Definitions for "Nonadmitted assets"
Assets of an insurer that are not permitted by insurance regulatory authorities to be taken into account in determining the insurer's financial condition under statutory accounting practices.
In insurance, assets by general accounting standards that do not qualify under state law for insurance reserve purposes, such as furniture, fixtures, bonds in default, certain securities, etc.
Those assets that cannot be included on the balance sheet of a life insurance company's Annual Statement.----------[ Back