Domestic Insurer

What Does Domestic Insurer Mean?

A domestic insurer is an insurance company that has gotten its license to operate in a particular state by following the statutory laws and requirements of that state and building its headquarters there. An insurer from another state may also become a domestic insurer by transferring its headquarters to the state in which it wishes to be a domestic insurer.

Insuranceopedia Explains Domestic Insurer

An insurance company founded in New York, operating in New York, and following the insurance statutory laws of New York is an example of a domestic insurer in the state of New York. A company that has headquarters in Texas but has a license to sell insurance products in New York is called a foreign insurer. However, if that company wants to be a domestic insurer in New York, it would have to transfer its main office to that state, in addition to notifying New York's insurance commission about its intent and submitting the necessary forms.