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Property Bldg. Laws Safeguards General Liability Emp, Benefit Liab. Employer Liability Aircraft Products Liab. Sexual Harassment Dir. & Officers Liab. Professional Liability Elect. Data Proc. Cov. Kidnap or Ransom
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[S014]
Those principles required by state law which must be followed by insurance companies in submitting their financial statements to state insurance departments. Such principles differ from generally accepted accounting principles (GAAP) in some important respects. For example, SAP requires that expenses must be recorded immediately and cannot be deferred to track with earned premiums.
(See GAAP--Generally Accepted Accounting Principles.)
Copyright: The Rough Notes Company, Inc., 1998, All Rights Reserved. 3040100