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Nevada Revised Statutes Title 57. Insurance § 681A.140. “Qualified financial institution in the United States” defined

Current as of January 01, 2025 | Updated by Findlaw Staff

As used in NRS 681A.140 to 681A.240, inclusive, “qualified financial institution in the United States” means an institution that:

1. Is organized, or in the case of a branch or agency of a foreign banking organization in the United States licensed, under the laws of the United States or any state thereof and has been granted authority to operate with fiduciary powers;

2. Is regulated, supervised and examined by federal or state authorities having regulatory authority over banks and trust companies;

3. Is determined:

(a) By the Commissioner to meet the standards of financial condition and standing prescribed by the Commissioner; or

(b) By the National Association of Insurance Commissioners to meet the standards of financial condition and standing prescribed by the National Association of Insurance Commissioners; and

4. Is determined by the Commissioner to be otherwise acceptable.

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Cite this article: FindLaw.com - Nevada Revised Statutes Title 57. Insurance § 681A.140. “Qualified financial institution in the United States” defined - last updated January 01, 2025 | https://codes.findlaw.com/nv/title-57-insurance/nv-rev-st-681a-140/

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