What term is used to refer to an authorized insurer?

The term that refers to an authorized insurer is "admitted." An admitted insurer is one that has been licensed by the state’s insurance regulatory authority to conduct business within that state. This means that the insurer complies with state insurance laws and regulations, including the requirement to maintain certain levels of reserves and surplus to protect policyholders. Being an admitted insurer also typically means that the company is covered by state guarantee funds, which provide a safety net for policyholders in case the insurer becomes insolvent.

In contrast, other terms such as "non-admitted" or "unauthorized" describe insurers that have not received authorization to operate in a particular state. These insurers may not be subject to the same regulatory oversight and may not offer the same protections to policyholders. "Restricted" is not a standard term used in the context of insurer authorization, so it does not apply here. Understanding these distinctions helps clarify the role and credibility of different insurance providers within the regulatory framework.