Statutory accounting definition
Examples of Statutory accounting in a sentence
Statutory accounting practices prescribed or permitted for the Life Company differ in many respects from those governing the preparation of financial statements under generally accepted accounting principles ("GAAP").
Statutory accounting practices consistently applied throughout the periods specified and the immediately prior period in accordance with NAIC’s Annual Statement Instructions and Accounting Practices and Procedures Manual, except to the extent that applicable state law may differ or that state rules or regulations require differences in reporting not relating to accounting practices and procedures in which case such state requirements shall apply.
AIAI and its Affiliates will provide under an Accounting Shared Services Agreement, support for Statutory accounting for KFS and certain U.S. Affiliates or subsidiaries, including the delivery of related data in agreed formats, on an ongoing basis until such time as it is mutually determined by both parties to be unnecessary.
In addition, the Investment Manager will provide certain trade date documentation and derivative modeling results (described below) to help support each Company’s accounting and reporting policies and responsibilities related to derivative investments, both on a GAAP and Statutory accounting basis.
Statutory accounting principles are designed primarily to reflect the Insurance Company’s ability to meet obligations to policyholders.
Statutory accounting principles are designed primarily to reflect the Insurance Company's ability to meet obligations to policyholders.
Statutory accounting rules are different from generally accepted accounting principles (GAAP) and are intended to reflect a more conservative perspective by, for example, requiring immediate recognition of selling expenses.