What is the difference between admitted and non-admitted insurance companies?

In Florida, admitted and non-admitted insurance companies have different regulations and rules that they must abide by. An admitted insurance company is an insurance company that is approved by the Florida Office of Insurance Regulation to sell insurance in the state of Florida. Admitted insurance companies must follow all of the laws and regulations set forth by the Florida Office of Insurance Regulation. This includes providing certain types of insurance coverage as well as following specific standards for consumer protection. Non-admitted insurance companies are not approved by the Florida Office of Insurance Regulation. This means that they do not have to follow any of the regulations set forth by the Florida Office of Insurance Regulation. Non-admitted insurance companies can offer different types of insurance coverage and they are not limited by any of the consumer protection standards that the admitted insurance companies have to follow. In general, it is often advised to choose an admitted insurance company since they have to follow the laws and regulations set forth by the state of Florida. However, if you need specific types of insurance coverage not offered by admitted insurance companies, then a non-admitted insurance company may be the best option for you.

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What is the difference between admitted and non-admitted insurance companies?

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