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Since we already have a .COM address, are we automatically entitled to register the same domain name in .INSURANCE?

No, domain names are initially awarded on a first-come, first-served basis; there is no preference given to those that currently have a specific name in another TLD. Given .INSURANCE is available to eligible members of the global insurance community, there could be an organization with a domain name similar to yours that currently uses another TLD such as .NET, .CO, .UK, .FR, or .JP.