An insurance company formed under the laws of Florida is referred to as what?

An insurance company formed under the laws of Florida is referred to as a domestic company. This term specifically indicates that the company is incorporated and operates according to the laws of the state in which it is licensed, in this case, Florida.

Understanding the terminology in the insurance industry is crucial because it helps delineate the legal jurisdiction in which different companies operate. A domestic company, as defined, would be subject to the regulatory framework of Florida state laws and regulations.

In contrast, a foreign insurance company would be one that is incorporated in a different state within the United States but is authorized to conduct business in Florida. An alien company is one that is incorporated outside of the United States. Lastly, the term international is generally used to describe businesses operating in multiple countries, and it does not specifically apply to the legal status of insurance companies in the context of state law. Thus, the correct identification of a Florida-formed insurance company as domestic is aligned with these definitions.