An alien insurance company is not out to “invade” your location. In fact, alien insurance companies can be of great benefit to you. Here’s why
By alien insurance company, alien insurers, alien insurance company definition
Updated: November 15, 2024
While there could be alien insurance companies with extra-terrestrial agents in a galaxy far, far away, that unfortunately is not what the term “alien insurance company” means to us here on Earth.
An alien insurance company is defined by the US Insurance Information Institute as: “an insurance company incorporated under the laws of a foreign country, as opposed to a ‘foreign’ insurance company which does business in states outside its own.”
So, an alien insurance company offers or sells coverage in a country or countries other than its country of domicile. For example, if a company’s home office is in Toronto, Canada, but its insurance business is conducted in California, USA, that company would be referred to as an alien insurer in California.
A company based in the UK would be considered a domestic insurer of a policy if someone from London purchases a policy. However, if someone in New York bought a policy from the same UK-domiciled company, it would then be considered an alien insurer.