In this chapter, the following terms have the meanings indicated. Terms Defined. Agent. “Agent” means: A qualified bank or qualified broker/dealer that maintains an account in its name in a clearing corporation or that is a member of the Federal Reserve System and through which a custodian participates in a clearing corporation; or With respect to securities issued by institutions organized or existing under the laws of a foreign country or securities used to meet the deposit requirements pursuant to the laws of a foreign country as a condition of doing business in the foreign country, a corporation that is organized or existing under the laws of a foreign country and that is legally qualified under those laws to accept custody of securities. “Agent” includes a subcustodian. “Carrier” means: A domestic insurer; A nonprofit health service plan; A dental plan organization; A health maintenance organization; or A managed care organization. Clearing Corporation. “Clearing corporation” means: A corporation, as defined in Commercial Law Article, §8-102(a)(5), Annotated Code of Maryland, that is organized for the purpose of effecting transactions in securities by computerized book-entry; or With respect to securities issued by institutions organized or existing under the laws of a foreign country or securities used to meet the deposit requirements pursuant to the laws of a foreign country as a condition of doing business in the foreign country, a corporation that is organized or existing under the laws of a foreign country and that is legally qualified under those laws to effect transactions in securities by computerized book-entry. “Clearing corporation” includes: Treasury Direct; and The Treasury/Reserve Automated Debt Entry System. “Custodian” means a qualified bank, qualified broker/dealer, or clearing corporation that: Accepts deposits of securities from carriers; and Safeguards, holds, and reports on the securities under a written custodial agreement with the carrier. “Custodied securities” means securities held: By a custodian or its agent; or In a clearing corporation. “Qualified bank” means: A bank, trust company, or federal home loan bank that: At all times during which it acts as a custodian under this chapter is not less than adequately capitalized as determined by the standards adopted by United States banking regulators; Is regulated by either state banking laws or is a member of the Federal Reserve System; and Is legally qualified to accept custody of securities in accordance with this chapter; or With respect to securities issued by institutions organized or existing under the laws of a foreign country or securities used to meet the deposit requirements pursuant to the laws of a foreign country as a condition of doing business in the foreign country, a bank or trust company incorporated or organized under the laws of a country other than the United States that: Is regulated as a bank or trust company by that country's government or an agency of that country's government; At all times during which it acts as a custodian under this chapter is not less than adequately capitalized as determined by the standards adopted by international banking authorities; and Is legally qualified to accept custody of securities. “Qualified broker/dealer” means a securities firm that: Has a tangible net worth of at least $250,000,000 as evidenced by its most recent audited financial statement; Is registered with and subject to the jurisdiction of the Securities and Exchange Commission; and Maintains at all times Securities Investor Protection Corporation excess insurance coverage equal to or greater than the market value of the carriers' securities maintained with the broker/dealer. “Registered form” has the meaning stated in Commercial Law Article, §8-102(a)(13), Annotated Code of Maryland. Security. “Security” has the meaning stated in Commercial Law Article, §8-102(a)(15), Annotated Code of Maryland. “Security” includes: A certificated security as defined by Commercial Law Article, §8-102(a)(4), Annotated Code of Maryland; and An uncertificated security as defined by Commercial Law Article, §8-102(a)(18), Annotated Code of Maryland. “Treasury Direct” means the book-entry securities system: Established pursuant to 5 U.S.C. §301, 12 U.S.C. §391, and 31 U.S.C. Subtitle III, Chapter 31; and Governed by 31 CFR Part 357, Subpart C. “Treasury/Reserve Automated Debt Entry System (TRADES)” means the book-entry securities system: Established pursuant to 5 U.S.C. §301, 12 U.S.C. §391, and 31 U.S.C. Subtitle III, Chapter 31; and Governed by 31 CFR Part 357, Subpart B.