Termination of international trust entity’s charter or authority.

(1)(a) An international trust entity that is licensed to maintain an office in this state may not continue to conduct its licensed business in this state if the international trust entity:

1. Is dissolved, or its authority or existence is otherwise terminated or canceled in the home jurisdiction where it has been authorized by charter, license, or similar authorization by operation of law to carry on trust business;

2. Is in bankruptcy, conservatorship, receivership, liquidation, or similar status under the laws of any country; or

3. Is operating under the direct control of the government or the regulatory or supervisory authority of the jurisdiction where it has been authorized by charter, license, or similar authorization by operation of law to carry on trust business through government intervention or any other extraordinary actions.

(b)1. Notwithstanding subparagraphs (a)2. and 3., the office may permit an international trust company representative office to remain open and in operation under the following conditions:

a. Within 30 days after the occurrence of an event described in subparagraph (a)2. or subparagraph (a)3., the international trust company representative office provides the office with a plan to wind down its affairs and business within the subsequent 90 days or provides an interim operational plan outlining parameters for its continued operation. If the office finds that such interim operational plan does not allow for the conduct of business in a safe and sound manner, the office shall revoke the license.

b. The international trust entity is authorized by the foreign country in which it is organized and licensed to address the affairs of any international trust company representative office in this state.

c. The international trust company representative office does not engage in any new lines of business or otherwise expand its activities in this state.

d. The office determines that allowing the international trust company representative office to remain open furthers domestic and foreign supervisory cooperation.

e. The office determines that allowing the international trust company representative office to remain open is in the public’s interest and does not present an immediate or serious danger to the public health, safety, or welfare.

2. The commission may establish, by rule, additional standards and conditions for approval of an interim operational plan and for ongoing compliance with the plan. Such standards and conditions shall be based upon the need for cooperative supervisory efforts, consistent regulatory oversight, and the orderly administration of the international trust entity’s affairs.

3. After the resolution of all applicable events described in subparagraphs (a)2. and 3., if an international trust entity is no longer authorized by the foreign country in which it is organized and supervised to conduct trust business, the international trust company representative office shall surrender its license in accordance with s. 663.408.

(2) The international trust entity or its surviving officers and directors shall deliver to the office:

(a) A certificate of the official who is responsible for records of trust entities in the jurisdiction where the international trust entity has been authorized by charter, license, or similar authorization by operation of law to carry on trust business of the international trust entity, attesting to the occurrence of any event described in paragraph (1)(a);

(b) A certified copy of an order or decree of a court of such jurisdiction, directing the dissolution of such international trust entity, the termination of its existence, or the cancellation of its authority, or declaring its status in bankruptcy, conservatorship, receivership, liquidation, or similar proceedings; or

(c) Other reliable documentation evidencing that the international trust entity is operating under the direct control of its government or a regulatory or supervisory authority.

(3) The filing of the certificate, order, documentation, or decree has the same effect as the revocation of the license of such international trust entity as provided in s. 663.408, unless the office has permitted the international trust company representative office to remain open and in operation pursuant to paragraph (1)(b).