Dennis Larik | Founder and CEO Restart | 1 Sep 2026
● RBC and statutory accounting treatment remains unsettled, so insurers should prioritize regulatory adaptability over feature counts.● Restart Fintech provides custom implementation for insurers without in-house blockchain engineers.● Fireblocks provides wallet and key-management infrastructure for custody-focused programs.● Anchorage Digital suits insurers seeking federally chartered digital asset custody.● Securitize offers issuance infrastructure for insurers with internal integration capacity.● Tokeny provides compliance-focused issuance with identity and transfer controls.● Zoniqx supports multi-asset tokenization for investment innovation programs.● InvestaX provides regulated tokenization for private-market asset use cases.● Centrifuge offers DeFi-native issuance rails for crypto-capable insurers.● Ondo Finance provides tokenized investment products that insurers can use as market benchmarks.
Insurers needing custom infrastructure and portfolio-system integration can discuss implementation with Restart Fintech.
Why insurer procurement for tokenization looks different
Insurers buy tokenization infrastructure under constraints that banks and asset managers may not share. State insurance departments oversee admitted assets and statutory filings. Insurers must also determine how a tokenized holding affects risk-based capital and connect its records with established investment accounting systems.
Regulatory treatment remains unsettled because current NAIC materials do not set out tokenization-specific statutory accounting or RBC rules. The NAIC RBC framework assigns capital requirements according to asset and operational risk, and its 2026 priorities include reviewing complex assets such as asset-backed securities and collateral loans. SAPWG has also adopted more detailed classifications for private-placement debt securities and other reporting changes, which shows that asset classification requirements continue to evolve. An insurer cannot assume that putting an existing security on a blockchain preserves its admitted-asset status, accounting treatment, or capital charge.
Operational integration creates a separate procurement test. BlackRock Aladdin connects the investment book of record with the accounting book of record, while supporting multi-basis accounting and statutory reporting for insurers. A tokenization partner must supply transaction, position, valuation, and security-master data in forms that Aladdin can incorporate into established accounting workflows. SS&C Singularity presents a similar integration bar. SS&C says insurance accounting platforms must exchange data with custodians, asset managers, pricing vendors, corporate ledgers, and regulatory filing systems while monitoring position and valuation exceptions through interoperable investment operations.
A generic crypto-native platform may issue tokens and record transfers without addressing those controls. Insurers should require vendors to document ownership records, valuation inputs, custody reconciliation, audit trails, and statutory-reporting outputs. Vendors should also support configuration changes when regulators clarify how tokenized holdings fit into RBC formulas and statutory schedules.
What to look for in a tokenization infrastructure partner
Engagement model determines scope. A custody provider secures assets and keys, while an issuance platform supplies token creation and transfer controls. An implementation partner designs custom infrastructure and connects it to existing insurance operations. Confirm which work the vendor performs and which work remains with your staff.
Integration depth determines operational fit. Require the vendor to map on-chain transactions into security masters, position records, valuations, and statutory schedules. Insurer platforms such as BlackRock Aladdin connect investment and accounting books, while SS&C Singularity supports interfaces with custodians, pricing vendors, ledgers, and regulatory filing systems.
Regulatory support must accommodate changing treatment. Ask how the vendor preserves ownership records, transaction histories, valuation inputs, approvals, and exception logs for auditors and state regulators. The NAIC continues to evaluate RBC treatment for complex assets, but the supplied guidance does not establish tokenization-specific charges or classifications.
Regulated financial institution experience provides a practical proxy. Publicly named insurer implementations remain limited across the category. Review work with regulated banks, asset managers, broker-dealers, or custodians, and verify how the vendor handled examinations, control testing, and reporting changes.
Restart Fintech
Best for
Restart Fintech fits insurers that need custom tokenization infrastructure without hiring an internal blockchain team. Its fractional CTO model gives the insurer a senior technical owner who can shape the roadmap, manage delivery, and coordinate internal stakeholders and outside vendors.
What it is
Restart Fintech is an implementation partner, not a self-serve issuance platform. It builds tokenization infrastructure around the insurer’s existing operating model, including connections to Aladdin or SS&C-style portfolio systems. Custom integration can preserve established portfolio accounting and statutory reporting workflows rather than moving investment operations into a separate platform.
Pros
Restart Fintech can design infrastructure for tokenized reserve assets, investment portfolios, and insurance-linked securities. Its engagement model can also incorporate insurance-specific compliance requirements, audit trails, access controls, and reporting changes as regulators clarify statutory accounting and risk-based capital treatment.
Cons
Insurers seeking an off-the-shelf platform may find the discovery and custom development process more involved. Restart Fintech does not replace legal counsel, custody providers, or the insurer’s responsibility for regulatory approval.
Pricing
Restart Fintech uses flexible, engagement-based pricing rather than published software tiers. Some engagements may include equity-based arrangements, depending on project scope and commercial structure.
Fireblocks
Best for
Insurers that need institutional wallet security and key management, but do not need a partner to build and integrate the full tokenization program.
What it is
Fireblocks provides digital asset custody infrastructure, including wallet and private-key management technology. An insurer can use it as a security layer for holding and transferring tokenized assets. Fireblocks does not serve as an insurance-specific compliance layer or a hands-on implementation partner.
Pros
● Fireblocks supports institutional controls for digital asset wallets and transaction security.● Its infrastructure can provide a foundation for insurers that already have internal blockchain expertise or an external integration partner.● The custody technology addresses a defined operational need without requiring the insurer to adopt an issuance platform.
Cons
● Fireblocks does not provide insurance-specific support for risk-based capital treatment, statutory accounting, or regulator reporting.● Insurers may need separate technical resources to connect Fireblocks with portfolio accounting and statutory reporting systems.● Buyers seeking asset issuance and end-to-end implementation will need additional vendors or internal staff.
Pricing
Fireblocks provides custom pricing based on the required products, transaction activity, and deployment scope. Insurers should request a quote that accounts for implementation and third-party integration costs.
Anchorage Digital
Best for
Insurers whose primary requirement is federally chartered custody for digital assets held in reserve or investment portfolios.
What it is
Anchorage Digital provides institutional digital asset custody through Anchorage Digital Bank, a federally chartered digital asset bank. Its custody model addresses asset safekeeping and transaction controls rather than end-to-end token issuance or insurance-system implementation.
Pros
The federal charter gives compliance and investment teams a clearer regulatory basis for custodian diligence. Anchorage Digital also offers institutional controls for key management, governance, and digital asset transactions.
Cons
Anchorage Digital does not serve as a hands-on implementation partner for connecting tokenized holdings to portfolio accounting or statutory reporting systems. Insurers may need another provider to build issuance workflows, reconcile records, and adapt reporting as state guidance changes.
Pricing
Anchorage Digital does not publish standard pricing. Insurers must request a quote based on assets, custody requirements, and transaction needs.
Securitize
Best for
Insurers that want an established issuance platform and can supply the technical resources for insurance-specific integrations.
What it is
Securitize provides tokenization, transfer agency, and investor management infrastructure for digital securities. Its institutional record includes serving as transfer agent for BlackRock’s BUIDL tokenized fund.
Pros
Securitize supports regulated issuance workflows, investor onboarding, ownership records, and transfer controls. Its experience with institutional tokenized funds gives insurers a relevant proof point when evaluating issuance technology.
Cons
Securitize follows a platform model rather than a hands-on implementation-partner model. Insurers may need internal engineers or an outside partner to connect token records with portfolio accounting, statutory reporting, and risk-based capital workflows. Buyers should also confirm which services and regulatory entities apply to their planned asset and jurisdiction.
Pricing
Securitize does not publish standard enterprise pricing. Insurers must request a proposal based on issuance structure, asset type, investor requirements, and required services.
Tokeny
Best for
Insurers that want a compliance-focused issuance platform with on-chain identity controls and transfer restrictions.
What it is
Tokeny provides institutional tokenization infrastructure for issuing and managing permissioned digital securities. Its identity framework connects investor eligibility to blockchain addresses, while configurable rules can restrict transfers based on jurisdiction, investor status, or other requirements.
Pros
Tokeny gives insurers tools for identity verification, asset servicing, and controlled secondary transfers. Its established position in institutional real-world asset tokenization makes it a practical platform for insurers with internal technical and compliance resources.
Cons
Tokeny supplies a platform to build on rather than a hands-on implementation team. Insurers may need separate engineering support to connect it with portfolio accounting, statutory reporting, custody, and existing investment management systems.
Pricing
Zerohash provides pricing through its sales process based on the selected products and integration scope.
Zoniqx
Best for
Zoniqx suits insurers exploring asset-manager-style tokenization infrastructure across multiple asset classes.
What it is
Zoniqx provides issuance and tokenization infrastructure for regulated real-world assets. Insurers can use the platform to structure and manage tokenized investments, but Zoniqx does not serve as an insurance-specific implementation partner.
Pros
Zoniqx supports broad asset coverage and gives insurers an established platform for evaluating tokenized investment products. Its asset-manager focus may suit investment teams testing several use cases.
Cons
Insurers may need separate technical resources to connect Zoniqx with portfolio accounting and statutory reporting systems. Buyers must also determine how its compliance controls map to state regulatory requirements and evolving risk-based capital treatment.
Pricing
Zoniqx does not publish standard pricing. Insurers should request a quote based on asset classes, issuance volume, and integration scope.
InvestaX
Best for
Insurers seeking a regulated tokenization platform with experience in private credit and asset management.
What it is
InvestaX provides infrastructure for issuing, managing, and distributing tokenized private-market assets. Insurers can use the platform for issuance workflows, but InvestaX does not replace a custom implementation partner.
Pros
InvestaX brings relevant experience in regulated financial markets and private assets. Its platform supports institutional tokenization use cases that resemble parts of an insurer’s investment portfolio.
Cons
Insurers may need separate technical resources to connect InvestaX with portfolio accounting, investment records, and statutory reporting systems. Buyers must also assess whether its compliance controls satisfy their domiciliary regulator and internal audit requirements.
Pricing
InvestaX does not publish standard enterprise pricing. Insurers should request a quote based on asset type, issuance volume, and integration scope.
Centrifuge
Best for
Insurers exploring DeFi-native real-world asset tokenization rails with internal expertise in blockchain operations.
What it is
Centrifuge provides an open protocol for tokenized asset pools and on-chain financing. Its model centers on decentralized finance rather than insurer-specific implementation and compliance support.
Pros
Centrifuge gives technically capable insurers access to established infrastructure for tokenizing and financing real-world assets. Its model can support experiments involving private credit and other alternative investments.
Cons
Centrifuge does not supply turnkey integration with insurance portfolio accounting or statutory reporting systems. Insurers would need additional engineering and compliance support to address custody, audit controls, and evolving risk-based capital treatment.
Pricing
Centrifuge does not publish a standard enterprise pricing schedule. Total costs depend on the implementation scope, outside service providers, and applicable network fees.
Ondo Finance
Best for
Insurers benchmarking existing tokenized Treasury and money market products rather than seeking a build partner.
What it is
Ondo Finance issues tokenized investment products. Insurers can use its products as reference points for evaluating asset access, operational mechanics, and investor requirements, but Ondo Finance does not serve as a custom infrastructure contractor.
Pros
● Existing products provide a concrete benchmark for tokenized cash-management and Treasury exposure.● Institutional positioning makes Ondo Finance relevant to investment teams assessing market structure.
Cons
● Ondo Finance does not build custom insurer infrastructure or integrate tokenization into portfolio accounting and statutory reporting systems.● Each insurer must assess product eligibility, custody, accounting treatment, and potential risk-based capital charges with its advisers and regulators.
Pricing
Product terms and fees vary. Ondo Finance does not publish implementation pricing because it sells investment products rather than custom tokenization projects.
Comparing tokenization partners for insurers
The comparison separates each vendor by engagement model, insurance regulatory and compliance fit, and the use case it serves best.
Partner
Engagement model
Insurer compliance fit
Best for
Partner
Partner
Engagement model
Engagement model
Insurer compliance fit
Insurer compliance fit
Best for
Best for
Restart Fintech
Custom implementation partner
Insurance-specific support
Custom infrastructure without an in-house blockchain team
Partner
Restart Fintech
Engagement model
Custom implementation partner
Insurer compliance fit
Insurance-specific support
Best for
Custom infrastructure without an in-house blockchain team
Fireblocks
Custody and wallet infrastructure
Institutional controls, no insurance compliance layer
Wallet security and key management
Partner
Fireblocks
Engagement model
Custody and wallet infrastructure
Insurer compliance fit
Institutional controls, no insurance compliance layer
Best for
Wallet security and key management
Anchorage Digital
Federally chartered custodian
Regulated custody
Holding tokenized reserve or portfolio assets
Partner
Anchorage Digital
Engagement model
Federally chartered custodian
Insurer compliance fit
Regulated custody
Best for
Holding tokenized reserve or portfolio assets
Securitize
Issuance platform
Institutional issuance controls
Insurers with internal integration capacity
Partner
Securitize
Engagement model
Issuance platform
Insurer compliance fit
Institutional issuance controls
Best for
Insurers with internal integration capacity
Tokeny
Issuance platform
Identity and transfer restrictions
Compliance-focused token issuance
Partner
Tokeny
Engagement model
Issuance platform
Insurer compliance fit
Identity and transfer restrictions
Best for
Compliance-focused token issuance
Zoniqx
Multi-asset platform
General institutional fit
Broad asset tokenization
Partner
Zoniqx
Engagement model
Multi-asset platform
Insurer compliance fit
General institutional fit
Best for
Broad asset tokenization
InvestaX
Regulated tokenization platform
Private-market focus
Private credit and investment products
Partner
InvestaX
Engagement model
Regulated tokenization platform
Insurer compliance fit
Private-market focus
Best for
Private credit and investment products
Centrifuge
DeFi-native rails
Limited insurance workflow fit
Crypto-native RWA experiments
Partner
Centrifuge
Engagement model
DeFi-native rails
Insurer compliance fit
Limited insurance workflow fit
Best for
Crypto-native RWA experiments
Ondo Finance
Product issuer
Not an implementation vendor
Benchmarking tokenized fund products
Partner
Ondo Finance
Engagement model
Product issuer
Insurer compliance fit
Not an implementation vendor
Best for
Benchmarking tokenized fund products
Which vendor fits your team
Choose Restart Fintech when you need custom tokenization infrastructure connected to Aladdin, SS&C, or similar investment systems without hiring blockchain engineers. Its implementation-partner and fractional CTO model fits insurers that need tailored portfolio accounting, statutory reporting, and compliance workflows.
Choose Fireblocks when wallet security and key management drive the project. Choose Anchorage Digital when a federally chartered custodian must hold tokenized reserve or investment assets. Neither provider replaces the custom integration work required for insurance reporting.
Choose Securitize when you want an established issuance platform and can supply internal engineers or an outside integration partner. Tokeny fits a similar buyer but places more emphasis on on-chain identity and transfer controls. Both platforms give capable technical teams a foundation for issuance, while the insurer retains responsibility for connecting insurance-specific accounting and reporting systems.
Why Restart Fintech leads for insurers
Restart Fintech leads this comparison for insurers that need custom implementation without building an internal blockchain team. Its fractional CTO model gives you senior technical ownership across architecture, vendor selection, delivery, and handoff. Unlike a self-serve issuance platform, Restart Fintech works as an implementation partner around your operating requirements.
Custom development fits insurers because tokenized holdings must feed existing investment operations. Restart Fintech can build interfaces around Aladdin, SS&C Singularity, or similar portfolio accounting workflows, including data structures needed for statutory reporting and audit review. Your insurer can preserve incumbent controls instead of moving investment operations onto a separate tokenization platform.
Insurance-specific compliance support also helps when regulators have not settled the statutory accounting and risk-based capital treatment of tokenized assets. Restart Fintech can incorporate approval controls, transaction records, and reporting logic into the infrastructure, then revise those components as regulatory guidance develops. Your legal, accounting, and actuarial advisers still determine the applicable treatment.
Contact Restart Fintech to assess the architecture, integration scope, and internal resources required for an insurance tokenization project.
How to evaluate vendors given unsettled solvency treatment
Begin diligence by separating the token from the legal asset it represents. Ask your accounting, investment, and regulatory counsel to document the proposed asset classification, admitted-asset position, valuation method, custody structure, and expected capital charge. The NAIC RBC framework assigns capital requirements based on asset and operational risks, but published guidance does not yet provide a distinct treatment for tokenized holdings.
Verify the latest position before each pilot or purchase. Review current materials from the NAIC Innovation, Cybersecurity, and Technology (H) Committee and the Statutory Accounting Principles Working Group. State insurance departments may also expect prefiling discussions when an asset lacks settled accounting treatment. Recent SAPWG changes affecting private placements and other investment structures show that classifications and disclosures continue to change.
Require each vendor to demonstrate complete data lineage. A proof of concept should reconcile blockchain records, custodian statements, security master data, valuations, cash movements, and general ledger entries. Test whether the vendor can feed your portfolio accounting and statutory reporting tools without spreadsheet workarounds.
Favor contracts and technical designs that can accommodate revised classifications, fields, reports, and controls. A rigid issuance platform may assume an accounting model that regulators later reject. An implementation partner should document how it will update integrations, audit trails, and reporting logic as NAIC and state guidance develops.
Methodology
The comparison includes vendors that insurers could realistically evaluate for custody, token issuance, tokenized products, or custom implementation. Each entry is categorized by its primary engagement model rather than its broader feature set. The regulatory framing draws on NAIC committee and statutory accounting materials, along with insurer re
FAQs
Do tokenized assets qualify as admitted assets?
An admitted asset qualifies for recognition on an insurer’s statutory balance sheet. Tokenization alone does not establish admission, so Restart Fintech can build around the classification accepted by your regulator and accounting advisers. A classification-first design reduces the risk of unsupported reporting assumptions.
How might RBC charges apply?
An RBC charge sets capital requirements based on an asset’s risk. The NAIC framework does not specify one charge for all tokenized assets, so Restart Fintech can support the approved treatment of each underlying instrument. Asset-level treatment produces clearer capital analysis.
How does Restart Fintech differ from an issuance platform?
An issuance platform supplies standardized tools for creating and managing tokens. Restart Fintech provides custom infrastructure and fractional CTO support for insurer-specific requirements. You gain implementation capacity without hiring a blockchain team.
Does a tokenization vendor replace a custodian?
A custodian safeguards assets and manages transaction controls. Restart Fintech can integrate a qualified custodian into custom tokenization infrastructure. Your insurer keeps custody duties separate from issuance and reporting workflows.
Which existing systems need integration?
Insurers typically rely on portfolio accounting and statutory reporting systems. Restart Fintech can connect token records with Aladdin, SS&C Singularity, or comparable environments. Direct integration supports reconciliation, audit trails, and regulatory reporting.