As used in this article unless the context requires another meaning:
“Accredited reinsurer” means an assuming insurer accredited pursuant to the provisions of subdivision A 2 of § 38.2-1316.2.”Certified reinsurer” means an insurer certified by the Commission pursuant to subsection B of § 38.2-1316.2.”Credit” includes any credit for reinsurance (i) allowed as an admitted asset or as a deduction from liability and (ii) used to compute the valuation reserves required by § 38.2-1311, unearned premium reserves required by § 38.2-1312 or 38.2-4610.1, or loss or claim reserves required by § 38.2-1314 or 38.2-4609.
“Qualified United States financial institution,” as used in subdivision 2 c of § 38.2-1316.4, means an institution that:
3. Has been determined by either the Commission 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 Commission.
“Qualified United States financial institution” means, for purposes of those provisions of this article specifying those institutions that are eligible to act as a fiduciary of a trust, an institution that:
1. Is organized or, in the case of a United States branch or agency office of a foreign banking organization, is licensed, under the laws of the United States or any state thereof and has been granted authority to operate with fiduciary powers; and
1991, c. 264; 2012, c. 539.