Authorized Insurer

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Authorized Insurer

A company that has received a license in a U.S. state to sell insurance in that state. Because each state has its own insurance regulations, each has the ability to set standards for authorized insurers. An insurance company operating in multiple states must be an authorized insurer in each state it does business.
References in periodicals archive ?
Jones said while some of these risks are being picked up by other admitted insurers, many of these consumers are being forced to purchase coverage through the FAIR Plan, the state's insurer of last resort, or the surplus lines market.
SIG represents several admitted insurers, all rated “Excellent” by A.
It's the market to which buyers can turn for additional capacity when admitted insurers have cinched their purse strings tight.
Cites conditions with which a surplus lines broker seeking to procure or place nonadmitted insurance in a state for an exempt commercial purchaser must comply in order to win exemption from any state requirement to make a due diligence search to determine whether the full amount or type of insurance sought by such exempt commercial purchaser can be obtained from admitted insurers.
Admitted insurers find it easier to win business by moving into traditional surplus lines areas.
Mid-Continent Group - a part of American Financial Group - consists of Mid-Continent Casualty, Mid- Continent Assurance and Oklahoma Surety, all admitted insurers.
But while always looking for additional business to write, admitted insurers are not attempting to sweep up large blocks of business from the surplus lines market, Donovan stresses.
Free trade zone policies are also written by admitted insurers and are not insignificant.
As nonadmitted carriers, surplus lines insurers are free from some coverage and pricing requirements that apply to admitted insurers.
But while looking for additional business to write, admitted insurers are not attempting to sweep up large blocks of business from the surplus lines market, Donovan stresses.