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This means individuals responsible for the provision must not only be familiar with statutory accounting principles and U.
Mutual insurance companies are the major issuers of these financial instruments, according to AICPA Technical Manager Elaine Lehnert, and until recently they were allowed to apply statutory accounting principles instead of generally accepted accounting principles.
Absolute capital and surplus increased in 2009 after a large decline in 2008 due to a return to positive net income and the impact of Statements of Statutory Accounting Principles 10R, which allows for the admission of a greater portion of its deferred tax asset.
By contrast, the revised MAR is not concerned with GAAP reporting, but rather on statutory accounting principles used for recording transactions and preparing financial statements for use in statutory basis filings with state regulators.
Prescribed Statutory Accounting Principles include state laws, regulations and general administrative rules, as well as a variety of publications from the NAIC.
We've got this vague risk-transfer test," said Mike Moriarty, director of the Capital Markets Bureau for the New York department, referring to the definitions under statutory accounting principles.
As of December 31, 2007, Southern Security had approximately 24,000 policies in force, revenues of $4,230,642 and a net loss of $496,010, on a statutory accounting principles bases.
Collateralization for the fronting company is required for two primary reasons: 1) to protect the fronting company from credit risk; and 2) to address the balance sheet impact of captive reinsurance on the primary insurer trader statutory accounting principles.