Alien Insurer

Alien Insurer

An insurance company that is organized according to the laws of another jurisdiction, especially another country or state. An alien insurer must alter its practices and perhaps separately incorporate if it wishes to enter a different jurisdiction.
References in periodicals archive ?
and its possessions, to the extent that the insurer's domiciliary state would permit such an insurer's expense limitations to exceed the New York limitations, a foreign or alien insurer would still be required to comply with New York's expense limitations, even with respect to its out-of-state sales.
While the legislature will consider other insurance topics in 2012--including jobs and operational-related issues such as expanding Florida's captive and alien insurer industries and the Model Holding Company Act and its companion public records exemption for trade secrets--the loudest, most contentious arguments will continue to fall around the persistent public policy problems of PIP, property, drug repackaging, and bad faith reform.
An alien insurer wishing to accept surplus lines insurance typically starts the process with an application for inclusion on the Quarterly Listing of Alien Insurers published by the International Insurers Department of the National Association of Insurance Commissioners (NAIC).
Last, the insurer must be an alien insurer listed on the most recent NAIC Non-Admitted Insurers Quarterly Listing, or the insurer must have been approved for writing after publication of the most recent listing.
The proposed new agency would be a privately chartered corporation run under the aegis of the National Association of Insurance Commissioners, and in that regard it would resemble the new agency aimed at resolving the alien insurer collateral controversy.
Levene contrasted the fact that "As we now see on our TV screens 24 hours a day, there is an unbreakable bond which links the United States and the United Kingdom," with the statement that, "Despite our integral role in this market throughout the past 150 years, Lloyd's is treated as an alien insurer and reinsurer.
market "doesn't have any single dominant insurer as many other countries do; and for any alien insurer coming to this market, there is a ready-made distribution system that is eager and waiting to link up with an insurer with capital," Mr.
Best believes that the lists such as die California Unacceptable Nonadmitted Carrier List; the LID Alien Insurer, or "White list"; and the black lists generated by many states should be distributed more widely.
Ludwig said in a statement to Whispers last week that "if we end up losing this case, perhaps we will have at least succeeded in raising public awareness about the inability of a policy holder to identify, sue, and execute a judgment against the actual alien insurers of 'Lloyds of London' surplus lines policies.
According to associations," GAO says, "in some cases, states are applying different standards for single and multistate risks, a particular issue for alien insurers.