New York Adopts Standards For Reporting Financials.New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of State's Department of Insurance said it has adopted a regulation implementing statutory principles for insurers to bring more consistency to the accounting treatment of insurers' assets, liabilities, reserves, income and expenses. Regulation 172 sets forth the accounting practices and procedures to be followed in completing annual and quarterly financial statements. It is based on recommendations from the National Association of Insurance Commissioners The National Association of Insurance Commissioners (NAIC) is an Internal Revenue Code Section 501(c)(3) non-profit organization which seeks to organize the regulatory and supervisory efforts of the various state insurance commissioners from around the United States. . The statutory accounting principles The Statutory Accounting Principles are a set of accounting rules for insurance companies set forth by the National Association of Insurance Commissioners. They are used to prepare the statutory financial statements of insurance companies. of the past did not always provide a consistent and complete basis for accounting and reporting," Neil D. Levin lev·in n. Archaic Lightning. [Middle English levene, levin; see leuk- in Indo-European roots.] , state superintendent of insurance, said in a statement. "The codification The collection and systematic arrangement, usually by subject, of the laws of a state or country, or the statutory provisions, rules, and regulations that govern a specific area or subject of law or practice. of statutory accounting principles will allow for enhanced consistency and comparability, as well as produce a comprehensive guide for regulators, insurers and auditors- clearly setting forth the procedures that are to be followed." With the change, insurers will submit information in a manner more useful to regulators, and insurers and auditors will have a comprehensive guide to assist in preparing statutory statements, the department said. The new regulation allows for use of the accounting principles in preparing quarterly statements for the period ending March 31. These are due on May 15, the department said. |
|
||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion