New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter IV - Financial Condition Of Insurer and Reports to Superintendent
Subchapter A - Rules of General Application
Part 79 - Letters Of Credit
Section 79.7 - Letter of credit-disqualified bank

Letters of credit or confirmations issued on or after the effective date of this Part [December 30, 1987] which meet all of the conditions set forth in this Part on the date of issuance but where the issuing or confirming bank no longer meets the standards for a qualified bank after the issuance of the letters of credit or confirmations will continue to be acceptable to this department until the occurrence of the earlier of their stated expiration date, next extension or renewal date, modification or amendment.