Domicile

What Does Domicile Mean?

A domicile is a place of residence. It can be either a private residence or a business residence.

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

Insuranceopedia Explains Domicile

Where an insurance company or insurance agent is domiciled is extremely relevant for business purposes, since there are state-specific laws regulating insurance. So, when a party is domiciled in a certain state, it is obligated to comply with all of the insurance laws and regulations of that state. Insurance professionals will also have to get all of the necessary licenses and credentials to participate in the insurance business in the state in which they are domiciled.