California Insurance Code

§ 922.7

INS § 922.7 Effective Jan 1, 1997Div. 1 · Part 2 · Ch. 1 · Art. 10

Statute text

(a)For purposes of subdivision (b) of Section 922.5, a “qualified United States financial institution” means an institution that complies with all of the following:

(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 United States federal or state authorities having regulatory authority over banks and trust companies.

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Legislative history

Repealed and added by Stats. 1996, Ch. 840, Sec. 14. Effective January 1, 1997.