Statutory Requirements
Standards set by the various state regulatory authorities that determine how financial statements must be prepared for regulators. The states are responsible for making certain that insurers will remain solvent and have enough set aside in reserves to pay future claims. To this end, they have devised statutory accounting principles that govern insurance company reporting. These requirements differ from generally accepted accounting principles (gaap). Among other things, statutory requirements include the setting of statutory reserves, and the immediate expensing of the cost of acquiring new business, rather than allowing insurers to spread the exposure over the life of the policy.
Popular Insurance Terms
Organization located in Washington, D.C., whose membership consists of automobile insurers. ...
Insurance coverages for businesses, commercial institutions, and professional organizations, as contrasted with personal insurance. ...
Organization of home office underwriters of life insurance companies. HOLUA offers educational material and national examinations for home office life underwriters, the individuals who ...
Assets, such as furniture and fixtures, that are not permitted by state law to be included in an insurance company's ANNUAL STATEMENT. ...
Cooperative organization among insurers that rates and prepares new policy forms according to guidelines and regulations of the state insurance department. Loss experience, collected ...
Authorization to borrow from the U.S. Treasury by the issuance of notes to the Treasury. The Secretary of the Treasury must approve the notes and their interest rates. The PBGC must be self ...
Organization of over 300 property and casualty insurance companies whose mission is to investigate fraudulent claims and bring to justice those making such claims. ...
Form showing notification that an insurance policy has been renewed with the same provisions, clauses, and benefits of the previous policy. ...
Act that regulates the variable dollar insurance products (equity related) sold by insurance companies. The act includes regulations that stipulate: the variable dollar insurance products ...
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