Commissioner to meet the standards of financial condition and standing prescribed by the Commissioner; or

(b) By the National Association of Insurance Commissioners to meet the standards of financial condition and standing prescribed by the National Association of Insurance Commissioners; and

4. Is determined by the Commissioner to be otherwise acceptable.

(Added to NRS by 1995, 1756; A 2013, 3351; 2015, 3385; 2017, 2336)

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