Statutory accounting definition

Statutory accounting means generally
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Statutory accounting means generally accepted
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Statutory accounting means generally accepted accounting principles, except as modified by this chapter.
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Examples of Statutory accounting in a sentence

  • Statutory accounting should be reasonably conservative over the span of economic cycles and in recognition of the primary responsibility to regulate for financial solvency.

  • Learning Outcomes:(1a) Construct the basic financial statements for a life insurance company under U.S. GAAP and Statutory accounting methods and principles.

  • Statutory accounting practices differ in certain respects from accounting principles generally accepted in the United States of America (“GAAP”).

  • The Contractor shall maintain all financial records and statistical data according to generally accepted accounting principles and/or Statutory accounting principles where applicable.

  • Under U.S. Statutory accounting, interest is not accrued on the BAM Surplus Notes until it has been approved for payment by insurance regulators.

  • Statutory accounting and FAS 113 are consistent in accounting for structured settlement annuities where the reporting entity is the owner and payee and where the claimant is the payee and the reporting entity has been released from its obligation.

  • Statutory accounting requires that policy acquisition costs such as commissions, premium taxes and other items be charged to current operations as incurred.

  • Timely, accurately and effectively identify and resolve bank account and merchant card account discrepancies, to include: recording of actions taken, being an effective liaison with stakeholders and staff and escalating complex discrepancies.

  • At least the first two candidates for the seat as permanent Auditor and at least the first candidate for the seat as stand-in Auditor given in the respective directories must be listed in the Rolls of Auditors and must have carried out the activity as Statutory accounting Auditor as envisaged by paragraph 3.

  • Statutory accounting practices require that the liability for policyholders’ dividends include dividends currently payable and the full amount of dividends apportioned for payment over the 12 months following the date of the applicable payment.


More Definitions of Statutory accounting

Statutory accounting is defined in Section 4.8.
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Statutory accounting means the manner in which insurance company related entities are required to report and account pursuant to Florida law from time to time.
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Statutory accounting means the accounting practices prescribed or permitted by the Insurance Departments of Ohio and West Virginia, which are distinct from GAAP and provide the basis for the Financial Statements, as applied on a consistent basis.
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Statutory accounting means generally ac- cepted accounting principles, except as modified by this chapter.
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Statutory accounting means accounting principles determined and accepted by the New York State Insurance Department.
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Related to Statutory accounting

  • Energy Accounts means the regional energy accounts/state energy accounts as specified in the Grid Code issued by the appropriate agency for each Month (as per their prescribed methodology), including the revisions and amendments thereof;

  • Agreement Accounting Principles means generally accepted accounting principles as in effect from time to time, applied in a manner consistent with those used in preparing the financial statements referred to in Section 5.5.

  • International Accounting Standards means the accounting standards approved by the International Accounting Standards Board from time to time.

  • Practice of public accounting means the performance or the offering to perform, by a person holding oneself out to the public as a certified public accountant or a licensed public accountant, one or more kinds of professional services involving the use of accounting, attest, or auditing skills, including the issuance of reports on financial statements, or of one or more kinds of management advisory, financial advisory, or consulting services, or the preparation of tax returns or the furnishing of advice on tax matters. However, with respect to licensed public accountants, the “practice of public accounting” shall not include attest or auditing services or the rendering of an opinion attesting to the reliability of any representation embracing financial information.

  • Statutory Auditor means the auditor of a Company appointed under the provisions of the Companies Act, 1956 or under the provisions of any other applicable governing law;

  • Management Accounts means unaudited accounts which shall incorporate a profit and loss statement, cash flow statement and balance sheet.

  • Accounting Date means the thirtieth day of June in each year and any interim date on which the financial statements of the Trust are drawn up. Provided that the Management Company may, with the written consent of the Trustee and after obtaining approval from the Commission and the Commissioner of Income Tax may change such date to any other date and such change shall be intimated to the Commission.

  • Bank Accounts means those account(s) opened and maintained for the Trust by the Trustee at Banks, the beneficial ownerships in which shall vest in the Unit Holder(s).

  • Accounting Year means the financial year commencing from the first day of April of any calendar year and ending on the thirty-first day of March of the next calendar year;

  • Applicable Accounting Standards means Generally Accepted Accounting Principles in the United States, International Financial Reporting Standards or such other accounting principles or standards as may apply to the Company’s financial statements under United States federal securities laws from time to time.

  • Accounting Records means the general ledger and subsidiary ledgers and supporting schedules which support the general ledger balances.

  • STATUTORY ACTS means all the State and Central Government statutes and regulations effecting the operation of the services under this Agreement as may be in force from time to time and shall particularly include but not be limited to the following;

  • Audited Accounts means the report and audited accounts of the Company and of any Group Company and the audited consolidated accounts of the Group (if any) for the relevant Financial Year;