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



(1)  Is organized or (in the 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 federal
or state authorities having regulatory authority over banks and trust
companies; and



(3)  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.



(b)  For purposes of those provisions of this
article specifying those institutions that are eligible to act as a fiduciary
of a trust, "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. [L 1992, c 176, pt of §5]