Admitted Company

(redirected from Admitted Companies)

Admitted Company

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 companies are, in effect, "foreign" corporations that have received permission to conduct business in-state. Both the companies themselves and the agents they use must be licensed in each state in which they work.
Mentioned in ?
References in periodicals archive ?
Florida currently requires that affidavits quarterly filed to the state include efforts to place risk with admitted companies before placing risks elsewhere.
The private market for flood insurance is limited to a handful of surplus lines writers, admitted companies, and Lloyd's of London syndicates.
That would be some surplus lines writers, admitted companies and Lloyd's of London syndicates.
Direct premium volume was constrained by sluggish growth in industry sectors that affected exposure bases and by increasing competitive pressure, including admitted companies competing for surplus lines business, according to the report.
The amendments will also impact non- admitted companies wishing to conduct insurance business in Oman.
Change in the capital structure on cost rate of capital and stock of admitted companies in the exchange.
Giving emergency evidence to a committee of MPs, local government minister John Healey admitted companies should not have suddenly been landed with shock tax bills backdated three years.
Admitted companies are licensed to conduct business within a given state and are subject to state regulation and guaranty funds.
Mr John Carlisle, spokesman for the Tobacco Manufacturers' Association, denied there had ever been a secret deal not to release the list of additives but admitted companies are reluctant to publish details of additives in particular brands for commercial reasons.
There is absolutely no reason why they should not, and it would put those offshores on the same kind of regulatory footing as admitted companies. In California, regulations promulgated by the Insurance Commissioner require a surplus lines broker to file with the California Department of Insurance certain financial documents regarding the offshore, including an annual statement and an audited financial report, prior to placement of the insurance.
If a major cat occurs and the admitted companies need to raise capital, they will have a much larger problem by having written the surplus lines marginal business, which historically has a longer tail and will need more attention when the company can least afford to increase reserves.