What does Statutory Accounting mean? Read on to discover the definition & meaning of the term Statutory Accounting - to help you better understand the language used in insurance policies.
Statutory accounting is the accounting practice of insurance companies in the USA. It is different from accounting systems used by other business ventures. That is because insurers frequently give back much of its earnings to its policyholders.
We hope the you have a better understanding of the meaning of Statutory Accounting.