Definition Of Statutory Statement Of Accounting Principle (ssap) 65—property And Casualty Contracts In Insurance

Definition of "Statutory statement of accounting principle (ssap) 65—property and casualty contracts"

Mark Bystrowicz, Real Estate Agent RE/MAX City Realtors

State law that stipulates the establishment of required reserves for claims made basis liability coverage contracts, removes the excess statutory reserves, and directs that all amounts that represent contractual reimbursements to the insurance company be reflected as a reduction in paid losses.