Iowa Code 521B.104 – Qualified United States financial institutions
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Terms Used In Iowa Code 521B.104
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Fiduciary: A trustee, executor, or administrator.
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
- United States: includes all the states. See Iowa Code 4.1
521B.104 Qualified United States financial institutions.
1. For purposes of § 521B.103, subsection 2, paragraph “”c””, a “”qualified United States financial institution”” means an institution that meets all of the following requirements: a. Is organized, or in the case of a United States office of a foreign banking organization
is licensed, under the laws of the United States or of any state of the United States.
b. Is regulated, supervised, and examined by United States federal or state authorities having regulatory authority over banks and trust companies.
c. Has been determined by either the commissioner or the securities valuation office of the NAIC 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 will be acceptable to the commissioner.
2. For purposes of those provisions of this chapter specifying the institutions that are eligible to act as a fiduciary of a trust, a “”qualified United States financial institution”” means an institution that meets all of the following requirements:
a. Is organized, or in the case of a United States branch or agency office of a foreign banking organization is licensed, under the laws of the United States or of any state of the United States, and has been granted authority to operate with fiduciary powers.
b. Is regulated, supervised, and examined by United States federal or state authorities having regulatory authority over banks and trust companies.
2013 Acts, ch 39, §4, 11; 2014 Acts, ch 1092, §118; 2020 Acts, ch 1008, §21, 27
Referred to in §515E.3A, 521B.102, 521B.103
2020 amendment to subsection 1, paragraph c applies to all cessions under reinsurance agreements that have an inception, anniversary, or renewal date on or after July 1, 2020; 2020 Acts, ch 1008, §27
1. For purposes of § 521B.103, subsection 2, paragraph “”c””, a “”qualified United States financial institution”” means an institution that meets all of the following requirements: a. Is organized, or in the case of a United States office of a foreign banking organization
is licensed, under the laws of the United States or of any state of the United States.
b. Is regulated, supervised, and examined by United States federal or state authorities having regulatory authority over banks and trust companies.
c. Has been determined by either the commissioner or the securities valuation office of the NAIC 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 will be acceptable to the commissioner.
2. For purposes of those provisions of this chapter specifying the institutions that are eligible to act as a fiduciary of a trust, a “”qualified United States financial institution”” means an institution that meets all of the following requirements:
a. Is organized, or in the case of a United States branch or agency office of a foreign banking organization is licensed, under the laws of the United States or of any state of the United States, and has been granted authority to operate with fiduciary powers.
b. Is regulated, supervised, and examined by United States federal or state authorities having regulatory authority over banks and trust companies.
2013 Acts, ch 39, §4, 11; 2014 Acts, ch 1092, §118; 2020 Acts, ch 1008, §21, 27
Referred to in §515E.3A, 521B.102, 521B.103
2020 amendment to subsection 1, paragraph c applies to all cessions under reinsurance agreements that have an inception, anniversary, or renewal date on or after July 1, 2020; 2020 Acts, ch 1008, §27