The statement is true; a Property and Casualty Insurer with separate accounts must file the Separate Accounts statement as required by insurance regulators for transparency and compliance with statutory regulations.
The statement in question is true. If a company is licensed as a Property and Casualty Insurer in a state, and it maintains separate accounts, it is generally required to file the Separate Accounts statement. Separate accounts represent individual investment options within variable insurance products, which are separated from the general assets of the insurance company.
These accounts are often linked with products like variable life insurance and variable annuities. Insurance regulators require the filing of separate reports for these accounts to ensure they are managed according to statutory regulations and to provide transparency about the financial health of these accounts separate from the company's general finances.
So, insurance companies with separate accounts must adhere to reporting requirements by submitting the appropriate financial statements, which can serve to protect policyholders' interests and ensure company accountability.