Statutory Accounting Principles definition

Statutory Accounting Principles 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 Financial Statements.

Statutory Accounting Principles means statutory accounting principles prescribed by the National Association of Insurance Commissioners that are to be used in making the calculations for purposes of determining compliance with the terms of this Agreement.

Statutory Accounting Principles means generally accepted statutory accounting principles for health insurers as prescribed, adopted or otherwise approved by DCBS for the financial and solvency regulation of health insurers under Oregon law, as supplemented by generally accepted statutory accounting principles prescribed, adopted or otherwise approved by the NAIC, including without limitation, those accounting practices, principles and procedures set forth in the NAIC’s Accounting Practices and Procedures Manual.

Examples of Statutory Accounting Principles in a sentence

• The Financial Statements have been prepared in accordance with GAAP or applicable Statutory Accounting Principles, as applicable, applied on a consistent basis throughout the period involved, subject, in the case of the Interim Financial Statements, to normal and recurring year-end adjustments (the effect of which will not be materially adverse).

• Between the date of this Agreement and the Closing, for purposes of the applicable Statutory Accounting Principles, Sellers shall cause each Insurance Company to fix and determine reserves consistent with the methodologies and other practices as set forth on Schedule 5.9.

• The merger was accounted for in accordance with Statement of Statutory Accounting Principles (SSAP) No. 68, Business Combinations and Goodwill, as a statutory merger.

• The examination also includes assessing the principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation and management’s compliance with Statutory Accounting Principles and Annual Statement Instructions, when applicable to domestic state regulations.

• Reports and remittances made to Reinsurers in accordance with Article are to be in sufficient detail to identify both the Reinsurers loss obligations due each Reinsured and each Reinsured's premium remittance under the report." This approach is consistent with the requirements put forth under Statements of Statutory Accounting Principles No. 62R paragraph 9.

More Definitions of Statutory Accounting Principles

Statutory Accounting Principles means those accounting rules and requirements promulgated by the NAIC that insurers in the United States are required to follow in preparing their financial statements filed with the NAIC.

Statutory Accounting Principles means the rules and procedures prescribed or permitted by the relevant state of domicile for determining an insurer’s financial condition or results of operation for statutory purposes.

Statutory Accounting Principles. The meaning set forth in Section 5(g) hereof.

Statutory Accounting Principles means the current year ac- counting practices and procedures manual as adopted by the national association of insurance commissioners. Service contract providers and protection product guarantee providers must follow all statement of statutory accounting principles with a type of issue of "common area" and "property and casualty." Any permitted accounting practices from a domiciliary state regulator shall not be used in determining minimum net worth. Only service contract providers relying on RCW 48.110.050 (2)(a) or 48.110.075 (2)(a) may elect to use statutory accounting principles.

Statutory Accounting Principles means, with respect to any insurance company, statutory accounting principles prescribed or permitted by the National Association of Insurance Commissioners and, as applicable, the state department of insurance of the state of domicile of such insurance company for the preparation of financial statements and reports by insurance companies of the same type as such insurance company. .

Statutory Accounting Principles means, with respect to any Insurance Subsidiary, the statutory accounting practices prescribed or permitted by the relevant Department, consistently applied and maintained and as applicable to the facts and circumstances on the date of determination.

Statutory Accounting Principles or "SAP" shall mean the statutory accounting practices prescribed or permitted by the insurance commissioner (or other similar authority) in the State of Florida for the preparation of Annual Statements and other financial reports by insurance corporations of the same type as the Insurance Subsidiaries, as applied by each Insurance Subsidiary on a basis consistent with prior periods.