The most operationally complete on-chain insurance system in production. 19 protocol transaction types, actuarial reserves computed every block, automatic policyholder protection on insurer failure with no smart contracts, no intermediaries, no court proceedings required.
Every insurance product moves through a protocol-enforced state machine. No state transition is possible without a valid consensus transaction from a designated authority account. The complete lifecycle is immutably recorded on-chain.
Only the Insurance Authority account (hardcoded at genesis) can approve products, initiate suspensions, and trigger delisting. The 9-state lifecycle requires authority account transactions for all supervisory actions.
SUSPENDED status starts an automatic 90-day counter. If the insurer fails to resolve the suspension within 90 days, reserve redistribution triggers automatically executing protocol enforcement without regulatory process.
When a policy's expirationHeight is reached and no renewal transaction has been submitted, the AFTER_BLOCK_APPLY handler transitions the policy to LAPSED status. No insurer action required. No user request needed.
The ReserveAllocation system implements functional actuarial science at the protocol level. Reserve requirements are updated every block from actual on-chain payout data without no static actuarial tables that become stale or quarterly revaluation cycle.
Required reserve = live loss ratio × safety multiplier × total coverage. Updated every block from real on-chain claim data. Protocol automatically blocks new policy issuance when reserves fall below the required threshold. No manual solvency check required.
The most detailed on-chain claims lifecycle in production. Every status transition creates an immutable record. The complete claims history i.e filing, investigation, approval, payment, is permanently on-chain and independently verifiable.
CLAIM_SUBMITTED → UNDER_REVIEW → FRAUD_INVESTIGATION. Each transition requires an authorised insurer account transaction with timestamp. Filing creates the initial claim entity; investigation escalation is logged immutably.
APPROVED → PAYMENT_PENDING → PAID. Approved amount withheld from reserve on approval. Payment transaction releases funds to policyholder. Deductibles and coverage limits enforced by protocol at attachment validation.
REJECTED, WITHDRAWN, LAPSED, CANCELLED, DISPUTED, FRAUD_CONFIRMED. Each terminal state carries a reason code encoded in the transaction attachment. Dispute resolution path built into the lifecycle where a DISPUTED status enables appeal adjudication.
The RiskCalculator engine scores insurance applications and loan requests across six independent dimensions using on-chain data. No external credit bureau, no manual assessment, no subjective underwriter judgment but protocol-computed risk from verifiable blockchain history.
Every insurance operation is a distinct, typed consensus transaction. The protocol enforces business rules for each type at attachment validation before any state change.
Issue insurance products with solvency requirements enforced by the blockchain itself.