Application of §§ 58-30-124 to 58-30-139

Sections 58-30-124 to 58-30-139 , inclusive, apply to all persons doing insurance business notwithstanding any provision exempting them from other insurance laws except any insurer licensed pursuant to chapter 58-35 which does not have more than one million dollars in direct written premiums and more than one thousand policyholders in any calendar year. Source: SL 1992, ch 353 , § 15. 58-30-139 . Qualified United States financial institution defined. The term, 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 United States federal or state authorities having regulatory authority over banks and trust companies; and (3) Has been determined by either the director, 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 director. Source: SL 1992, ch 353 , § 16.