Statutory Accounting Practices definition

Statutory Accounting Practices means, with respect to any Insurance Subsidiary, the statutory accounting practices prescribed or permitted by the relevant Insurance Regulatory Authority of its state of domicile, consistently applied and maintained and in conformity with those used in the preparation of the most recent Historical Statutory Statements.

Statutory Accounting Practices or "SAP" means the accounting practices which consist of recording transactions and preparing financial statements in accordance with the accounting rules and procedures prescribed or permitted by state regulatory authorities.

Statutory Accounting Practices or “SAP” shall mean, with respect to any Insurance Subsidiary, the statutory accounting practices prescribed or permitted by the relevant Insurance Regulatory Authority of its state of domicile, consistently applied and maintained and in conformity with those used in the preparation of the most recent statutory financial statements described in Section 4.11(c) (except where changes are required by the relevant Insurance Regulatory Authority) and the Annual Statement.

Examples of Statutory Accounting Practices in a sentence

• POLICY OPTIONS There are three main policy areas that will be addressed by the Communication: 1) technology aspects related to standards and interoperability, 2) the regulatory environment, notably authorisation regimes and 3) issues related to spectrum availability.

• Insurance industry regulators require STFC's insurance subsidiaries to report their financial condition and results of operations using Statutory Accounting Practices ("SAP").

• Statutory Accounting Practices Statutory-basis surplus of the Company at December 31, 2006 and 2005 was $1,130,779 and $1,162,904, respectively.

• Statutory Accounting Practices Statutory-basis surplus of the Company at December 31, 2005 and 2004 was $1,162,904 and $1,172,600, respectively.

• Components of Net IncomeCOMBINED RATIO AND ADJUSTMENTS FOR UNDERLYING COMBINED RATIOCombined ratio: For Statutory Accounting Practices (SAP), the combined ratio is the sum of the SAP loss and LAE ratio and the SAP underwriting expense ratio as defined in the statutory financial statements required by insurance regulators.

More Definitions of Statutory Accounting Practices

Statutory Accounting Practices or “SAP” means, with respect to any Insurance Subsidiary, the statutory accounting practices prescribed or permitted by the relevant Insurance Regulatory Authority of its state of domicile, consistently applied and maintained and in conformity with those used in the preparation of the most recent statutory financial statements prior to the date of this Agreement (except where changes are required by the relevant Insurance Regulatory Authority) and the Annual Statement.

Statutory Accounting Practices has the meaning set forth in Section 3.6.

Statutory Accounting Practices means, with respect to an Insurance Subsidiary, applicable statutory accounting practices prescribed or permitted by the state of domicile of such Insurance Subsidiary.

Statutory Accounting Practices means statutory accounting practices consistently applied throughout the periods specified and the immediately prior period in accordance with the National Association of Insurance Commissioners 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 related to accounting practices and procedures in which case such state requirements shall apply. "Statutory Financial Statements" shall have the meaning set forth in SECTION 3.06 hereof.

Statutory Accounting Practices means statutory accounting principles prescribed or permitted by the California Department of Insurance, Delaware Department of Insurance and Arkansas Insurance Department, as appropriate, applicable to insurers domiciled in the States of California, Delaware and Arkansas, respectively, in a manner consistent with the principles, practices, methodologies and procedures used by the Company and the Company Subsidiaries in the preparation of their statutory financial statements

Statutory Accounting Practices the applicable accounting practices prescribed or permitted for property and casualty insurance companies by the Texas and Arizona Commissioners of Insurance and by the insurance laws and regulations of the States of Texas and Arizona, as such laws and regulations may be amended from time to time.

Statutory Accounting Practices means the accounting practices prescribed or permitted by the Insurance Department of New York, which are distinct from GAAP and provide the basis for the Statutory Statements of the Company, as applied on a consistent basis.