Nonboard Company

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Nonboard Company

1. An insurance company that does not belong to a rating bureau, which is a cooperative organization that prepares documents for insurance companies according to local and state law. Every state has slightly different laws, and a rating bureau may save an insurance company some of the costs associated with changing its policy details every time it opens up in a new state. Nonboard companies, then, may have higher costs, especially when moving into a new market.

2. A company that does not have a board of directors.