AI-assisted research summary: This section defines “NAIC” and explains when an institution counts as a “qualified U.S. financial institution.”
In this subdivision: I. "NAIC" means the National Association of Insurance Commissioners. II. A "qualified U.S. financial institution" means an institution that: (a) 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; (b) Is regulated, supervised, and examined by U.S. federal or state authorities having regulatory authority over banks and trust companies; and (c) 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. III. A "qualified U.S. financial institution" means, for purposes of those provisions of this subdivision specifying those institutions that are eligible to act as a fiduciary of a trust, an institution that: (a) 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 (b) Is regulated, supervised, and examined by federal or state authorities having regulatory authority over banks and trust companies. Source: Source. 2004, 186:1. 2013, 235:2, eff. Sept. 13, 2013.