Statutory accounting definition

Statutory accounting means generally

Statutory accounting means generally accepted

Statutory accounting means generally accepted accounting principles, except as modified by this chapter.

Examples of Statutory accounting in a sentence

• Statutory accounting practices prescribed or permitted by the Company’s state of domicile are directed toward insurer solvency and protection of policyholders.

• Statutory accounting practices differ in certain respects from accounting principles generally accepted in the United States of America (“GAAP”).

• The Contractor shall maintain all financial records and statistical data according to generally accepted accounting principles and/or Statutory accounting principles where applicable.

• Statutory accounting practice requires that certain costs are charged to the Income and Expenditure Account which reflect the Council’s financial transactions but do not have an impact on General Fund Balances.

• Statutory accounting differs from generally accepted accounting principles because “admitted” assets must be easily convertible to cash, if necessary, to pay outstanding claims.

• Statutory accounting does not allow Pinnacol’s portion of the net pension liability to be recorded as a liability but allows a company to establish a special surplus fund to provide for contingencies.

• Statutory accounting practices primarily differ from GAAP by charging policy acquisition costs to expense as incurred, establishing future policy benefit liabilities using different actuarial assumptions and valuing investments, deferred taxes, and certain assets on a different basis.

• Statutory accounting practices contained in the Manual vary in some respects from accounting principles generally accepted in the United States of America (GAAP).

• Statutory accounting practices, as prescribed by insurance regulators of various states in which the Company conducts business, differ in certain respects from accounting principles used in financial statements prepared in conformity with GAAP.

• Statutory accounting practices vary somewhat from United States GAAP but are expected to be immaterial.

More Definitions of Statutory accounting

Statutory accounting is defined in Section 4.8. -----------

Statutory accounting means accounting principles determined and accepted by the New York State Insurance Department.

Statutory accounting means generally ac- cepted accounting principles, except as modified by this chapter.

Statutory accounting means the accounting practices prescribed or permitted by the Insurance Departments of Ohio and West Virginia, which are distinct from GAAP and provide the basis for the Financial Statements, as applied on a consistent basis.

Statutory accounting means the manner in which insurance company related entities are required to report and account pursuant to Florida law from time to time.