Nonadmitted Reinsurance means,
An insurance company purchased by a company that does not have or does not have a license to do business in a particular jurisdiction cannot be considered an asset against the insurer or the under-premium for the accounting and financial reporting purposes of the insured insurance company. Is.
A company fails if it fails and is therefore identified by the government agency responsible for insurance in a government state or country. Reinsurance with unlisted companies is not permitted and therefore cannot be considered as an asset against insurance losses or untrained premiums for accounting and financial reporting purposes.
Literal Meanings of Nonadmitted Reinsurance
Meanings of Reinsurance:
An agreement in which an insured transfers all or part of the risk to another insurer to protect himself from the risk of the first insurance.
Sentences of Reinsurance
The company has three types of insurance contracts.