Which type of insurer has not applied or has been denied a Certificate of Authority?

The correct answer is the type of insurer referred to as an unauthorized insurer. An unauthorized insurer is one that has not received a Certificate of Authority from the state. This certificate is necessary for an insurance company to legally operate within a state, as it demonstrates that the insurer complies with local laws and regulations. Without this certificate, the insurer cannot provide insurance coverage or transact business legally in that jurisdiction.

The other types of insurers have either complied with the necessary legal requirements or are in a different category altogether. A legal insurer typically holds a valid Certificate of Authority, making it officially recognized to operate. A licensed insurer also has permission to conduct insurance business, while a registered insurer generally refers to those who are acknowledged within specific regulatory frameworks but may still require additional credentials to operate in certain states. Thus, the unauthorized insurer stands out as one that is not legally recognized due to the lack of a Certificate of Authority.