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23-62-403. Qualified United States financial institutions.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-62-403. Qualified United States financial institutions.
For purposes of this subchapter, a “qualified United States 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 federal or state authorities having regulatory authority over banks and trust companies; and
(3) Has been determined by either the Insurance Commissioner or the Securities Valuation Office of the National Association of Insurance Commissioners 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.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-62-403
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:23-62-403
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: b10e8a2582a039274a54326692edb3af69a453d737389db0582e612a9b4b0091
Source location: content.xml paragraph 30525
Stored source content
23-62-403. Qualified United States financial institutions.
For purposes of this subchapter, a “qualified United States 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 federal or state authorities having regulatory authority over banks and trust companies; and
(3) Has been determined by either the Insurance Commissioner or the Securities Valuation Office of the National Association of Insurance Commissioners 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.
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