Indiana Code 27-6-10.1-4. “Qualified U.S. financial institution”
A. For purposes of Section 3C of this chapter, a “qualified U.S. financial institution” means an institution that:
Terms Used In Indiana Code 27-6-10.1-4
- Fiduciary: A trustee, executor, or administrator.
- United States: includes the District of Columbia and the commonwealths, possessions, states in free association with the United States, and the territories. See Indiana Code 1-1-4-5
(2) is regulated, supervised, and examined by U.S. federal or state authorities having regulatory authority over banks and trust companies; and
(3) has been determined by either the commissioner or the Securities Valuation Office of the NAIC 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.
B. A “qualified U.S. financial institution” means, for purposes of those provisions of this chapter specifying those institutions that are eligible to act as a fiduciary of a trust, an institution that:
(1) 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
(2) is regulated, supervised and examined by federal or state authorities having regulatory authority over banks and trust companies.
As added by P.L.130-2020, SEC.12.