Our Company files on a basis other than codified SAP, however the NAIC blank is designed for SAP filing. What do I need to disclose in Note 1?
Memo 2005/09 specifically states that all companies are required to reconcile any deviations from codified SAP on a quarterly and annual basis. Furthermore, it is important that this note accurately describe the basis of accounting used in the statement and provide the required reconciliation between the Company’s basis of accounting and codified statutory accounting. The note should explicitly state the basis of accounting that the Company is using. An accepted from of disclosure for companies filing under GAAP, that can be further modified depending on a Company’s specific circumstances follows: “Summary of Significant Accounting policies The accompanying financial statements of _______________ have been prepared in conformity with the NAIC annual statement instructions and accounting practices prescribed by the State of Vermont. Effective January 1, 2001, the State of Vermont required that insurance companies domiciled in the state prepare their financial statements in accordance wi
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