Specifications include, but are not limited to: The source of the Statutory Accounting Principles (SAP) financial information is the audited Generally Accepted Accounting Principles (GAAP) financial statements. The SAP financial information is prepared by adjusting the GAAP financial statements. The adjustments are based on Statements of Statutory Accounting Principles (SSAP). The selected contractor will: • Review all adjustments to determine compliance with SSAP requirements. • Recommend additional adjustments, if any, that should be considered and/or recorded. • Determine if the presentation of the Management Discussion and Analysis (MD&A), combining financial statements, notes to financial information and supplemental schedules are in compliance with SAP reporting requirements as promulgated by the National Association of Insurance Commissioners (NAIC), and recommend changes to be made.
