What is the classification of an insurance company organized in North Carolina?

An insurance company organized in North Carolina is classified as a domestic insurer. This classification is used to refer to any insurance company that is incorporated or chartered within a specific state, which in this case is North Carolina. Domestic insurers are subject to the regulations and oversight of the state's insurance department, ensuring that they comply with local laws and standards.

For context, a foreign insurer is one that is incorporated in a state other than North Carolina but conducts business there. An alien insurer, on the other hand, is an insurance company that is incorporated in another country and operates in North Carolina. Non-admitted insurers refer to companies that are not licensed to do business in North Carolina, which prevents them from selling insurance in the state. This distinction is important for understanding the regulatory framework governing insurance in the state. The classification as a domestic insurer signifies that the company is native to North Carolina and adheres to its specific rules and regulations.