WCG » Topics » Premium Deficiency Reserves

This excerpt taken from the WCG 10-K filed Feb 15, 2005.

Premium Deficiency Reserves

 

Premium deficiency reserves are recognized when it is probable that the future costs associated with a group of existing contracts will exceed the anticipated future premiums, investment income and stop-loss reinsurance

 

F-11


Table of Contents

WELLCARE HEALTH PLANS, INC.

 

NOTES TO CONSOLIDATED AND COMBINED FINANCIAL STATEMENTS—(Continued)

Year ended December 31, 2004 and 2003, five-month period ended December 31, 2002,

predecessor seven-month period ended July 31, 2002

 

(Dollars in thousands, except member, share and unit data)

 

recoveries on those contracts. For purposes of determining whether a premium deficiency exists, contracts are grouped in a manner consistent with the Company’s method of acquiring, servicing and measuring profitability of such contracts. At December 31, 2004 and 2003, the Company recorded premium deficiency reserves of $0 and $500, respectively, in the accompanying Consolidated Balance Sheets.

 

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