Statutory accounting definition

Statutory accounting means generally
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Statutory accounting means generally accepted accounting principles, except as modified by this chapter.
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Statutory accounting means generally accepted
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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.
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Statutory accounting means generally ac- cepted accounting principles, except as modified by this chapter.
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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.
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Statutory accounting means accounting principles determined and accepted by the New York State Insurance Department.
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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.
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Related to Statutory accounting

  • Operating Accounts shall have the meaning ascribed to it in Section 4.03.A.

  • Practice of public accounting means the performance or the offering to perform, by a person holding oneself out to the public as a certified public accountant or a licensed public accountant, one or more kinds of professional services involving the use of accounting, attest, or auditing skills, including the issuance of reports on financial statements, or of one or more kinds of management advisory, financial advisory, or consulting services, or the preparation of tax returns or the furnishing of advice on tax matters. However, with respect to licensed public accountants, the “practice of public accounting” shall not include attest or auditing services or the rendering of an opinion attesting to the reliability of any representation embracing financial information.

  • Management Accounts means, in relation to any Reporting Period, the Franchisee’s management accounts which: (a) comply with paragraph 3.10 of Schedule 13 (Information and Industry Initiatives); and (b) are required to be delivered to the Secretary of State by the Franchisee in accordance with paragraphs 3.2 and 3.3 of Schedule 13 (Information and Industry Initiatives);

  • Accounting Date means the thirtieth day of June in each year and any interim date on which the financial statements of the Trust are drawn up. Provided that the Management Company may, with the written consent of the Trustee and after obtaining approval from the Commission and the Commissioner of Income Tax may change such date to any other date and such change shall be intimated to the Commission.

  • Accounting Statement means for each financial year, the following statements, namely-

  • Bank Accounts means those account(s) opened and maintained for the Trust by the Trustee at Banks, the beneficial ownerships in which shall vest in the Unit Holder(s).

  • Accounting Year means the financial year commencing from the first day of April of any calendar year and ending on the thirty-first day of March of the next calendar year;

  • Applicable Accounting Standards means Generally Accepted Accounting Principles in the United States, International Financial Reporting Standards or such other accounting principles or standards as may apply to the Company’s financial statements under United States federal securities laws from time to time.

  • International Classification means the Classification established under the Locarno Agreement Establishing an International Classification for Industrial Designs;

  • Audited Accounts means the audited accounts of the Company and of each of the Subsidiaries and the audited consolidated group accounts of the Group for the financial period ended on the Balance Sheet Date;

  • Consolidated Account means an account which is a consolidation of any separate accounts of a person who is liable for payment to the Municipality.