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Glossary
International programmes

Non-admitted

Also: Non-admitted cover

Cover granted from outside the country where the risk is located, by an insurer without local authorisation.

In practice

It is prohibited or restricted in much of Latin America and Asia, and in some countries, it exposes the subsidiary to sanctions, not just the insurer. Checking it country by country is the first step in designing a programme.

Where it is addressed

This term is covered in Gestión del programa and applies when taking out Programas Internacionales.

Related terms

Admitted local policyPolicy issued in the subsidiary's country by an entity authorised there, in accordance with its regulations and taxation.Financial Interest CoverSolution that insures the loss of value of the parent company's stake in its subsidiary, instead of insuring the local asset.Programme complianceVerification that each policy in the programme complies with the insurance, tax, and sanctions regulations of the country where it is issued.Cash before coverRule in force in several countries whereby cover does not commence until the premium has been effectively paid.DIC clauseClause of the master policy that covers the guarantees not included in the local policy, elevating the subsidiary to the group's standard.DIC ClauseClause of the master policy that completes the indemnity when the limit of the local policy is exhausted before the group's standard.
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