521B.4  Qualified United States financial institutions.
  1.  For purposes of this chapter, a “qualified United States financial institution” means an institution that satisfies all of the following conditions:
  a.  The financial institution is organized or licensed under the laws of the United States or any state of the United States.
  b.  The financial institution is regulated, supervised, and examined by federal or state authorities having regulatory authority over banks and trust companies.
  c.  The financial institution 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.
  2.  A “qualified United States financial institution” means, for purposes of those provisions of this chapter specifying those institutions that are eligible to act as a fiduciary of a trust, an institution that is both of the following:
  a.  Organized or licensed under the laws of the United States or any state of the United States, and has been granted authority to operate with fiduciary powers.
  b.  Regulated, supervised, and examined by federal or state authorities having regulatory authority over banks and trust companies.
91 Acts, ch 26, §17