Admitted Assets

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Admitted Assets

In the United States, assets that a state permits an insurance company to include on its balance sheet. Admitted assets vary state to state, but they must be both liquid and able to be valued; they are important to determining an insurance company's solvency in the event an unusually large number of claims are made. Admitted assets usually include mortgages, stocks, bonds and accounts receivable that the company reasonably expects to be paid.
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With an admitted asset base exceeding $10 billion, LBL will add meaningful scale to the organization.
On June 21, Insurance Commissioner Dennis Funa issued IC Circular Letter 2019-27, which qualifies REIT as admitted asset for insurance companies and mutual benefit associations (MBA), and allowable investment for pre-need companies.
For example, the state's insurance-code recognizes FHLB stock as an admitted asset. Not all state insurance codes do, he said.
But a contrary footnote explains that with permission of the Legislature and Governor, the fund can treat it as an "admitted asset," implying unchallengeable value."
Also, Funa said Kapit 'proposed that insurance companies be allowed to extend loans to jeepney operators, transport groups, cooperatives and transport management companies, and for the said loans to be considered as admitted asset of the lender-insurance provider.'
* Allows Medical Malpractice Insurers to apply the value of surcharges or assessments that they could collect from their insured doctors and add that amount of potential surcharge or assessments to their admitted asset calculations without having to actually collect such surcharges or assessments.
Ranked by 2018 admitted assets. ($ Thousands) 2018 2017 Company/Group AMB# Total Adm.
The IC said the aggregate placement of a life insurance company or mutual benefit association in REITs should not exceed 10 percent of its total admitted assets, while that of a non-life insurance company or professional reinsurance company should not exceed 20 percent of its net worth.
2019-27 issued on June 21, the IC said REITs could be admitted assets of insurance firms and mutual benefit associations (MBAs); for preneed providers, REITs can be allowable investments.
Under the new IC regulation, REIT must have prior approval of the Securities and Exchange Commission and shall be limited to publicly-listed companies only for it to be treated as admitted assets of an insurance or pre-need company.
At September 30, 2018 Tri-State had net admitted assets of USD 105.4m and statutory surplus of USD 44.4m.
At September 30, 2018 Tri-State had net admitted assets of $105.4M and statutory surplus of $44.4M.