SAP definition
SAP means, with respect to any Insurance Subsidiary, the statutory accounting practices prescribed or permitted by the insurance commissioner (or other similar authority) in the jurisdiction of such Insurance Subsidiary for the preparation of annual statements and other financial reports by insurance companies of the same type as such Insurance Subsidiary that are applicable to the circumstances as of the date of filing of such statement or report.
SAP means the statutory accounting principles, consistently applied, as prescribed or permitted by the insurance regulatory authorities in the Ceding Company’s state of domicile.
SAP means the SAP entity that has entered into this Agreement, as well its Affiliates.
Examples of SAP in a sentence
Each such Statutory Financial Statement fairly presents the financial position, the results of operations, changes in equity and changes in financial position of PSIC and PESIC, as applicable, as of and for the respective dates and periods indicated therein in accordance with SAP applied on a consistent basis, except as set forth in the notes thereto.
Each such Statutory Financial Statement (including, without limitation, the provisions made therein for investments and the valuation thereof, reserves, policy and contract claims and statutory liabilities) has been prepared in all material respects in accordance with SAP applied on a consistent basis (except as noted therein).
More Definitions of SAP
SAP means the SAP entity that has entered into this Agreement, as well as its Affiliates.
SAP means the accounting procedures and practices prescribed or permitted by the Applicable Insurance Regulatory Authority or the NAIC.
SAP means, as to any insurance or reinsurance company, the statutory accounting practices prescribed or permitted by the applicable insurance regulatory authority of the jurisdiction in which it is domiciled.
SAP means, with respect to any Insurance Subsidiary, the accounting procedures and practices prescribed or permitted by the Applicable Insurance Regulatory Authority, applied on a basis consistent with those that, in accordance with the last sentence of Section 1.04(a), are to be used in making the calculations for purposes of determining compliance with this Agreement.
SAP means the SAP entity that has entered into this Agreement.
SAP s Customer Support Website” shall mean SAP’s customer facing support website under http://support.sap.com/.
SAP means, with respect to any Regulated Insurance Company, the accounting procedures and practices prescribed or permitted by the Applicable Insurance Regulatory Authority of the state in which such Regulated Insurance Company is domiciled; it being understood and agreed that determinations in accordance with SAP for purposes of Section 7, including defined terms as used therein, are subject (to the extent provided therein) to Section 11.07(a).