IRIS 9 deferred agents balances vs IRIS 10 agents balance in course of collection

corysmithm

Are agents balances deferred money that will eventually be sent to the insurers agents' but is currently under insurer control (thus is on asset side of balance sheet). I understand that it's not a liquidated asset since it will eventually need to be paid out to the agents which is why we remove it from total liabilities in IRIS 9.

Is gross agents balance in course of collection also an asset but this is to be paid to the reinsurer agent? And IRIS 10 is just checking to see whether we have too much of this asset on the insurer's balance sheet which insurer will eventually be sent to reinsurer? And we just want to treat agents' balances > 90 days as non-admitted since this could be too long of a period of holding onto it

Staff - AC

Agents' balances are written premiums that the insurer/reinsurer is expecting to receive from its agents. It is premium in transit to the insurer.

For IRIS 9 , see the answer to this question:

https://battleacts6us.ca/vanillaforum6us/discussion/609/iris-9#latest

For IRIS 10, regulator is trying to get a sense of the size of premium yet to be received in relation to surplus.