An insurance company that is licensed and regulated by a State Department of Insurance is known as an “admitted” carrier in that State. Because the company is “admitted” its policy holders are protected by the admitting State’s “Guarantee fund.” This fund affords policyholders some protection against the insurance company becoming “insolvent.” Check with your state’s Department of Insurance for details of it’s guarantee fund and for a list of the malpractice insurers which are “admitted”.