1.3 Insurer Domicile and Authorization
An admitted or authorized insurer is
approved to transact insurance in a given state if it has been granted a Certificate of Authority from that state's Department of Insurance.
What is an example of a domestic insurer?
An insurer organized under the laws of New York is considered domestic to New York.
Domicile refers to
the location where an insurer is incorporated, not necessarily where the insurer conducts business
What is an example of a foreign insurer?
An insurer incorporated in New York is considered foreign to Kansas.
What is an example of a alien insurer?
An insurer incorporated in Ontario, Canada, is considered alien to New York.
What is a Domestic Insurer?
An insurer organized under the laws of a state in which it is placing business is considered a domestic insurer in that particular state.
Which of the following is an insurance company that is organized under the laws of a different state within the United States?
Foreign
A non-admitted or unauthorized insurer is
not authorized to transact insurance in a given state, either by failing to comply with state requirements or by not seeking admission.
What is a Alien Insurer?
An insurer placing business within the United States which was organized under the laws of another country is considered an alien insurer within the U.S. jurisdiction.
What is a Foreign Insurer?
An insurer placing business anywhere within the United States OTHER THAN the state, district, or territory in which it was organized and incorporated is considered a foreign insurer in that jurisdiction.
