GLOSSARY
This Insurance Glossary of Terms is produced and maintained by the National Alliance Research Academy. 
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Statutory Accounting Principles (SAP)

Those principles required by statute that must be followed by a regulated financial organization, such as an insurance company or bank when submitting its financial statement to the state or federal regulatory authority. Such principles differ from Generally Accepted Accounting Principles (GAAP) in some important respects, particularly in the admissibility or inclusion of certain assets and in the matching of income and expenses.

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