Statutory Accounting Principles Statement Sample Clauses
The Statutory Accounting Principles Statement clause defines the requirement for financial statements or records to be prepared in accordance with statutory accounting principles, which are specific accounting standards mandated by regulatory authorities, often for insurance companies. In practice, this means that the financial information must comply with the rules set by state insurance regulators, which may differ from generally accepted accounting principles (GAAP). This clause ensures that all parties use a consistent and regulator-approved basis for financial reporting, thereby promoting transparency and compliance with legal requirements.
Statutory Accounting Principles Statement. Within forty five (45) days following the end of each of the first three (3) Fiscal Quarters of each Fiscal Year, and within sixty (60) days following the end of each Fiscal Year, statutory accounting principles statements for each Regulated Subsidiary of the Borrower.
Statutory Accounting Principles Statement. Within (i) forty-five (45) consecutive calendar days following the end of each of the first (1st) three (3) Fiscal Quarters of each Fiscal Year, and (ii) sixty (60) consecutive calendar days following the end of each Fiscal Year, SAP statements for each Regulated Entity;