Insurer Domicile and Admittance Flashcards
1
Q
What is a Domestic insurer?
A
Organized under the laws of “this state”
2
Q
What is a foreign insurer?
A
Organized under the laws of any state within the US other than “this state”
3
Q
What is an alien insurer?
A
Organized under the laws of any jurisdiction outside of the US
4
Q
What is an admitted insurer?
A
Admitted/ authorized to transact insurance in a particular state
May be domestic foreign or alien
Has a certificate of authority
5
Q
What is a Non-admitted insurer?
A
Non-admitted/Unauthorized to transact insurance in a particular state.
Does not have a certificate of authority
6
Q
What is a surplus lines insurance?
A
Must be transacted through a surplus lines producer or broker
