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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-accountingprinciples that govern insurance company reporting. These requirements differ from generally-accepted-accounting-principles-gaap. Among other things, statutory requirements include the setting of statutory-reservesand the immediate expensing of the cost of acquiring new business, rather than allowing insurers to spread the exposure over the life of the policy. See also state-supervision-and-regulation
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Which are the examples of statutory corporations?
LIC,Max new york life insurance
Where does the statutory definition of life insurance appear?
Section 7702 of the Internal Revenue Code
What is statutory requirements of shipboard organization?
what statory requirements
what is statutory requirements?
Requirements that you must have by law to do certain things.
Why statutory audit is requirements?
gordo ;))
Do you need a license to sell aflac insurance?
You have to meet state requirements for life and health insurance licensing.
What are the statutory requirements for shipboard organization?
The statutory requirements for shipboard organizations include a system of audits and checks. The purpose of this is to make sure that cleanliness and safety are priorities.
How do you get a license to sell life insurance in Missouri?
Contact your state department of insurance licensing department and ask them what the requirements are.
What is a Statutory financial statement?
A statutory financial statement is a financial statement of an insurance company prepared in accordance with statutory accounting standards.
List out the statutory companies in India?
Reserve Bank of India , Life Insurance Corporation of India , and Railways
What is the difference between statutory and regulatory requirements?
Organizations must comply with statutory requirements by law. Whereas regulatory requirements may or may not have been legally set forth. They are generally used to manage or control an activity.
What are the requirements to file a life insurance claim?
To file a life insurance claim, a call can be made to the insurance agent of the policy who can help fill out any necessary forms. Certified copies of the death certificate should be submitted with the life insurance policy.
