What is the designation of an insurer that is domiciled and incorporated in Florida?

The designation of an insurer that is domiciled and incorporated in Florida is referred to as a domestic company. In the context of insurance, "domestic" specifically indicates that the insurer is established under the laws of the state in which it operates. This means that its corporate operations are based in Florida, and it adheres to Florida's regulatory framework, including compliance with state insurance laws and regulations.

The terminology used in this context distinguishes domestic companies from foreign and alien insurers. A foreign company is an insurer that is incorporated in a different state but operates within Florida. An international company generally refers to insurers that operate in multiple countries or have a broader international influence, which is not the case for a domestic company. The concept of a universal company is not standard in insurance terminology, making it less relevant in this context.

Understanding these designations is critical for recognizing how insurers are regulated and how they operate within the state insurance market. Therefore, identifying a domestic company correctly acknowledges its legal and operational standing within Florida’s insurance landscape.