Indiana Code 27-6-9-11. “Qualified United States financial institution”
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Sec. 11. As used in this chapter, “qualified United States financial institution” means an institution that:
(2) is regulated, supervised, and examined by United States federal or state authorities having regulatory authority over banks and trust companies; and
(1) is organized or (in the case of a United States office of a foreign banking organization) licensed, under the laws of the United States or any state;
Terms Used In Indiana Code 27-6-9-11
- commissioner: refers to the insurance commissioner appointed under IC 27-1-1-2. See Indiana Code 27-6-9-2
- 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
(3) has been determined by:
(A) the commissioner; or
(B) 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.
As added by P.L.26-1991, SEC.26. Amended by P.L.124-2018, SEC.67.