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

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

3. 3. Is determined:

   1. (a) By the Commissioner to meet the standards of financial condition and standing prescribed by the Commissioner; or
   2. (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. 4. Is determined by the Commissioner to be otherwise acceptable.

(Added to NRS by 1995, 1756; A 2013, 3351; 2015, 3385; 2017, 2336)