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REPORT ON EXAMINATION OF CHAUTAUQUA PATRONS INSURANCE COMPANY AS OF DECEMBER 31, 2020EXAMINER: DATE OF REPORT:LEON W. TAMBUE MARCH 18, 2022TABLE OF CONTENTS ITEMPAGE NO.1.Scope of examination22.Description

How to fill out statements of admitted assets

How to fill out statements of admitted assets

1. Gather all relevant financial documents, including balance sheets and asset inventories.
2. List all admitted assets that are recognized as legitimate by regulatory standards.
3. Classify the assets into appropriate categories, such as real estate, cash, stocks, and bonds.
4. Assign a fair market value to each asset, ensuring that valuations are current and accurate.
5. Document the source of each valuation, such as appraisals or market data.
6. Complete the statement form by entering the categorized assets and their corresponding values.
7. Review the completed statement for accuracy and compliance with regulatory requirements.
8. Submit the statement to the appropriate regulatory authority by the required deadline.

Who needs statements of admitted assets?

1. Insurance companies that are required to report their financial stability.
2. Regulatory authorities needing assessment of the financial health of insurance firms.
3. Investors looking to evaluate an insurance company's asset base.
4. Auditors conducting financial examinations of insurance providers.
5. Risk managers assessing the risk exposure of an insurance portfolio.

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What is statements of admitted assets?

Statements of admitted assets are financial documents that detail the assets that an insurance company is allowed to include in its financial statements, reflecting the company's financial position and solvency.

Who is required to file statements of admitted assets?

Insurance companies and other regulated entities that operate within the insurance industry are typically required to file statements of admitted assets.

How to fill out statements of admitted assets?

To fill out statements of admitted assets, companies must list their admitted assets, categorize them appropriately, ensure compliance with regulatory standards, and submit the document to the relevant state regulatory authority.

What is the purpose of statements of admitted assets?

The purpose of statements of admitted assets is to provide regulators with a clear view of an insurance company's financial health, ensuring that it has sufficient assets to meet its liabilities and obligations to policyholders.

What information must be reported on statements of admitted assets?

The information that must be reported includes the types and values of admitted assets, such as cash, investments, real estate, and any other resources that meet regulatory requirements.