Statutory accounting principles
Encyclopedia
The Statutory Accounting Principles are a set of accounting rules for insurance companies set forth by the National Association of Insurance Commissioners
. They are used to prepare the statutory financial statements of insurance companies. With minor state-by-state variations, they are the basis for state regulation of insurance company solvency throughout the United States.
The rules are issued as discussion drafts, and public comments are solicited, before they are codified in the NAIC Accounting Practices and Procedures Manual.
National Association of Insurance Commissioners
The National Association of Insurance Commissioners is an Internal Revenue Code Section 501 non-profit organization which seeks to organize the regulatory and supervisory efforts of the various state insurance commissioners from around the United States. The NAIC was formed in 1871. Its current...
. They are used to prepare the statutory financial statements of insurance companies. With minor state-by-state variations, they are the basis for state regulation of insurance company solvency throughout the United States.
The rules are issued as discussion drafts, and public comments are solicited, before they are codified in the NAIC Accounting Practices and Procedures Manual.
External links
- NAIC Official Website
- Statutory Accounting Principles Working Group
- Risk Management and Financial Reporting Practice of the American Academy of ActuariesAmerican Academy of ActuariesThe American Academy of Actuaries, also known as the “Academy” or the AAA, is the body that represents and unites United States actuaries in all practice areas...