38.2-1316.1 - Definitions. - Virginia Statutes

§ 38.2-1316.1. Definitions.

As used in this article:

"Accredited reinsurer" means an assuming insurer accredited pursuant to theprovisions of subdivision 2 of subsection A of § 38.2-1316.2.

"Credit" includes any credit for reinsurance (i) allowed as an admittedasset or as a deduction from liability and (ii) used to compute the valuationreserves required by § 38.2-1311, unearned premium reserves required by §38.2-1312 or § 38.2-4610.1, or loss or claim reserves required by § 38.2-1314or § 38.2-4609.

"Qualified United States financial institution," as used in subdivision 2 cof § 38.2-1316.4, means an institution that:

1. Is organized or, in the case of a United States office of a foreignbanking organization, is licensed, under the laws of the United States or anystate thereof;

2. Is regulated, supervised, and examined by the United States federal orstate authorities having regulatory authority over banks and trust companies;and

3. Has been determined by either the Commission or the Securities ValuationOffice of the National Association of Insurance Commissioners to meet suchstandards of financial condition and standing as are considered necessary andappropriate to regulate the quality of financial institutions whose lettersof credit will be acceptable to the Commission.

"Qualified United States financial institution" means, for purposes ofthose provisions of this article specifying those institutions that areeligible to act as a fiduciary of a trust, an institution that:

1. Is organized or, in the case of a United States branch or agency office ofa foreign banking organization, is licensed, under the laws of the UnitedStates or any state thereof and has been granted authority to operate withfiduciary powers; and

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

(1991, c. 264.)