Statutory Accounting Principles - SAP

Statutory Accounting Principles - SAP

A set of accounting regulations prescribed by the National Association of Insurance Commissioners for the preparation of an insuring firm's financial statements.

Notes:

Filings prepared using SAP are submitted to individual state regulatory bodies SAP are regarded as more regulatory and conservative than the GAAP method of preparing financial statements.

See also: Accounting, Balance Sheet, Financial Accounting, GAAP, Income Statement