Which of the following is LEAST likely to be a requirement for an insurance company operating in a state?

A Regulatory Compliance Report is indeed the least likely requirement for an insurance company operating within a state compared to the other options listed.

Insurance companies typically need a Certificate of Authority, which is a formal license granted by a state regulatory authority allowing them to operate legally in that jurisdiction. Additionally, a Business License is often required to conduct business activities, ensuring compliance with local business regulations. Payment of insurance premium taxes is also usually mandated; insurers must remit taxes as required by state laws based on the premiums they collect.

While a Regulatory Compliance Report is important for internal oversight to ensure that the company is adhering to regulations, it is not generally a strict requirement for initial operations or licensing in the same way that the other options are. Hence, the focus on obtaining a Certificate of Authority, a Business License, and fulfilling tax obligations takes precedence for an insurance company to function legally within a state.