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:
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. Related Terms:
Accounting
Balance Sheet
Financial Accounting
GAAP
Income Statement |