Question

(T/F) The Statements of Statutory Accounting Principles (SSAP) in the NAIC Accounting Practices and Procedures (AP&P) Manual supersedes the states' regulatory authority.

Answer 1

The answer is False. The SSAP in the NAIC AP&P Manual does not supersede the states' regulatory authority.

Step-by-step explanation:

The answer to the question is False. The Statements of Statutory Accounting Principles (SSAP) in the NAIC Accounting Practices and Procedures (AP&P) Manual DO NOT supersede the states' regulatory authority. The NAIC AP&P Manual provides guidelines and recommendations for insurance companies to follow in their accounting practices, but ultimately, the states' regulatory authority has the final say in enforcing accounting standards.