Examples of Statutory accounting in a sentence
Statutory accounting should be reasonably conservative over the span of economic cycles and in recognition of the primary responsibility to regulate for financial solvency.
Learning Outcomes:(1a) Construct the basic financial statements for a life insurance company under U.S. GAAP and Statutory accounting methods and principles.
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.
Under U.S. Statutory accounting, interest is not accrued on the BAM Surplus Notes until it has been approved for payment by insurance regulators.
Statutory accounting and FAS 113 are consistent in accounting for structured settlement annuities where the reporting entity is the owner and payee and where the claimant is the payee and the reporting entity has been released from its obligation.
Statutory accounting requires that policy acquisition costs such as commissions, premium taxes and other items be charged to current operations as incurred.
Timely, accurately and effectively identify and resolve bank account and merchant card account discrepancies, to include: recording of actions taken, being an effective liaison with stakeholders and staff and escalating complex discrepancies.
At least the first two candidates for the seat as permanent Auditor and at least the first candidate for the seat as stand-in Auditor given in the respective directories must be listed in the Rolls of Auditors and must have carried out the activity as Statutory accounting Auditor as envisaged by paragraph 3.
Statutory accounting practices require that the liability for policyholders’ dividends include dividends currently payable and the full amount of dividends apportioned for payment over the 12 months following the date of the applicable payment.