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Statutory accounting principles

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Title: Statutory accounting principles  
Author: World Heritage Encyclopedia
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Subject: Insurance in the United States, SAP, Generally Accepted Accounting Principles (United States), Insurance
Publisher: World Heritage Encyclopedia

Statutory accounting principles

The Statutory Accounting Principles are a set of accounting rules for insurance companies set forth by the National Association of Insurance Commissioners. They are used to prepare the statutory financial statements of insurance companies. With minor state-by-state variations, they are the basis for state regulation of insurance company solvency throughout the United States.

The rules are issued as discussion drafts, and public comments are solicited, before they are codified in the NAIC Accounting Practices and Procedures Manual.

See also

External links

  • NAIC Official Website
  • Statutory Accounting Principles Working Group
  • Risk Management and Financial Reporting Practice of the American Academy of Actuaries

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