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InsureTerms™/Terminology for the Consummate Insurance & Reinsurance Lawyer: “SAP”
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August 31, 2016
“SAP”
Insurance statutory accounting principles which are codified in the National Association of Insurance Commissioners’ Accounting Practices & Procedures Manual, and sometimes by “permitted practices” of the state insurance department; the term is oftentimes used as an accounting reference for insurance company financial matters in a stock purchase agreement and managing general agency agreement.
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