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What is Statement of Standard Accounting Practice mean?
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. Statutory Accounting Principles are designed to assist state insurance departments in the regulation of the solvency of insurance companies. Although there are minor state-by-state variations, they are the basis for state regulation 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.
referencePosted on 19 Oct 2024, this text provides information on Miscellaneous in Accounts and Finance related to Accounts and Finance. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.
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