Insurer Domicile and Admittance 1.4

a domestic insurer is organized....

under the laws of the state in which it is writing insurance.

Domestic

1 state only- the home state

Domestic Insurer

An insurer organized under the laws of this state, whether or not it is admitted to do business in this state. Example: An insurer incorporated in New York is considered domestic to New York

Which of the following is an insurance company that is organized under the laws of a different state within the United States?

Foreign

Alien

Headquarters operations are in another country

Domicile

Refers to the jurisdiction (i.e., state or country) where an insurer is formed or incorporated.

Admitted vs. Non-admitted

Refers to whether or not an insurer is approved or authorized to write business in this State.

A foreign insurer is not organized under...

the laws of the state in which it is writing insurance

Foreign

49 other states- all states except the home state

Foreign Insurer

An insurer organized under the laws of any other state, possession, territory, or the District of Columbia of the United States, whether or not it is admitted to do business in this state. Example: An insurer incorporated in New York is considered foreign to Kansas.

Alien Insurer

An insurer organized under the laws of any jurisdiction outside the United States, whether or not it is admitted to do business in this state. Example: An insurer incorporated in Ontario, Canada, is considered alien to New York.

Surplus Lines Insurance

finds coverage when insurance cannot be obtained from admitted insurers

A Non-admitted (Non-authorized) insurer

has either applied for authorization to do business in this State and was declined or they have not applied. They are not authorized to transact insurance in this State

An Admitted (Authorized) insurer

is authorized by this State's Commissioner of Insurance to do business in this State. It has received a Certificate of Authority to do business in this State