§ 27-1.1-3 - Qualified United States financial institutions. - Rhode Island Statutes

SECTION 27-1.1-3

   § 27-1.1-3  Qualified United Statesfinancial institutions. – (a) For the purposes of § 27-1.1-2(3), "qualified United States financialinstitution" means an institution that:

   (1) Is organized, or in the case of a U.S. office of aforeign banking organization is licensed, under the laws of the United Statesor any of its states;

   (2) Is regulated, supervised, and examined by United Statesfederal or state authorities having regulatory authority over banks and trustcompanies; and

   (3) Has been determined by either the commissioner or thesecurities valuation office of the National Association of InsuranceCommissioners to meet those standards of financial condition and that areconsidered necessary and appropriate to regulate the quality of financialinstitutions whose letters of credit will be acceptable to the commissioner.

   (b) "Qualified United States financial institution" means,for the purposes of those provisions of this law specifying those institutionsthat are eligible to act as a fiduciary of a trust, an institution that:

   (1) Is organized, or in the case of a United States branch oragency office of a foreign banking organization is licensed, under the laws ofthe United States or any of its states and has been granted authority tooperate with fiduciary powers; and

   (2) Is regulated, supervised, and examined by federal orstate authorities having regulatory authority over banks and trust companies.