Admitted Company:
A term used in the insurance industry to refer to an insurance company that has been granted a license by the regulatory authorities of a specific jurisdiction to operate and sell insurance policies within that jurisdiction. An admitted company is required to comply with all the regulations and laws set forth by the regulatory authorities, ensuring that it meets the financial stability and solvency requirements necessary to protect policyholders. By being admitted, the company is authorized to offer insurance coverage and benefits to individuals and businesses, providing them with the assurance that their claims will be honored and paid in accordance with the terms and conditions of their policies. Admitted companies are subject to regular audits and supervision by the regulatory authorities to maintain their license and ensure compliance with the established standards and guidelines.
Admitted Company refers to a business entity that has been granted permission by a regulatory authority to operate within a specific industry or jurisdiction. This permission is typically obtained through a formal application process and requires the company to meet certain legal and financial requirements. Once admitted, the company is subject to ongoing regulatory oversight and must comply with all relevant laws and regulations. Failure to do so may result in penalties or revocation of the company’s admission status.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 29th March 2024.
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