What is the definition of Assets?

Assets are the property owned by the insurance company and that are part of the evaluation of the company's standing, stability, solvency and ability to pay its claims and obligations. The insurance company is required to give the state insurance commission a thorough listing of their assets (which they will put in their balance sheet).

The state insurance commission requires that the valuation of the company's assets should be conservative. That means that any company asset that has an uncertain value (accounts receivables of over 90 days past due, furniture, fixtures and debit balances are to be excluded from the list of assets. The assets that are allowed to be included in the balance sheet are called Admitted Assets.

• Businessowners Policy / BOP
• Competitive State Fund
• Excess and Surplus Lines
• Employer’s Liability
• Blanket Insurance