A foreign company, in the context of insurance in Rhode Island, refers to an insurer that is:

In the context of insurance in Rhode Island, a foreign company refers to an insurer that is domiciled in another state. This terminology is used to differentiate between companies based on their state of incorporation. A foreign insurer operates outside its home state but is still authorized to conduct business in Rhode Island after obtaining the necessary licensure.

This understanding is crucial for recognizing how insurance regulations apply differently depending on the company's location. Local companies are referred to as domestic insurers, while those based in different states are classified as foreign, even if they operate within Rhode Island. This classification affects the regulatory environment and the requirements needed for licensing and compliance within the state.