What are the differences between statutory and GAAP accounting and explain pillars of the statutory accounting principles?

Insurance Accounting
Assignment Question(s):
Q1. Differentiate between conventional insurance and takaful system in no less than five items. (3 Marks)
Q2. What are the differences between statutory and GAAP accounting and explain pillars of the statutory accounting principles?
Q1. SAMA is the institution responsible for regulating and monitoring the insurance market in Saudi Arabia and supervising companies operating in the sector. Visit its website and compare its content to what you covered during the course. Write no less than 300 words. (Marks 8)

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