Statutory Accounting Principles ("SAP") are accounting principles prescribed or permitted by an insurer's domiciliary state. Statutory accounting practices are interspersed in the insurance laws, regulations, and administrative rulings of each state and are usually based on the National Association of Insurance Commissioners ("NAIC") Accounting Practices and Procedures manual. The objectives of GAAP reporting differ from the objectives of SAP. SAP is designed to address the concerns of regulators, who are the primary users of statutory financial statements. GAAP stresses measurement of emerging earnings of a business from period to period, (i.e., matching revenue to expense), while SAP stresses measurement of ability to pay claims in the future.
This refers to the laws passed by Congress which govern real estate acquisition activities for Federal and Federally assisted programs and projects. The primary statute governing Federal and Federally assisted real estate acquisition activities is the Uniform Act.