The statutory accounting principles are a set of accounting rules for insurance companies set forth by the
National Association of Insurance Commissioners
The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia, and five U.S. terri ...
in the United States. They are used to prepare the statutory financial statements of insurance companies. Statutory Accounting Principles are designed to assist state insurance departments in the regulation of the
solvency of insurance companies.
Although there are minor state-by-state variations, they are the basis for state regulation throughout the United States.
The rules are issued as discussion drafts, and public comments are solicited, before they are codified in the NAIC Accounting Practices and Procedures Manual.
See also
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Generally Accepted Accounting Principles (United States)
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC), and is the default accounting standard used by companies based in the United States.
The Financial Accounting ...
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Statutory reserve
References
External links
NAIC Official WebsiteRisk Management and Financial Reporting Practiceof the
American Academy of Actuaries
Insurance in the United States
Accounting in the United States
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