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