Admitted Company
Barron's Insurance Dictionary:
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Admitted Company
Life insurance company or property and casualty insurance company licensed by a particular state to conduct business there. The company is subject to the state insurance code governing such aspects as company reserves and advertising. If an insurance company is not licensed by a given state or if its license is terminated, the company can no longer conduct insurance business in that state.
| Admitted Assets, Admiralty Proceeding, Admiralty Liability | |
| Admitted Insurance, Advance Funding, Advance Payments |
Investopedia Financial Dictionary:
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Admitted Company
An insurance company that is domiciled in one state but is admitted by another state to transact insurance business. Because insurance licenses are governed by the states, an insurance company must be licensed by each state where it intends to conduct business, and must comply with each state's insurance codes, including financial requirements.
Investopedia Says:
An insurance company is considered a "foreign," "alien" or "nonresident" company except in the state in which its primary offices are domiciled. In addition, any person selling insurance of an admitted company must be licensed in that particular state.
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Insurance was a latecomer to the American landscape, largely due to the country's unknown risks. The History Of Insurance In America
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Barron's Insurance Dictionary
Dictionary of Insurance Terms. Copyright © 2008 by Barron's Educational Series, Inc. All rights reserved.
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