Which of the following best describes a non-admitted insurer?

A non-admitted insurer is best described as one that provides coverage for high-risk opportunities. These insurers do not have a license to operate in a particular state, which means they do not have to adhere to the same regulatory standards as admitted insurers. This lack of licensing allows them more flexibility in the types of risks they can underwrite, often focusing on specialized or high-risk markets that traditional insurers may avoid.

In many cases, non-admitted insurers fill important gaps in the insurance market by offering coverage for unique or hard-to-place risks. They can offer tailored policies that address specific needs, which makes them a valuable resource for consumers looking for coverage options that are not available through the standard market.

The other options describe aspects that do not accurately capture the nature of non-admitted insurers. For instance, while it’s true that non-admitted insurers aren't licensed in certain states, this does not mean they are unregulated; they operate under a different regulatory framework. Thus, the focus on providing coverage for high-risk opportunities distinctively characterizes non-admitted insurers.