Statutory Accounting Principles

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Statutory Accounting Principles

A system of accounting used by insurance companies. They are considered more conservative than the Generally Accepted Accounting Principles; this is because insurance companies will, at one point or another, have to pay benefits to most policyholders. Therefore, they must take all possible steps to remain solvent. SAP have minor variation by state, but are generally used by all insurance companies in the United States.
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Under TIAA's accounting policy, as a New York insurer, the company maintains a higher level of reserves than would otherwise be required under NAIC statutory accounting. Fitch recalculates total adjusted capital (TAC) to be consistent with an NAIC basis.
Differences between statutory accounting rules and the Generally Accepted Accounting Principles (GAAP) rules that public companies use may make a hedging arrangement that looks good under one set of rules look bad under the other set of rules.
The question that drew the most feedback was whether captives should receive credit if they have assets backing XXX/AXXX reserves only when they are admissible under NAIC statutory accounting principles.
"Our essential offering was to give companies the ability to access statutory accounting services remotely.
insurers, the Statutory Accounting Principles Working Group, is rushing to get new risk corridors program reporting requirements in place as quickly as possible.
Specifically, MNEs should begin to evaluate their adequacy of internal controls and processes regarding statutory accounting. Generally, statutory accounting processes may be decentralized, with the responsibility being primarily with local management.
Luffler will be in charge of setting up effective practices and processes between the corporate financial controller's department and the businesses and will ensure compliance by the company's business operations worldwide with GAAP, internal controls and local and statutory accounting requirements, besides overseeing Capital Projects and Shared Services Americas.
As the vice president of international finance, Hanson is responsible for leading Barry-Wehmiller's international trade financing team; oversight of international treasury management, management of all foreign exchange transactions; and oversight of European statutory accounting requirements.
"We always have tax updates from the bigger CPA (certified public accountant) firms and we usually offer the statutory reporting and statutory accounting updates twice to assure everyone at the conference can attend."
Established in Luxembourg in 2005, HPTS offers a broad range of services related to the acquisition and management of international assets, including: international tax structuring; inheritance planning; setting up and management of special purpose vehicles, trusts and foundations; statutory accounting; valuations; due diligence; and corporate secretarial services.
accounting statements prepared under local statutory accounting rules