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Statutory Accounting Principles - SAP

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Definition of 'Statutory Accounting Principles - SAP'

A set of accounting regulations prescribed by the National Association of Insurance Commissioners for the preparation of an insuring firm's financial statements.
Investopedia Says

Investopedia explains 'Statutory Accounting Principles - SAP'

Filings prepared using SAP are submitted to individual state regulatory bodies; SAP are regarded as more regulatory and conservative than the GAAP method of preparing financial statements.

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