Admitted Insurance

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.
References in periodicals archive ?
It will offer admitted insurance products, including property, business interruption, liquor liability, general liability, cyber liability, and employment practices liability.
Then, additional capital would be raised and a secondary admitted insurance company would be created and domiciled in a different state so that it could write surplus lines insurance in the state where the primary company was located.
has acquired a previously-dormant insurance company that holds admitted insurance licenses in all 50 states and the District of Columbia, the company said.
With this licensure is an assurance that placements with non-admitted insurance companies follows the utilization of a "diligent search" for insurance coverage from the admitted insurance company marketplace.
He said when insurers were asked why rates are so much higher than homeowners insurance purchased on the admitted insurance market, the response was that "things might get worse in the future," and the higher premiums would be justified at a future date.
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.
Ace USA, the U.S.-based retail operations of the Ace Group of Companies, introduced Ace Spectra, an admitted insurance product that provides coverage for property damage and business interruption resulting from a tropical storm or hurricane.
The RSA Purchasing Group offers a comprehensive insurance program that is underwritten by all New York Best Rated, admitted insurance companies.
Platinum's core admitted insurance products include homeowners, personal umbrellas (limits up to USD 100m), collections, automobile (collector, exotic and high performance), watercraft, aviation, and other specialty high net worth products.
Insurance agency, IAG (NYSE: IAG) has admitted insurance processing errors while the company worked out insurance claims for damaged homes in Christchurch.
This means we should all support policies that ensure a strong admitted insurance marketplace, as well as a competitive surplus lines marketplace to back it up.
To be rolled out in future phases over time, the platform is designed to enable the issuance of locally admitted insurance policies using Fairfax subsidiary licensing capabilities and other strategic partners.