Surplus notes

{
  "id": "MLC-T-INS-003254",
  "term": "Surplus notes",
  "field": "Insurance and risk management",
  "definition": "Unsecured debt instruments issued by insurance companies that are treated as statutory surplus for regulatory accounting purposes. These notes are subordinate to policyholder claims and other general creditors, meaning they are repaid only after all other obligations are met. They provide a means for insurers to raise capital and strengthen their financial position without issuing equity.",
  "url": "https://mlchart.com/terminology/insurance/surplus-notes/"
}