Nebraska SAP definition

Nebraska SAP means the statutory accounting principles prescribed or permitted by the Commissioner of Insurance of the State of Nebraska but disregarding any permitted practices applicable to the Company, other than those of general applicability to life insurers.
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Nebraska SAP means the statutory accounting principles and practices prescribed or permitted for Nebraska domiciled life insurance companies by the Nebraska Department of Insurance, or, if different, of the state of domicile of the Ceding Company, consistently applied.
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Nebraska SAP means statutory accounting procedures and practices prescribed or permitted by the Director of Insurance of the State of Nebraska.
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Examples of Nebraska SAP in a sentence

  • The Ceding Company shall prepare its financial statements as required by, and in accordance with, Nebraska SAP in all material respects.

  • Any adjustment made pursuant to this clause ((a)) shall become effective as of the close of business on (x) the Record Date for such dividend or other distribution or (y) the effective date for such share split or share combination becomes effective, as applicable.

  • The Ceding Company shall calculate the Net Statutory Reserves with respect to the Reinsured Policies in good faith in accordance with Nebraska SAP and determined in a manner consistent with the Ceding Company’s historical practices; provided, that, the Ceding Company shall provide the Reinsurer supporting information promptly upon request and in the event there is a disagreement with respect to the calculation, the Dispute Resolution procedures herein shall be applied.

  • The IMR shall be calculated by the Ceding Company in good faith in accordance with Nebraska SAP and shall be consistent with the IMR reported on the Ceding Company’s most recent statutory financial statement.


More Definitions of Nebraska SAP

Nebraska SAP means the statutory accounting principles and practices prescribed for Nebraska domiciled life insurance companies by the Nebraska Department of Insurance, provided that, if the Ceding Company redomesticates to a different domicile (the “Redomesticated Domicile”), the Redomesticated Domicile’s statutory accounting principles and practices shall apply, except that if the Redomesticated Domicile’s statutory accounting principles and practices are adverse to the Reinsurer, then Nebraska’s statutory accounting principles and practices will continue to apply in respect of those principles and practices which are adverse to the Reinsurer.
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