State RegulationsGA specificDifficulty 1/5
Under Georgia law, an insurer organized under the laws of a country other than the United States is best described as which of the following?
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Answer & full 3-part explanation (select an option above, or peek)
Why A is correct
Under O.C.G.A. § 33-3-1, an alien insurer is one formed under the laws of a jurisdiction outside the United States, its territories, or possessions. A foreign insurer is formed under the laws of another state or territory of the United States, and a domestic insurer is formed under Georgia law. The classification determines which admission and licensing requirements the insurer faces with the Office of Commissioner of Insurance and Safety Fire.
Why the other options are wrong
- B) A foreign insurer is organized under the laws of another U.S. state or territory, not another country.
- C) A domestic insurer is organized under Georgia law; an out-of-country organization never qualifies as domestic in Georgia.
- D) Unauthorized describes an insurer that lacks a certificate of authority to transact business in Georgia, regardless of where it was organized.
Memory hook
Alien = across an ocean; foreign = across a state line; domestic = Georgia soil.