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).
Section 3 of the NAIC's Model Act states that it is "an improper claim practice for a domestic, foreign, or alien insurer transacting business" in the particular state to commit an act defined in Section 4 if it was committed "flagrantly and in conscious disregard" of the act or any rules promulgated hereunder; or "with such frequency to indicate a general business practice to engage in that type of conduct.
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.
Increasing the Qualified Financial Contracts in an Insurance Insolvency Proceeding Effecting a Domestic, Foreign, or Alien Insurer
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.
In fulfilling its statutory mandate to notify the Superintendent if ELANY believes that an unauthorized insurer does not meet the standards of eligibility imposed by New York, ELANY has compiled extensive data on every foreign and alien insurer writing business in New York while monitoring their activities.
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.
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.