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The more important estimates embrace reserves for IBNR, estimated receivables from or payables to the Pools, litigation defense prices and settlements, reserves for bad money owed and retroactivity, the truthful worth of intangible assets and the carrying value of investments. SFAS No. 142, “Goodwill and Other Intangible Assets” (“SFAS 142”) requires goodwill and other indefinite-lived property to be examined for impairment beneath certain circumstances, but at least yearly and written down when impaired, quite than being amortized as previous standards required. Furthermore, SFAS 142 requires intangible property apart from goodwill to be amortized over their helpful lives except these lives are decided to be indefinite. Other intangible belongings with finite lives are carried at value less accrued amortization. Amortization is computed over the useful lives of the respective belongings, generally 4 to 5 years.
At December 31, 2003, the Company’s statutory surplus was roughly 236% of CAL RBC, compared with roughly 200% at December 31, 2002. On March 1, 2002, the Company acquired all of the outstanding common stock of MedSpan, Inc. and its subsidiary, MedSpan Health Options, Inc. (together, “MedSpan”), a Connecticut managed healthcare group, for money of roughly $17.three million.
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As of December 31, 2003 and 2002, the Company had no significant concentrations of such credit score threat. Financial instruments that probably subject the Company to concentrations of credit score risk consist primarily of obligations of the United States authorities, certain state governmental entities and excessive-grade company bonds and notes and mortgage and asset backed securities. These investments are managed by skilled investment managers throughout the pointers established by the Board of Directors, which, as a matter of policy, restrict the amounts which may be invested in anyone issuer and prescribe sure minimum investee firm standards.
Certain restricted cash and investments at December 31, 2003 and 2002, are held on deposit with numerous monetary institutions to comply with state regulatory capital necessities. As of December 31, 2003, approximately $59.7 million was so restricted and is proven as restricted cash and investments within the accompanying consolidated balance sheet. With respect to the Company’s HMO subsidiaries, the minimum amount of surplus required relies on formulation established by the state insurance coverage departments. The Company currently manages its statutory surplus primarily in opposition to National Association of Insurance Commissioners Company Action Level (“CAL”) Risk Based Capital (“RBC”), though RBC requirements aren’t but applicable to all of the Company’s operating subsidiaries.
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In addition, 2002 outcomes embody investment valuation losses of approximately $thirteen.7 million. Generally, the Company maintains separate subsidiaries for each state where it conducts enterprise and for which monetary info is amassed and reported, both internally and externally.