What defines a "nonadmitted" life or health insurance company?

A "nonadmitted" life or health insurance company is specifically defined as one that is not licensed by the Florida office of insurance regulation. This designation means that these companies do not have the same regulatory oversight as admitted companies, which are licensed and operate under state guidelines. Because they are not regulated in the same way, nonadmitted insurers can offer coverages that might not be allowed under state law for licensed insurers, but purchasing policies from them often comes with higher risks for consumers.

In the context of Florida's insurance marketplace, a nonadmitted status indicates that while the company may still be able to provide insurance products, they do not have the same consumer protections and regulatory standards guaranteed by the state. This also affects claims handling and dispute resolution processes, which can differ significantly from those associated with admitted companies.

The other options do not accurately define the concept of a nonadmitted insurer in this context. For instance, not being regulated by the federal government or lacking a physical presence in Florida does not inherently relate to their admitted status. Selling only group policies does not determine a company's licensing status either. Thus, the defining characteristic is indeed the lack of licensing by the Florida office of insurance regulation.