Which type of company is referred to as an 'in-state company'?

An 'in-state company' refers to a domestic company, which is defined as a corporation or insurer that is incorporated or organized under the laws of a specific state. In this context, a domestic company operates within the same state it was formed. This means that the company is subject to the regulations and laws of that state, and it primarily operates within that state’s borders.

Understanding this concept is important in the context of property insurance, as it influences regulations and how companies can do business, including licensing requirements and the benefits tied to local underwriting standards. For instance, companies that are classified as foreign are those that are incorporated in a different state but operate in the state in question. Likewise, alien companies are those incorporated outside the United States altogether. National companies might refer to large insurance providers that operate across multiple states but do not specifically denote a company’s domicile.

Thus, when you see the term 'in-state company,' it is directly associated with a domestic company and highlights its local ties.