A domestic insurance company is defined as one formed under the laws of which jurisdiction?

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Study for the Louisiana Series 103 – Life, Health, and Accident or Sickness Insurance Exam. Familiarize yourself with key concepts through engaging questions and explanations. Prepare effectively for your exam!

Multiple Choice

A domestic insurance company is defined as one formed under the laws of which jurisdiction?

Explanation:
Domestic means chartered by the state where it does business. A company formed under Louisiana law is considered domestic in Louisiana. If it had been formed in another state, it would be foreign to Louisiana; the federal government doesn’t charter domestic insurers, and an insurer formed under a different country’s laws would be alien. So the jurisdiction for a domestic insurer is Louisiana.

Domestic means chartered by the state where it does business. A company formed under Louisiana law is considered domestic in Louisiana. If it had been formed in another state, it would be foreign to Louisiana; the federal government doesn’t charter domestic insurers, and an insurer formed under a different country’s laws would be alien. So the jurisdiction for a domestic insurer is Louisiana.

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