{"data":{"id":"us-dc/d.c.-code-31-503","jurisdiction":"us-dc","citation":"D.C. Code § 31-503","heading":"Qualified U.S. financial institutions.","body":"(a)\nFor purposes of [§ 31-502(b)], a qualified U.S. financial institution means an institution that:\n(1)\nIs 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;\n(2)\nIs regulated, supervised, and examined by United States federal or state authorities having regulatory authority over banks and trust companies;\n(3)\nHas been determined by either the Commissioner or the Securities Valuation Office of the National Association of Insurance Commissioners to meet the standards of financial condition and standing considered necessary and appropriate to regulate the quality of financial institutions whose letters of credit will be acceptable to the Commissioner; and\n(4)\nWhen eligible to act as a fiduciary of a trust under this chapter:\n(A)\nIs 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\n(B)\nIs regulated, supervised, and examined by federal or state authorities having regulatory authority over banks and trust companies.","path":["Title 31. Insurance and Securities.","Chapter 5. Credit for Reinsurance."],"source_url":"https://code.dccouncil.gov/us/dc/council/code/sections/31-503","current_through":"2026-08-20 (D.C. Law 26-175)","vintage":"","retrieved_at":"2026-08-29T05:44:07Z","sha256":"78c0ddf00f31200661d797751836bacbfd0b8a721e0f843397b6cebc2fd3c09a","source_id":"us-dc","stale":false,"prev":"us-dc/d.c.-code-31-502","next":"us-dc/d.c.-code-31-504"},"notice":"GroundRules: Original legal text. Not legal advice."}