Domestic Insurer

What Does Domestic Insurer Mean?

A domestic insurer is an insurance company that has obtained its license to operate in a specific state by adhering to the statutory laws and requirements of that state and establishing its headquarters there. An insurer from another state can also become a domestic insurer by relocating its headquarters to the state in which it seeks to be considered domestic.

Insuranceopedia Explains Domestic Insurer

An insurance company that is founded in New York operates within the state, and complies with New York’s insurance statutory laws is an example of a domestic insurer in New York. Conversely, a company with its headquarters in Texas but licensed to sell insurance products in New York is classified as a foreign insurer. If that company wishes to become a domestic insurer in New York, it must relocate its main office to the state, notify New York’s insurance commission of its intent, and submit the required forms.