Statutory Accounting Practices definition

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.

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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 has the meaning set forth in Section 3.6.

Examples of Statutory Accounting Practices in a sentence

Item (i) - (ix) shall each be computed in accordance with Statutory Accounting Practices, which are or would be reflected on the statutory financial statements of Universal or its insurance company subsidiaries as of the date in question.
The supporting schedules, if any, included in the Registration Statement present fairly in accordance with GAAP or Statutory Accounting Practices, where applicable, the information required to be stated therein.
Except as required by Applicable Law or Statutory Accounting Practices, the insurance and annuity reserving practices and policies of the Company Insurance Subsidiaries have not changed, in any material respect, since January 1, 2001 and the results of the application of such practices and policies are reflected in the Company Statutory Financial Statements.
The Applicant will not, and will not permit or cause any of its Subsidiaries to, make or permit any material change in its accounting policies or reporting practices, except as may be required by Generally Accepted Accounting Principles or Statutory Accounting Practices, as applicable, and any change to an accounting principle that can be demonstrated by the Applicant to be “preferable”in accordance with Statements on Auditing Standards No. 58 as promulgated by the Auditing Standards Board.
The STAT Financial Statements of each such Company Subsidiary present fairly in all material respects the financial position and results of operations of such Company Subsidiary as of the respective dates thereof and for the respective periods set forth therein, in each case in accordance with Statutory Accounting Practices.
The Borrower will not, and will not permit or cause any of its Subsidiaries to, make or permit any material change in its accounting policies or financial reporting practices, except as may be required by GAAP or Statutory Accounting Practices, as applicable, and any change to an accounting principle that can be demonstrated by the Borrower to be "preferable" in accordance with Statements on Auditing Standards No. 58 as promulgated by the Auditing Standards Board.
In accordance with Statutory Accounting Practices (“SAP”), the statutory carrying value of the loaned securities is included in the investment portfolio totals summarized in Section VI.A.(1) above; accordingly, $65 million is excluded from the intercompany loan component of claims-paying resources, and the net inter-company loan receivable, before impairments, is $306 million.
All reinsurance recoverables reflected or otherwise included, either as assets or contra-liabilities, in the 2009 Company Annual Statutory Statement are fairly stated in accordance with applicable State Statutory Accounting Practices.
The Borrower will not, and will not permit or cause any of its Subsidiaries to, make or permit any material change in its accounting policies or financial reporting practices, except as may be required by GAAP or Statutory Accounting Practices, as applicable, and any change to an accounting principle that can be demonstrated by the Borrower to be “preferable”in accordance with Statements on Auditing Standards No. 58 as promulgated by the Auditing Standards Board.
The Applicant will not, and will not permit or cause any of its Subsidiaries to, make or permit any material change in its accounting policies or reporting practices, except as may be required by Generally Accepted Accounting Principles or Statutory Accounting Practices, as applicable, and any change to an accounting principle that can be demonstrated by the Applicant to be “preferable” in accordance with Statements on Auditing Standards No. 58 as promulgated by the Auditing Standards Board.

More Definitions of Statutory Accounting Practices

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 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 means accounting procedures and practices prescribed for insurance companies by the National Association of Insurance Commissioners and as adopted by the various state insurance regulatory bodies.

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.

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 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.