2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 521B - CREDIT FOR REINSURANCE
521B.4 - QUALIFIED UNITED STATES FINANCIAL INSTITUTIONS.

        521B.4  QUALIFIED UNITED STATES FINANCIAL
      INSTITUTIONS.
         1.  For purposes of this chapter, a "qualified United States
      financial institution" means an institution that satisfies all of
      the following conditions:
         a.  The financial institution is organized or licensed under
      the laws of the United States or any state of the United States.
         b.  The financial institution is regulated, supervised, and
      examined by federal or state authorities having regulatory authority
      over banks and trust companies.
         c.  The financial institution has been determined by either
      the 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.
         2.  A "qualified United States financial institution" means,
      for purposes of those provisions of this chapter specifying those
      institutions that are eligible to act as a fiduciary of a trust, an
      institution that is both of the following:
         a.  Organized or licensed under the laws of the United States
      or any state of the United States, and has been granted authority to
      operate with fiduciary powers.
         b.  Regulated, supervised, and examined by federal or state
      authorities having regulatory authority over banks and trust
      companies.  

         91 Acts, ch 26, §17
         Referred to in § 515E.3A, 521B.2, 521B.3