An insurance policy formed outside of Hawaii is referred to as what?

An insurance policy that is formed outside of Hawaii is identified as foreign. This term is used specifically within the context of insurance to designate policies that are issued by insurance companies that are incorporated in another state or jurisdiction. Each state has its own regulatory environment, and an insurer operating outside the state where the policy is issued is considered foreign to that state.

The distinction is important in the field of insurance because it affects the regulatory oversight, the taxes that may apply, and the legal considerations for claims and policies. Understanding the classification of insurers helps in navigating the legalities surrounding insurance transactions in different regions.

Other forms like domestic refer to policies written by insurers within the same state, local is not a standard term in this context, and international typically pertains to insurers that operate across national borders, which is distinct from the state-level classification intended in this question.