58-14-42. Qualified United States financial institution.
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/sd/title-58/chapter-58-14/58-14-42·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
For the purposes of §§ 58-14-24 to 58-14-42 , inclusive, a qualified United States financial institution is an institution that:
(1)Is organized or licensed under the laws of the United States or any state;
(2)Is regulated, supervised, and examined by United States federal or state authorities having regulatory authority over banks and trust companies; and
(3)Has been determined by either the director or the securities valuation office of the National Association of Insurance Commissioners to meet the standards of financial condition and standing as are considered necessary and appropriate to regulate the quality of financial institutions whose letters of credit may be acceptable to the director.