Final answer:
An insurer is considered authorized if it is registered with the NAIC, licensed or admitted by the state, and follows the Code of Ethics of the state Office of Insurance Regulation.
Step-by-step explanation:
An insurer is considered authorized if it meets certain criteria. These criteria include being registered with the NAIC (National Association of Insurance Commissioners), being licensed or admitted by the state, and following the Code of Ethics of the state Office of Insurance Regulation. Being registered with the Securities and Exchange Commission is not a requirement for an insurer to be considered authorized.
For example, if an insurance company is operating in the state of Florida, it would need to be registered with the NAIC, have obtained the necessary license or admission from the state, and comply with the Code of Ethics set by the state Office of Insurance Regulation in order to be considered authorized.