Permitted Accounting Practice definition

Permitted Accounting Practice means, with respect to any insurance or reinsurance company, all accounting practices that depart from the National Association of Insurance Commissioners’ Accounting Practices and Procedures Manual, as adopted by the Insurance Regulator charged with the supervision of insurance companies in the jurisdiction and domicile of such insurance or reinsurance company.
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Permitted Accounting Practice has the meaning set forth in Section 3.8(g).
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Permitted Accounting Practice has the meaning set forth in Section 4.19(c).
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Examples of Permitted Accounting Practice in a sentence

  • Neither the Targets nor any Person acting on behalf of the Targets has ever sought such approval for a Permitted Accounting Practice that was either (i) not granted by the applicable Insurance Regulator or (ii) granted by the applicable Insurance Regulator but not used by the Targets in connection with the applicable Statutory Statement.

  • None of the Financial Statements (other than as do not relate to the Company, the Company Subsidiary or, with respect to the Reinsured Business, ELIC) were prepared on the basis of any Permitted Accounting Practice or Prescribed Accounting Practice other than as set forth in Section 5.03(d) of the Seller Disclosure Schedule.

  • Since January 1, 2010, neither the Transferred Insurance Companies nor any Person acting on behalf of the Transferred Insurance Companies has ever sought such approval for a Permitted Accounting Practice that was either (i) not granted by the applicable Department of Insurance or (ii) granted by the applicable Department of Insurance but not used by the Transferred Insurance Companies in connection with the applicable Statutory Statement.

  • Since December 31, 2012 through the date hereof, none of the Acquired Companies nor any of their Representatives has ever sought such approval for a Permitted Accounting Practice that was either (i) not granted by the applicable Department or (ii) granted by the applicable Department but not used by the applicable Acquired Company in connection with the applicable Statutory Financial Statement.

Related to Permitted Accounting Practice

  • UK generally accepted accounting principles and practices means the principles and practices prevailing from time to time in the United Kingdom which are generally regarded as permissible or legitimate by the accountancy profession irrespective of the degree of use.

  • Agreement Accounting Principles means generally accepted accounting principles as in effect from time to time, applied in a manner consistent with that used in preparing the financial statements referred to in Section 5.4.

  • Agreed Accounting Principles means the accounting principles, procedures and methodologies set forth on Schedule 1.01(a).

  • Applicable Accounting Principles means, with respect to the Borrower, those accounting principles required by the ICA and prescribed by the SEC for the Borrower and, to the extent not so required or prescribed, GAAP.

  • standards of generally recognised accounting practice means an accounting practice complying with standards applicable to municipalities or municipal entities as determined by the Accounting Standards Board