State of ruler is good, in fact (8)

I believe the answer is:

regality

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'state of ruler' is the definition.
'regality' can be an answer for 'state' (I have seen 'sovereign state' mean 'regality' so perhaps 'state' could also mean 'regality'). I am not certain of the 'of ruler' bit.

'good in fact' is the wordplay.
'good' becomes 'g' (abbreviation).
'in' is an insertion indicator.
'fact' becomes 'reality' (I've seen this before).
'g' put within 'reality' is 'REGALITY'.

'is' is the link.

Can you help me to learn more?

(Another definition for regality that I've seen is " sovereign state".)

I've seen this clue in The Times.

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