Técnico de nivel superior en enfermería, para la realización de visitas de postrados y apoyo a las diferentes postas y estaciones médico rurales de la
3.1.11 DIRECCION DESARROLLO COMUNITARIO – OFICINA MUNICIPAL DE INTERMEDIACION LABORAL (OMIL)
Dependent Variable: LOGABSERROR
Model 4 Model 5 Model 6 Model 7
Stock Company (Stock=1) Mutual Company (Stock=0) 2001 and Before (year<=2001) After 2001 (year>2001) Coef. Std. Err Coef. Std. Err Coef. Std. Err Coef. Std. Err INVMEAN -0.0156 0.0082* -0.0011 0.0121 0.0074 0.0105 -0.0223 0.0075*** INVSTDV 0.0094 0.0047** -0.0195 0.0136 -0.0136 0.0075* 0.0199 0.0047*** BONDCHARGE 0.1079 0.0595* 0.3701 0.1253*** 0.0451 0.0696 0.1908 0.0735*** RLMRTG 0.0048 0.0059 -0.0105 0.0072 -0.0052 0.0056 0.0076 0.0059 AFFINV 0.0002 0.0014 0.0005 0.0023 -0.0019 0.0015 0.0034 0.0014** LIABLINE 0.0053 0.0006*** 0.0029 0.0009*** 0.0041 0.0007*** 0.0048 0.0004*** AUTO -0.0004 0.0006 0.0064 0.0012*** 0.0021 0.0007*** -0.0012 0.0006** WCOMP 0.0002 0.0008 0.0049 0.0017*** 0.0002 0.0012 0.0025 0.0008*** SHORTTAIL -0.0048 0.0006*** -0.0110 0.0011*** -0.0071 0.0008*** -0.0039 0.0006*** REINSASMD -0.0015 0.0004*** -0.0018 0.0009** -0.0012 0.0005** -0.0012 0.0004*** REINSURANCE -0.0024 0.0004*** -0.0041 0.0007*** -0.0020 0.0005*** -0.0026 0.0004*** BUSHERF -0.0021 0.0005*** -0.0010 0.0009 -0.0012 0.0006** -0.0031 0.0005*** GEOHERF -0.0002 0.00035 0.0010 0.0005* 0.0002 0.0004 0.0005 0.0003 GROWTH -0.0005 0.0001*** -0.0011 0.0002*** -0.0008 0.0001*** -0.0002 0.0001** TAXSHIELD 0.0221 0.0008*** 0.0210 0.0012*** 0.0219 0.0009*** 0.0247 0.0007*** RBCRATIO -0.0073 0.0006*** -0.0066 0.0011*** -0.0064 0.0008*** -0.0063 0.0007*** AGE -0.0005 0.0004 -0.0022 0.0005*** -0.0014 0.0004*** -0.0008 0.0003*** SIZE -0.0355 0.0091*** -0.0625 0.0142*** -0.0263 0.0109** -0.0455 0.0076*** GROUP -0.1406 0.0333*** 0.0212 0.0467 0.0117 0.0375 -0.1199 0.0296*** STOCK -0.0528 0.0362 0.0812 0.0291*** Year Dummies *** *** *** *** Constant 1.4050 0.1229*** 1.6730 0.1869*** 1.1927 0.1444*** 1.2662 0.1181*** Sample Size 9876 4196 6730 7185
***: Significant at the 0.01 level; **: Significant at the 0.05 level; *: Significant at the 0.1 level.
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48 Appendix
Appendix 1
Schedule P Part 2 and Part 3 in Annual Statement for the year of 2005 of
Allstate Insurance Company
Initial Loss Reserve= A-C, Developed Loss Reserve=B-C, Reserve Error= (A-C)-(B-C) =A-B
B: Developed estimate of Losses Incurred A: Initial estimate of Losses Incurred C: Cumulative Payment at reporting year
49
Appendix2 NAIC SVO Designation18
Credit Category Description
NAIC 1 (Highest Quality)
Interest, principal or both will be paid in accordance with the contractual agreement and that repayment of principal is well protected.
NAIC 2 (High Quality)
For the present, the obligation’s protective elements suggest a high likelihood that interest, principal or both will be paid in accordance with the contractual agreement, but there are suggestions that an adverse change in circumstances or economic, financial or business conditions will affect the degree of protection and lead to a weakened capacity to pay.
NAIC 3 (Medium Quality)
The likelihood that interest, principal or both will be paid in accordance with the contractual agreement is reasonable for the present, but an exposure to an adverse change in circumstances or economic, financial or business conditions would create an uncertainty about the issuer’s capacity to make timely payments.
NAIC 4 (Low Quality)
The likelihood that interest, principal or both will be paid in accordance with the contractual agreement is low and that an adverse change in circumstances or business, financial or economic conditions would accelerate credit risk, leading to a significant impairment in the issuer’s capacity to make timely payments.
NAIC 5 (Lower Quality)
The likelihood that interest, principal or both will be paid in accordance with the contractual agreement is significantly impaired given any adverse business, financial or economic conditions.
NAIC 6 (In or near default)
Payment of interest, principal or both is not being made, or will not be made, in accordance with the contractual agreement.
Source: NAIC Securities Valuations Office (SVO).
50
Appendix 3
Risk-Based Capital Action Levels1
The NAIC RBC formula generates the regulatory minimum amount of capital that a company is required to maintain to avoid regulatory action. There are five levels of action that a company can trigger under the formula. The base action level is the Authorized Control Level. If a company’s actual capital dips below its Authorized Control Level Risk-Based Capital, the state insurance regulator has the authority to place the company under regulatory control. Therefore, the Authorized Control Level (ACL) is used as the base level, and the other regulatory
intervention levels are defined relative to the ACL. The five action levels are:
1) No Action, which means that a company’s total adjusted capital (TAC) is at least twice its ACL;
2) Company Action Level, when a company’s TAC is at least 1.5 times its ACL but less than twice its ACL;
3) Regulatory Action Level, when the company’s TAC is at least equal to its ACL but less than 1.5 times its ACL;
4) Authorized Control Level, when the company’s TAC is at least 0.70 times its ACL but less than its ACL;
5) Mandatory Control Level, when the company’s TAC is less than 0.70 times its Authorized Control Level RBC.
Note 1: Per description of NAIC Property & Casualty Industry RBC Results and Risk-Based Capital Forecasting and Instructions.