[§431:4A-103]  Qualified United Statesfinancial institutions.  (a)  For purposes of section 431:4A-102(3), a"qualified United States financial institution" means an institutionthat:

(1)  Is organized or (in the case of a United Statesoffice of a foreign banking organization) licensed, under the laws of theUnited States or any state thereof;

(2)  Is regulated, supervised, and examined by federalor state authorities having regulatory authority over banks and trustcompanies; and

(3)  Has been determined by either the commissioner,or the securities valuation office of the National Association of InsuranceCommissioners to meet such standards of financial condition and standing as areconsidered necessary and appropriate to regulate the quality of financialinstitutions whose letters of credit will be acceptable to the commissioner.

(b)  For purposes of those provisions of thisarticle specifying those institutions that are eligible to act as a fiduciaryof a trust, "qualified United States financial institution" means aninstitution that:

(1)  Is organized, or (in the case of a United Statesbranch or agency office of a foreign banking organization) licensed, under thelaws of the United States or any state thereof and has been granted authorityto operate with fiduciary powers; and

(2)  Is regulated, supervised, and examined by federalor state authorities having regulatory authority over banks and trustcompanies. [L 1992, c 176, pt of §5]