If we had not already invested so much attention in the idea that insurance float is a perpetual source of capital, would we still consider it as such in the face of the evidence of a conditional obligation requiring constant maintenance? This concept of 'free capital' ignores the reality of contingent liabilities and strict regulatory oversight. For example, MAS in Singapore treats these funds as claims reserves requiring prudential capital requirements, not as unlimited investment capital. We need to look with fresh eyes at the fact that float is not an inexhaustible treasure, but premiums that must cover future claims, like a life insurer who must adjust its provisions to face an unexpected increase in mortality. It is time to shed the illusion of an unconstrained funding source.