Watch this video “What is the difference between admitted and non-admitted insurance carriers?” for more details.
Admitted insurance carriers have been approved by a state’s insurance department, whereas the non-admitted insurance company has not been licensed or regulated by a state. In an admitted carrier situation, the insurance company must comply with all the state regulations regarding insurance. In the event that the carrier is insolvent, there is a guaranty fund that would respond in the event of claims and actually pay claims on behalf of those insolvent, admitted carriers. In the event that non-admitted carriers go insolvent, they are not supported by the state’s fund.
If you would like to discuss your insurance questions with us directly, please feel free to give us a call at (601) 948-2900 or you can contact us through our website.
Stay tuned for more answers to all your insurance questions!
Comments