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Definition: Nonlife insurance

External debt - IMF

For nonlife insurance the following transactions result in external debt:

• Any prepayments of premiums by nonresidents are classified as external debt of the insurance company, under other debt liabilities.

• Reserves that are held against outstanding claims of nonresidents—that is, claims that have arisen because an event has occurred that results in a valid claim—are also external debt of the insurance company. Again, these reserves are included in other debt liabilities.
Source:
International Monetary Fund (IMF), "External Debt Statistics: Guide for Compilers and Users; Appendix I. Specific Financial Instruments and Transactions: Classifications", Washington D.C., 2003
Created:
2005-11-07
Updated:
2019-05-10

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