(2)(B). (iii) Financial guaranty insurance company For purposes of this subparagraph, the term financial guaranty insurance company means any insurance company the sole business of which is writing or reinsuring financial guaranty insurance (as defined in subsection (A) of section 1 of the Financial Guaranty Insurance Guideline) which is permitted under subsection (B) of section 4 of such Guideline. (iv) Financial guaranty exposure For purposes of this subparagraph, the term financial guaranty exposure means the ratio of— (I) the net debt service outstanding insured or reinsured by the company that is within the single risk limits set forth in the Financial Guaranty Insurance Guideline (as reported on such company’s applicable financial statement), to (II) the company’s total assets (as so reported). (v) State or local bond exposure For purposes of this subparagraph, the term State or local bond exposure means the ratio of— (I) the net unpaid principal of State or local bonds (as defined in section 103(c)(1)) insured or reinsured by the company that is within the single risk limits set forth in the Financial Guaranty Insurance Guideline (as reported on such company’s applicable financial statement), to (II) the company’s total assets (as so reported). (vi) Financial Guaranty Insurance Guideline For purposes of this subparagraph— (I) In general The term Financial Guaranty Insurance Guideline means the October 2008 model regulation that was adopted by the National Association of Insurance Commissioners on December 4, 2007. (II) Determinations made by Secretary The determination of whether any provision of the Financial Guaranty Insurance Guideline has been satisfied shall be made by the Secretary. . (b) Reporting of certain items Section 1297(f)(4) of such Code is amended by adding at the end the following new subparagraph: (C) Clarification that certain items on applicable financial statement be separately reported with respect to corporation An amount described in paragraph (1)(B) or clause (i)(II), (i)(III),