What is a key characteristic of Foreign Insurers?

A key characteristic of Foreign Insurers is that they are authorized to operate in a state but are not domiciled in that state. This means that the insurer is incorporated in one state (the home state) and holds a license allowing them to offer insurance services in other states—including Florida. These foreign insurers comply with the regulatory requirements of each state they operate in, ensuring that they meet local laws and standards, but they do not have their primary base of operations in those states.

This characteristic distinguishes them from domestic insurers, which are both incorporated and operate within the same state, and from alien insurers, which are based in a different country. Thus, understanding the status of foreign insurers is crucial for recognizing how the insurance market functions across different jurisdictions and the licensing requirements that apply to each insurer based on their domicile.