Labeling insurance float as potential liability rather than free capital radically changes the incentives for the insurer. If the premium is a pure asset, the dominant incentive is to maximize investment returns without constraints, but the reality of liabilities imposes a different strategic response. In Japan, the FSA requires insurers to maintain adequate reserves to cover claims, turning the float into a real regulatory compliance cost. The Nash equilibrium for an insurer is not to maximize float returns but to minimize the risk of non-payment of claims, as during earthquakes that mobilize significant funds. It is less a constraint than a condition of existence.