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Admitted Insurance

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Admitted Insurance
An insurance policy sold by an admitted company, which is an insurance company licensed to operate in one state even though its main office is in another state. Insurance licensing in the United States is conducted on a state-by-state basis; admitted insurance is, in effect, "foreign" insurance that one may buy. Both the insurance companies themselves and the agents they use must be licensed in each state in which they work.


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Requires Comptroller General to study and report to Congress on the nonadmitted insurance market in order to determine the effect of this title upon the size and market share of the nonadmitted insurance market for providing coverage typically provided by the admitted insurance market.
Admitted Insurance - Certain countries (for example Brazil, China, India, Malaysia) want to retain as much insurance revenue in-country as possible, irrespective of where the parent is from, and so do not allow foreign companies to insure those risks from abroad.
The influx of admitted insurance players into the wholesale market--driven by an ongoing soft market and a recession--means today's wholesale brokers, MGUs and MGAs must be more focused than ever on providing their retail agency customers and insureds with the best products and services.
 
 
 
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