Insurance Company

Definition

Insurance Company. A non-depository institution whose primary and predominant business activity is the writing of insurance or the reinsuring of risks underwritten by insurance companies, and that provides compensation based on the happening of one or more contingencies

In the US, insurance companies are subject to supervision by the insurance commissioner or a similar official or agency of a State; or any receiver or similar official or any liquidating agent for such a company, in his capacity as such. Common forms of insurance include

• life
• property and casualty, and
• health insurance.

In addition to insuring against hazards, many insurance companies also sell investments or investment-like products.

The most prevalent investment products offered by insurers are annuities and life insurance policies that also feature investment elements. A number of insurance companies operate brokerage arms that trade securities on behalf of clients.

See Also

• http://www.ffiec.gov/nicpubweb/Content/HELP/Institution%20Type%20Description.htm
• https://www.sec.gov/about/laws/ica40.pdf

Disclaimer

This entry annotates a FIBO Ontology Class. FIBO is a trademark and the FIBO Ontology is copyright of the EDM Council, released under the MIT Open Source License. There is no guarantee that the content of this page will remain aligned with, or correctly interprets, the concepts covered by the FIBO ontology.