assets | Insurance Software development

What is the difference between admitted and non-admitted assets?

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Admitted and Non-admitted Assets

Admitted and non-admitted assets are the classifications of assets generally used by the insurance companies. For reporting of financial data, insurance companies use statutory accounting (STAT) set by the National Association of Insurance Commissioners (NAIC).

Risk is handed over to reinsurers by insurance companies in order to lessen their vulnerability to the risks connected with the policies that they endorse. The reinsurer is provided a fee, often a share of the premium in exchange for taking on some of the insurer’s risk. Thus, the reinsurer is responsible for claims made up […]

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