(a) For purposes of [§ 31-502(b)], a qualified U.S. financial institution means an institution that:
(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 thereof;
(2) Is regulated, supervised, and examined by United States federal or state authorities having regulatory authority over banks and trust companies;
(3) Has been determined by either the Commissioner or the Securities Valuation Office of the National Association of Insurance Commissioners to meet the standards of financial condition and standing considered necessary and appropriate to regulate the quality of financial institutions whose letters of credit will be acceptable to the Commissioner; and
(4) When eligible to act as a fiduciary of a trust under this chapter:
(A) Is organized, or, in the case of a United States 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.
(Oct. 15, 1993, D.C. Law 10-36, § 4, 40 DCR 5812; May 21, 1997, D.C. Law 11-268, § 10(cc), 44 DCR 1730; Apr. 11, 2019, D.C. Law 22-292, § 201(c), 66 DCR 1691.)
Prior Codifications1981 Ed., § 35-3303.
Section ReferencesThis section is referenced in § 31-501.
ApplicabilitySection 401 of D.C. Law 22-292 provided that the changes made to this section by D.C. Law 22-292 shall apply to all insurance policies issued or renewed in the District 90 days after April 11, 2019.
Editor's NotesApplication of Law 10-36: See Historical and Statutory Notes following § 31-501.