Report on Insurance and Pensions 2007 - Central Bank of Trinidad ...

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TABLES TABLE I REVENUE ACCOUNT IN RESPECT OF LONG-TERM INSURANCE - 2007 - INCOME - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - COMPANIES FUNDS AT THE BEGINNING OF THE YEAR PREMIUMS CONSIDERATION FOR TOTAL ANNUITIES AND OTHER DEPOSITS PREMIUMS COMMISSION RECEIVED net Interest Other Transfers from Reserves TOTAL 1. 2. 3. 4. 5. 6. 7. Other Other SINGLE SINGLE LOCAL $ $ $ $ $ $ $ $ $ $ $ American Life and General Insurance Co. (T&T) Ltd Bancassurance Caribbean Limited British-American Insurance Company (Trinidad) Ltd. Caribbean Atlantic Life Insurance Company (T&T) Ltd. Caribbean Insurance Company Ltd. Colonial Life Insurance Company (Trinidad) Ltd. Cuna Caribbean Insurance Society Ltd. 960,517,686 87,199,578 534,560,614 6,570,637 9,767,623,514 8,092,447 (42,919) 1,528,727 80,260,723 3,131,736 22,740,492 206,467 113,568,668 70,116,660 112,032 35,928,840 72,034,257 108,053 312,196,939 13,712 4,906,107,745 152,252,061 4,880,549 334,937,431 220,179 5,055,605,253 70,116,660 14,905 74,768,720 24,725,761 47,148,231 952,638 739,227,453 5,348,149 399,774 (4,424,093) 4,274,370 (43,344) 15,501,849 132,081 1,187,953,146 112,381,795 920,920,646 7,700,110 15,577,958,069 83,689,337 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. Demerara Life Assurance Company of T&T Ltd. Guardian General Insurance Limited Guardian Life of the Caribbean Ltd. Maritime Life (Caribbean) Ltd. Mega Insurance Company Ltd. Nationwide Insurance Company Ltd. Scotialife Trinidad and Tobago Ltd. Tatil Life Assurance Ltd. The Beacon Insurance Company Ltd. The Reinsurance Company of Trinidad and Tobago Ltd. The Western General Insurance Company Ltd. United Security Life Insurance Company Ltd. 232,818 2,765,351,382 818,858,554 139,857,992 42,959,172 133,031,880 492,135,871 64,846 531,096 15,504,429 18,691,356 351 34,709,414 206,765 112,053,453 74,537,550 16,608,382 2,398,230 41,153,482 12,702,034 160,416 120,285 492,570 58,615,219 2,785,618 8,059,983 56,039 12,513,338 9,570,786 637,114 4,873,252 60,291,988 189,416,067 89,836,857 26,179,168 3,035,344 88,796,132 73,200,787 160,416 120,285 492,570 402,495 148,989,506 563,899,650 104,135 6,007,308 2,517,048 384,726 386,999 10,519 53,994,956 10,608,830 5,685,902 12,040,827 74,091,563 2,172 42,616 R E G I S T R A T I O N C A N C E L L E D J U L Y 2 0 0 7 1,577,808 5,542,848 52,122,849 610,239 (155,088) 243,338 3,668,059,100 973,299,198 174,665,651 53,258,226 239,411,687 691,935,796 614,433 693,997 16,452,150 TOTAL 15,773,092,516 55,093,695 550,251,148 105,501,693 5,378,403,223 6,089,249,760 1,293,260 1,193,646,560 651,954,582 23,709,236,678 1. 2. 1. 2. 3. CARIBBEAN Life of Barbados Ltd. Sagicor Life Inc. TOTAL OTHER Lincoln Assurance Ltd. Cuna Mutual Insurance Society Sun Life Assurance Company of Canada TOTAL GRAND TOTAL 1,810,294,686 1,810,294,686 117,127,529 117,127,529 465,317 465,317 17,583,852,519 172,221,224 14,143,483 14,143,483 159,761,624 159,761,624 37,166 37,166 564,431,797 265,263,317 31,706,438 31,706,438 322,739,074 322,739,074 D E - R E G I S T E R E D 5,410,109,661 3,912,366 3,912,366 37,166 37,166 6,412,026,000 5,205,626 140,732,353 140,732,353 64,189 64,189 1,334,443,102 71,593,747 71,593,747 28,134 28,134 723,576,463 2,349,272,226 2,349,272,226 594,806 594,806 26,059,103,710 158 REPORT ON INSURANCE AND PENSIONS
TABLES TABLE I continued REVENUE ACCOUNT IN RESPECT OF LONG-TERM INSURANCE - 2007 EXPENDITURE 1. COMPANIES LOCAL American Life and General Insurance Company (T&T) Ltd. CLAIMS Surrender (including Surrender of Bonuses) DEATH MATURITIES OTHER Total Policy Annuities OTHER EXPENSES TOTAL Payments COMMISSIONS Salaries and other Expenses of Management Interest thereon Other Funds at the end of the Year $ $ $ $ $ $ $ $ $ $ $ 21,452,501 2,585,412 16,688,016 28,544,825 4,205,792 73,476,546 21,493,037 53,932,692 (2,529,922) 1,040,850,449 Transfers to Profit and Loss 730,344 $ 1,187,953,146 2. Bancassurance Caribbean Limited 19,497,611 746,685 3,215,732 3,687,132 141,321 27,288,481 (37,242) 2,849,689 205,623 72,476,117 9,599,127 112,381,795 3. British-American Insurance Company (Trinidad) Ltd. 4,060,607 1,063,117 507,362 7,095,960 102,937,286 115,664,332 18,154,758 16,842,716 764,406,302 5,852,538 920,920,646 4. Caribbean Atlantic Life Insurance Company (T&T) Ltd. 64,000 36,939 379,034 58,493 538,466 105,896 6,542,875 512,874 7,700,110 5. Caribbean Insurance Company Ltd. 0 6. Colonial Life Insurance Company (Trinidad) Ltd. 25,302,151 82,141,694 5,976,653 1,673,566,141 576,355,879 2,363,342,518 154,922,415 226,456,761 350,142,461 12,458,432,995 24,660,920 15,577,958,070 7. Cuna Caribbean Insurance Society Ltd. 41,202,978 102,477 87,554 281,346 41,674,355 3,693,911 12,848,872 8,196,582 17,275,617 83,689,337 8. Demerara Life Assurance Company of T&T Ltd. 0 9. Guardian General Insurance Limited 249,997 (6,659) 243,338 10. Guardian Life of the Caribbean Ltd. 23,975,796 2,058,146 2,673,599 171,814,735 94,491,157 295,013,432 99,978,156 243,752,877 1,067,844 3,101,696,476 (73,449,685) 3,668,059,100 11. Maritime Life (Caribbean) Limited 4,861,654 11,604,773 15,937,569 12,409,948 18,883,147 63,697,091 15,757,425 52,126,087 1,825,845 838,091,619 1,801,131 973,299,197 12. Mega Insurance Company Limited 1,634,578 3,526,907 188,452 8,696,824 14,046,761 2,505,337 12,505,698 329,561 143,503,307 1,774,987 174,665,651 13. Nationwide Insurance Company Ltd. 584,179 167,399 34,263 1,391,899 1,658,883 3,836,623 9,080 533,176 45,549,147 3,330,200 53,258,226 14. Scotialife Trinidad and Tobago Ltd. 1,345,463 27,697 14,868,055 16,241,215 656,701 5,279,188 204,518,573 12,716,011 239,411,688 15. Tatil Life Assurance Ltd. 5,007,046 11,309,440 6,877,807 22,926,813 4,438,372 50,559,478 7,635,960 9,970,195 3,938,000 538,022,978 81,809,185 691,935,796 16. The Beacon Insurance Company Ltd. (193,591) (193,591) 7,452 48,103 101,572 56,634 594,263 614,433 17. The Reinsurance Co. of Trinidad and Tobago Ltd. 21,147 67,200 533,845 71,805 693,997 18. 19. The Western General Insurance Co. Ltd. United Security Life Insurance Co. Ltd. 120,084 16,647 R E G I S T R A T I O N C A N C E L L E D J U L Y 2 0 0 7 9,387 41,097 187,215 75,496 16,189,439 0 16,452,150 TOTAL CARIBBEAN 149,108,648 115,359,636 52,021,113 1,945,672,098 803,211,427 1. Life of Barbados Ltd. 3,065,372,922 324,798,137 637,394,645 355,080,983 19,239,317,335 87,272,657 23,709,236,679 2. Sagicor Life Inc. 11,199,739 14,002,737 4,082,886 80,594,330 77,611,117 187,490,809 29,909,808 43,451,197 2,030,358,699 58,061,712 2,349,272,225 1. 2. TOTAL OTHER Cuna Mutual Insurance Society Sun Life Assurance Company of Canada TOTAL 11,199,739 14,002,737 4,082,886 80,594,330 77,611,117 187,490,809 29,909,808 43,451,197 2,030,358,699 58,061,712 2,349,272,225 D E - R E G I S T E R E D 22,000 22,000 73,845 73,845 95,845 95,845 78,090 78,090 519,251 519,251 (98,380) (98,380) 594,806 594,806 GRAND TOTAL 160,330,387 129,362,373 56,177,844 2,026,266,428 880,822,544 3,252,959,576 354,707,945 680,923,932 355,080,983 21,270,195,285 145,235,989 26,059,103,710 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - REPORT ON INSURANCE AND PENSIONS 159
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ISSN 1995-7173
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TABLE OF CONTENTS Paragraph Referen
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TABLE OF CONTENTS LIST OF TABLES TA
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OVERVIEW OF THE INSURANCE INDUSTRY
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PART I - INSURANCE COMPANIES 3. LON
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INSURANCE COMPANIES New Business Wr
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INSURANCE COMPANIES FIGURE 5 Long-T
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INSURANCE COMPANIES 3.06 Policies d
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INSURANCE COMPANIES 3.10 Assets pla
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INSURANCE COMPANIES Local Assets Ra
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INSURANCE COMPANIES 3.17 Net Premiu
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INSURANCE COMPANIES FIGURE 7 Long-T
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INSURANCE COMPANIES REINSURANCE 3.1
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GENERAL INSURANCE BUSINESS 4. GENER
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INSURANCE COMPANIES Statutory Depos
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INSURANCE COMPANIES DEPOSITS RETAIN
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INSURANCE COMPANIES GENERAL INSURAN
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INSURANCE COMPANIES SCHEDULE SHOWIN
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INSURANCE COMPANIES Underwriting Re
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INSURANCE COMPANIES REINSURANCE - M
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INSURANCE COMPANIES SCHEDULE SHOWIN
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INSURANCE COMPANIES FIGURE 10 OTHER
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INSURANCE COMPANIES REINSURANCE - P
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INSURANCE COMPANIES REINSURANCE - O
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INSURANCE COMPANIES MARGIN OF SOLVE
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INSURANCE COMPANIES 5. ASSOCIATION
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INSURANCE INTERMEDIARIES Examinatio
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PENSION FUND PLANS 7.09 The followi
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PENSION FUND PLANS Balance Sheets 7
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PENSION FUND PLANS FIGURE 12 PENSIO
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ACTUARIAL INVESTIGATIONS SUMMARIES
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APPENDIX A Directors: Secretary: Au
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APPENDIX A Directors: Secretary: Au
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APPENDIX A CARIBBEAN INSURANCE COMP
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APPENDIX A COLONIAL FIRE AND GENERA
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APPENDIX A CUNA CARIBBEAN INSURANCE
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APPENDIX A FURNESS ANCHORAGE GENERA
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APPENDIX A GUARDIAN GENERAL INSURAN
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APPENDIX A GULF INSURANCE LIMITED I
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APPENDIX A MARITIME LIFE (CARIBBEAN
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APPENDIX A MOTOR ONE INSURANCE COMP
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APPENDIX A THE REINSURANCE COMPANY
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APPENDIX A SAGICOR GENERAL INSURANC
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APPENDIX A SCOTIALIFE INSURANCE LIM
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APPENDIX A TATIL LIFE ASSURANCE LIM
Page 110 and 111: APPENDIX A THE GREAT NORTHERN INSUR
Page 112 and 113: APPENDIX A THE PRESIDENTIAL INSURAN
Page 114 and 115: APPENDIX A UNITED INSURANCE COMPANY
Page 116 and 117: APPENDIX B LIST OF REGISTERED AGENT
Page 118 and 119: List of Registered Agents List of A
Page 142 and 143: APPENDIX C LIST OF BROKERS REGISTER
Page 144 and 145: APPENDIX D LIST OF REGISTERED ADJUS
Page 146 and 147: Appendix e LIST OF PENSION PLANS RE
Page 148 and 149: Appendix e LIST OF PENSION PLANS RE
Page 150 and 151: Appendix e INSURED PENSION FUND PLA
Page 156 and 157: Appendix e ANNUITIES 1. A.S. Bryden
Page 158 and 159: Appendix e list of registered pensi
Page 162 and 163: - 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11
Page 164 and 165: 1. 2. 3. 4. 1. 2. 3. 4. TABLES TABL
Page 166 and 167: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 1. 1
Page 168 and 169: 1. 2. 3. 4. 5. TABLES TABLE VI REVE
Page 170 and 171: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11.
Page 172 and 173: TABLES TABLE X COMPANIES LOCAL 1. A
Page 174 and 175: 172TABLES TABLE XIA STATEMENT OF ST
Page 176 and 177: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11.
Page 178 and 179: TABLES TABLE XV REVENUE ACCOUNT IN
Page 180 and 181: TABLES TABLE XVI REVENUE ACCOUNT IN
Page 182 and 183: TABLES TABLE XVIII REVENUE ACCOUNT
Page 184 and 185: 1. 2. 3. 4. 1. 2. 1. 2. 3. 4. 1. 2.
Page 186 and 187: TABLES TABLE XXI UNDERWRITING RESUL
Page 188 and 189: TABLES TABLE XXIII SUMMARY AND VALU
Page 190 and 191: TABLES TABLE XXV SUMMARY AND VALUAT
Page 192 and 193: TABLES TABLE XXVII SUMMARY AND VALU
Page 194 and 195: TABLES TABLE XXIX SUMMARY AND VALUA
Page 196 and 197: TABLES TABLE XXXI SUMMARY AND VALUA
Page 198 and 199: TABLES TABLE XXXIII DEPOSIT ADMINIS
Page 200 and 201: TABLES TABLE XXXIII continued DEPOS
Page 202 and 203: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11.
Page 204 and 205: 51. 52. 53. 54. 55. 56. 57. 58. 59.
Page 206 and 207: TABLES TABLE XXXV NAME OF PLAN Fund
Page 208 and 209: TABLES TABLE XXXV continued SELF-AD
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