What is meant by the term "Regular Market" in insurance?

The term "Regular Market" in insurance refers to authorized insurers, which are companies that are licensed by the state to operate and sell insurance products. These insurers comply with state regulations and must maintain certain financial standards, ensuring they can meet claims and protect the interests of policyholders. This licensing process entails a rigorous evaluation of their financial health, business practices, and adherence to state insurance laws.

In contrast, the other options refer to different categories that do not align with the definition of the "Regular Market." Unauthorized insurers are those that do not have the requisite state approval to operate and thus cannot legally offer insurance products. Independent insurance agents represent multiple insurance companies but do not define or embody the concept of the Regular Market itself. Finally, insurers that specialize in niche markets provide specialized products tailored to specific needs but may not necessarily be classified within the Regular Market framework if they do not hold the necessary authorizations.