For purposes of this subchapter, the following definitions shall apply: Show (2) Domicile The term “domicile” means the State in which an insurer is incorporated, chartered, or organized. (4) Institution The term “institution” means a corporation, joint stock company, limited liability company, limited liability partnership, association, trust, partnership, or any similar entity. (5) Licensed State The term “licensed State” means any State, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, and the Northern Mariana Islands in which the redomesticating insurer has a certificate of authority in effect immediately prior to the redomestication. (7) Person The term “person” means an individual, institution, government or governmental agency, State or political subdivision of a State, public corporation, board, association, estate, trustee, or fiduciary, or other similar entity. (8) Policyholder The term “policyholder” means the owner of a policy issued by a mutual insurer, except that, with respect to voting rights, the term means a member of a mutual insurer or mutual holding company granted the right to vote, as determined under applicable State law. (12) State insurance regulator The term “State insurance regulator” means the principal insurance regulatory authority of a State, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, and the Northern Mariana Islands. (13) State law The term “State law” means the statutes of any State, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, and the Northern Mariana Islands and any regulation, order, or requirement prescribed pursuant to any such statute.
(1) Insurers that are domiciled in the state. Includes property/casualty, life/annuities, health, fraternal, title, risk retention groups and "other". Source: Insurance Department Resources Report, 2020, published by the National Association of Insurance Commissioners (NAIC). Reprinted with permission. Further reprint or redistribution strictly prohibited without written permission of NAIC. What is the term for an insurance company that is incorporated under the laws of another country?An alien insurance company is defined by the US Insurance Information Institute as: “an insurance company incorporated under the laws of a foreign country, as opposed to a 'foreign' insurance company which does business in states outside its own.”
Where are most insurance companies incorporated?In decreasing order, life insurance companies are concentrated in Texas (120), New York (82), Illinois (52), Iowa (40), Ohio (37). In non-life insurance, it is also Texas that tops the list with 199 companies, followed by Illinois (191), Wisconsin (174), New York (173) and Pennsylvania (166).
What is an admitted company?An admitted company is an insurance company that is domiciled in one state and is allowed to conduct business in another state. Insurance licenses are governed by states, therefore, an insurance company must be licensed in that state and abide by its rules and regulations.
What is a foreign insurance company?(4) "Foreign insurance company" means an insurance company organized under the laws of another state of the United States.
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