Alien Insurer

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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.
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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.
branches of alien insurers domiciled in states other than New York) must "substantially comply" with the requirements and limitations of such sections.
of Insurance Commissioners' (NAIC) Quarterly Listing of Alien Insurers.
Prohibits a state from prohibiting a surplus lines broker from placing nonadmitted insurance with, or procuring nonadmitted insurance from, a nonadmitted insurer domiciled outside the United States and listed on the NAIC International Insurers Department Quarterly Listing of Alien Insurers.
At a minimum, they should become familiar with the three main ways that non-admitted (or unlicensed) alien insurers may insure U.
Under the coalition proposal, the admitted market would have the same operational and licensing freedom that non-admitted alien insurers enjoy today.
In an environment where insurance contracts are increasingly becoming more interconnected with alien insurers, he says, regulators must "interact and cooperate more extensively.
For direct-writing companies, there is a 4 percent excise tax on premiums paid to alien insurers not covered by tax treaty in the United States.
market, it is hardly surprising that some people feel that alien insurers may be more trouble than they are worth.
He added that some of the issues confronting regulators are: managing general agents, fronting, lack of regulatory standards, alien insurers, risk-based capital requirements and reinsurance.
to set minimum standards for state regulation of solvency; federal certificates of authority issued to any insurer or reinsurer doing business across state lines; federal regulation of the reinsurance market; federal standards governing transactions with unlicensed alien insurers or reinsurers including trust fund requirements; and federal civil and criminal penalties for insurance fraud.