Statutory Accounting Principles Statement Sample Clauses

The Statutory Accounting Principles Statement clause defines the requirement for financial statements or records to be prepared in accordance with statutory accounting principles, which are specific accounting standards mandated by regulatory authorities, often for insurance companies. In practice, this means that the financial information must comply with the rules set by state insurance regulators, which may differ from generally accepted accounting principles (GAAP). This clause ensures that all parties use a consistent and regulator-approved basis for financial reporting, thereby promoting transparency and compliance with legal requirements.
Statutory Accounting Principles Statement. Within forty five (45) days following the end of each of the first three (3) Fiscal Quarters of each Fiscal Year, and within sixty (60) days following the end of each Fiscal Year, statutory accounting principles statements for each Regulated Subsidiary of the Borrower.
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Statutory Accounting Principles Statement. Within (i) forty-five (45) consecutive calendar days following the end of each of the first (1st) three (3) Fiscal Quarters of each Fiscal Year, and (ii) sixty (60) consecutive calendar days following the end of each Fiscal Year, SAP statements for each Regulated Entity;
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Related to Statutory Accounting Principles Statement

  • Change in Accounting Principles If, after the date of this Agreement, there shall occur any change in GAAP from those used in the preparation of the financial statements referred to in Section 6.5 hereof and such change shall result in a change in the method of calculation of any financial covenant, standard or term found in this Agreement, either the Borrower or the Required Lenders may by written notice to the Lenders and the Borrower, respectively, require that the Lenders and the Borrower negotiate in good faith to amend such covenants, standards, and terms so as equitably to reflect such change in accounting principles, with the desired result being that the criteria for evaluating the financial condition of the Borrower and its Subsidiaries shall be the same as if such change had not been made. No delay by the Borrower or the Required Lenders in requiring such negotiation shall limit their right to so require such a negotiation at any time after such a change in accounting principles. Until any such covenant, standard, or term is amended in accordance with this Section 5.3, financial covenants shall be computed and determined in accordance with GAAP in effect prior to such change in accounting principles. Without limiting the generality of the foregoing, the Borrower shall neither be deemed to be in compliance with any financial covenant hereunder nor out of compliance with any financial covenant hereunder if such state of compliance or noncompliance, as the case may be, would not exist but for the occurrence of a change in accounting principles after the date hereof.