The profit of an insurer computed under the statutory system of accounting.
Insurance Encyclopedia
Statutory reserve
A legally required reserve.
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A reserve, either specific or general required by law.
Statutory reserves
Funds (reserves) set aside and designated for future financial liabilities for life or health insurance that are required by state regulations. Also called legal reserve .
Statutory Returns
Annual statements and accounts than an insurance company is obliged to file under IRDA directives. The purpose is to enable the IRDA to supervise the insurer’s liabilities by carrying out a valuation of the insurers’ liabilities and comparing with the assets held.
Statutory transfer
Occurs when a pension scheme member exercises his legal right to call upon his previous pension scheme to make a transfer payment to a new scheme.
Stay outlier
See: outlier .
Steam boiler explosion
See: Boiler & machinery insurance.
Steamship Agent
A duly appointed and authorized representative in a specified territory acting in behalf of a steamship line or lines and attending to all matters relating to the vessels owned by his principals.
Steamship Line
Company is usually composed of the following departments; vessel operations container operations, tariff department, booking, outbound rates, inward rates and sales, the company can maintain its own in country office to handle sales, operations and/or other matters or appoint steamship agents to represent them doing same. Some lines have inner offices in several regions and have appointed agents in others.
Steering
Financial incentives for managed care plan members to use a panel of preferred providers. This may be done through benefits applied to the deductible, coinsurance, and coinsurance limits.