Domicile

What Does Domicile Mean?

A domicile refers to a place of residence, which can be either a private residence or a business location.

In the context of insurance, a domicile is the location where an insurance business or a captive agent is situated.

Insuranceopedia Explains Domicile

The domicile of an insurance company or insurance agent is highly significant for business purposes, as each state has its own specific laws regulating insurance. When a party is domiciled in a particular state, it is required to comply with all the insurance laws and regulations of that state. Additionally, insurance professionals must obtain all necessary licenses and credentials to operate in the insurance business within their state of domicile.