Add to favorites
Insurance companies and health maintenance organizations (collectively referred to as reporting entities) file quarterly and annual financial statements in each state in which a reporting entity is domiciled or licensed. The financial statements are prepared on forms promulgated by the National Association of Insurance Commissioners (NAIC), also referred to as the "convention blank," "statutory blank," or simply the "blank."
The Annual Statement is used by state regulators to monitor the financial condition of the reporting entity between regulatory examinations (generally every 3 to 5 years) and to obtain financial data used to regulate the industry. To accomplish these objectives, states require the Annual Statement to be prepared using practices or procedures prescribed or permitted by the laws and regulations of a reporting entity's state of domicile. These practices may, however, differ from state to state, and each state's insurance laws and regulations should be consulted. However, all states have adopted the NAIC’s Accounting Practices and Procedures Manual as the basis for its state-based accounting framework. The Annual Statement is due by March 1 and the statutory basis audited financial statements are generally due June 1.
Statutory accounting and reporting applies to all insurers authorized to do business in the United States and its territories.
This chapter provides:
  • an overview of the conceptual differences between statutory accounting principles (SAP) and GAAP,
  • an overview of the statutory accounting setting through the NAIC and its working groups,
  • an overview of statutory reporting requirements, and
  • an overview of permitted or prescribed practices.
Expand

Welcome to Viewpoint, the new platform that replaces Inform. Once you have viewed this piece of content, to ensure you can access the content most relevant to you, please confirm your territory.

Your session has expired

Please use the button below to sign in again.
If this problem persists please contact support.

signin option menu option suggested option contentmouse option displaycontent option contentpage option relatedlink option prevandafter option trending option searchicon option search option feedback option end slide