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The correct statement according to NFPA 70 is that insulated conductors must be listed for wet use. This requirement ensures the safety and reliability of electrical systems that may be exposed to moisture and wet conditions, which is critical for underground installations. Conductors used in such environments must have insulation that can withstand the potential exposure to water and other environmental factors to prevent failures or hazards.

Cables intended for underground installation must have proper insulation and ratings to ensure they function correctly over time, as moisture can significantly affect their performance and safety. Thus, the specification of insulation being suitable for wet use is an essential aspect of maintaining safety standards in electrical installations.