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

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- 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15 16 1. 2. 1. 2. 3. Bancassurance Caribbean Ltd. British-American Insurance Company (Trinidad) Ltd. Caribbean Atlantic Life Insurance Co. (T&T) Ltd. Colonial Life Insurance Company (Trinidad) Ltd. Cuna Caribbean Insurance Society Ltd. Demerara Life Assurance Company of T&T Ltd. 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 Reinsurance Co. of Trinidad and Tobago Ltd. The Western General Insurance Company Ltd. United Security Life Insurance Company Ltd. TOTAL Life of Barbados Ltd. Sagicor Life Inc. CARIBBEAN TOTAL OTHER Lincoln Assurance Ltd. Cuna Mutual Insurance Society Sun Life Assurance Company of Canada TOTAL GRAND TOTAL BEGINNING OF THE YEAR PREMIUMS CONSIDERATION FOR ANNUITIES SINGLE Other SINGLE Other TOTAL PREMIUMS COMMISSION RECEIVED NET Interest Other Transfers from Reserves LOCAL $ $ $ $ $ $ $ $ $ $ $ American Life and General Insurance Company (T&T) Ltd 737,971,046 72,278,347 530,811,001 6,570,637 846,948,207 8,092,447 - 643,600,264 768,118,205 139,857,992 42,959,172 130,845,955 350,429,523 531,096 15,504,429 4,294,518,322 1,402,667,130 1,402,667,130 465,317 465,317 5,697,650,769 - (42,919) 53,431 - - - - - (64,186) 351 - - 20,195,742 - - - 20,142,419 117,127,529 117,127,529 - - 137,269,948 - 69,300,558 3,131,736 21,482,110 206,467 97,126,931 623,454 - 112,053,453 64,870,593 16,608,382 2,398,230 41,153,482 7,418,910 120,285 23,096 23,096 437,010,257 - - - - 112,032 - - - - - 58,615,219 2,785,618 - - 8,059,983 - - 159,761,624 159,761,624 - - 229,334,476 - 29,428,086 108,053 312,196,939 13,712 - - - 56,039 12,513,338 9,570,786 637,114 4,873,252 60,291,988 - 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 7 492,570 - - 492,570 - 610,239 (155,088) 436,987,161 69,572,853 429,689,307 956,391,740 488,861 328,211,524 135,133,550 - - 429,689,307 T R A N S F E R R E D - - 98,685,725 3,405,252 333,679,049 220,179 97,126,931 623,454 - 170,660,525 80,169,900 26,179,168 3,035,344 74,282,460 67,710,898 120,285 276,889,153 276,889,153 - - D E - R E G I S T E R E D 23,096 23,096 1,233,303,989 - - - - - - - - - 104,135 - - 384,726 - 3,465,163 3,465,163 - - 3,954,024 - 56,207,683 22,085,937 46,910,475 952,637 71,207,804 2,092,099 - 16,616,754 51,254,147 6,007,308 5,685,902 10,072,762 38,465,160 42,616 106,872,535 106,872,535 64,189 64,189 435,148,248 - 399,774 (3,950,478) 4,252,817 (43,344) - 132,081 - 89,692,679 10,608,830 2,517,048 1,577,808 5,542,848 24,558,576 - 87,954,770 87,954,770 28,134 28,134 223,116,454 - - - - - - - - - - - - - - - - - - - - - - - TOTAL 893,264,228 93,819,058 915,653,342 7,700,110 1,015,282,942 10,940,081 - 920,570,222 910,151,082 174,665,651 53,258,226 220,744,024 481,548,883 693,997 16,452,150 5,714,743,996 1,877,848,751 1,877,848,751 580,736 580,736 7,593,173,484 - TABLES TABLE II REVENUE ACCOUNT IN RESPECT OF ORDINARY LIFE, PENSION AND ANNUITY INSURANCE - 2007 INCOME COMPANIES FUNDS AT THE 160 REPORT ON INSURANCE AND PENSIONS
TABLES TABLE II continued REVENUE ACCOUNT IN RESPECT OF ORDINARY LIFE, PENSION AND ANNUITY INSURANCE - 2007 EXPENDITURE COMPANIES CLAIMS Surrender (including Surrender of Bonuses) DEATH MATURITIES Other Annuities Policy Payments Other EXPENSES OTHER Commissions Salaries and other Expenses of Management Funds at the end of the Year LOCAL $ $ $ $ $ $ $ $ $ $ $ Transfers to Profit and Loss $ TOTAL 1. American Life and General Insurance Company (T&T) Ltd 2,585,412 16,688,016 20,747,683 48,570,424 13,664,740 34,896,556 (2,525,221) (6,337,175) 893,264,228 2. Bancassurance Caribbean Limited 1,573,581 746,686 3,215,731 3,687,132 141,321 9,364,450 (37,242) 1,988,283 70,563 70,303,528 12,129,478 93,819,059 3. British-American Insurance Company (Trinidad) Ltd. 3,709,555 581,606 265,896 7,085,234 102,937,286 114,579,577 17,833,343 16,526,853 761,605,576 5,107,993 915,653,342 4. Caribbean Atlantic Life Insurance Co. (T&T) Ltd. 64,000 36,939 379,034 58,493 538,466 105,896 6,542,875 512,873 7,700,110 5. Colonial Life Insurance Company (Trinidad) Ltd. 9,109,883 27,233,909 1,090,457 13,284,083 50,718,333 13,162,771 64,012,060 887,389,778 (0) 1,015,282,942 6. Cuna Caribbean Insurance Society Ltd. 139,054 102,477 87,554 281,346 610,431 23,628 1,442,917 8,196,582 666,523 10,940,081 7. Demerara Life Assurance Company of T&T Ltd. N O A C C O U N T S U B M I T T E D 8. Guardian Life of the Caribbean Ltd. 20,102,959 2,058,146 2,673,599 7,289,075 65,698,231 97,822,011 98,632,157 122,673,116 680,779,664 (79,336,726) 920,570,222 9. Maritime Life (Caribbean) Ltd. 4,861,654 11,604,773 8,908,897 12,409,948 18,883,148 56,668,420 15,510,218 51,343,087 1,825,845 783,748,485 1,055,027 910,151,082 10. Mega Insurance Company Ltd. 1,634,578 3,526,907 188,452 8,696,824 14,046,761 2,505,337 12,505,698 329,561 143,503,306 1,774,988 174,665,651 11. Nationwide Insurance Company Ltd. 584,179 167,399 34,263 1,391,899 1,658,883 3,836,623 9,080 533,176 45,549,146 3,330,201 53,258,226 12. Scotialife Trinidad and Tobago Ltd. 757,260 27,696 14,868,055 15,653,012 4,416,308 197,119,804 3,554,900 220,744,024 13. Tatil Life Assurance Ltd. 4,265,046 11,249,438 1,436,097 19,954,886 2,232,080 39,137,547 7,574,352 9,406,334 3,741,100 379,778,528 41,911,022 481,548,883 14. The Reinsurance Co. of Trinidad and Tobago Ltd. 21,147 67,200 533,845 71,805 693,997 15 The Western General Insurance Company Ltd. 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 16 United Security Life Insurance Company Ltd. 120,084 16,647 9,387 41,097 187,215 75,496 16,452,150 55,471,147 59,910,340 34,616,658 110,084,586 191,650,539 451,733,270 168,899,531 319,992,979 3,441,847 4,786,235,460 (15,559,091) 5,714,743,997 1. T R A N S F E R R E D T O S A G I C O R L I F E I N C O R P O R A T E D 2. 6,290,806 14,002,737 4,082,887 80,594,330 43,717,871 148,688,631 27,855,057 39,446,171 1,578,579,907 83,278,986 1,877,848,752 6,290,806 14,002,737 4,082,887 80,594,330 43,717,871 148,688,631 27,855,057 39,446,171 1,578,579,907 83,278,986 1,877,848,752 1. 2. D E - R E G I S T E R E D 3. 68,477 68,477 78,090 519,251 (85,082) 580,736 68,477 68,477 78,090 519,251 (85,082) 580,736 61,761,953 73,913,077 38,768,022 190,678,916 235,368,411 600,490,378 196,754,588 231,977,002 3,441,847 6,365,334,619 67,634,813 7,593,173,485 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Life of Barbados Ltd. Sagicor Life Inc. TOTAL CARIBBEAN - TOTAL OTHER Lincoln Assurance Ltd. Cuna Mutual Insurance Society Sun Life Assurance Company of Canada TOTAL GRAND TOTAL 8,549,313 804,994,904 16,189,439 - - - - - - - REPORT ON INSURANCE AND PENSIONS 161
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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
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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 160 and 161: TABLES TABLE I REVENUE ACCOUNT IN R
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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