Oklahoma § 36-5123.1 - Qualified United States financial institution defined

§ 36-5123.1. Qualified United States financial institution defined

A. For purposes of paragraph 3 of Section 5123 of Title 36 of

the Oklahoma Statutes, a "qualified United States financial

institution" means an institution that:

1. Is organized or, in 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; 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

Oklahoma Statutes - Title 36. Insurance

to regulate the quality of financial institutions whose letters of

credit will be acceptable to the Commissioner.

B. For purposes of the provisions of the Credit for Reinsurance

Act specifying those institutions that are eligible to act as a

fiduciary of a trust, a "qualified United States financial

institution" means an institution that:

1. 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

2. Is regulated, supervised and examined by federal or state

authorities having regulatory authority over banks and trust

companies.

Added by Laws 2016, c. 298, § 3, eff. Nov. 1, 2016.