Sec. 38a-87. Qualified United States financial institutions.
Sec. 38a-87. Qualified United States financial institutions. (a) For purposes of
subdivision (3) of section 38a-86, 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 sections 38a-85 to 38a-89, inclusive, 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.
(P.A. 90-41, S. 3, 6.)