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

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TABLES TABLE XV REVENUE ACCOUNT IN RESPECT OF OTHER THAN LONG-TERM OR MOTOR INSURANCE - 2007 1. 2. 3. 4. COMPANIES LOCAL American Life and General Insurance Company (T&T) Ltd. Bankers Insurance Company (T&T) Ltd. Brtish-American Insurance Company Trinidad Ltd. Capital Insurance Ltd. FUND AT THE BEGINNING OF YEAR Unearned Premium Reserve $ 28,303,310 1,031,369 835,119 47,014 Outstanding Claims Reserve $ 15,693,363 960,457 97,827 COMMISSIONS RECIEVED $ 12,745,592 1,369,614 57,906 REVENUE Premiums Transfer from $ 77,371,578 10,459,709 5,562,043 83,628 NET INTEREST $ 13,113,616 90,617 Other P&L $ 8,215 Profit & Loss Account $ 22,148,489 293,670 1,216,415 EXPENDITURE TOTAL Commissions Expenses Reserve for $ 169,375,948 14,114,819 7,810,236 188,548 Payment of Claims Includung Legal and Medical Expenses $ 20,326,943 864,963 2,127,169 $ 17,231,066 2,101,799 361,421 of Management $ 16,457,817 2,492,989 1,059,591 Other P&L $ 36,263,352 Transfer to Profit & Loss Account $ 19,268,669 2,295,144 1,903,278 122,105 FUND AT AT END OF YEAR Unearned Premium $ 40,071,800 5,122,308 1,661,439 66,443 Reserve for Outstanding Claims $ 19,756,301 1,237,617 697,338 5. 6. Citizen Insurance Company Ltd. Colonial Fire & General Insurance Company Ltd. 14,255,783 4,701,053 20,062,918 76,724,224 1,427,704 I N C O M P U L S O R Y L I Q U I D A T I O N 1,809,597 118,981,279 49,636,214 14,286,390 21,556,204 12,076,531 15,098,856 6,327,085 7. Export Import Bank of Trinidad and Tobago Co. Ltd. 122,829 2,124,504 2,090,600 4,337,933 (80,000) 1,736,789 2,574,985 106,159 8. Furness Anchorage General Insurance Ltd. 2,087,715 180,895 3,208,134 5,784,440 433,933 199,481 11,894,598 342,266 2,469,503 2,051,833 2,547,777 4,064,107 419,112 9. GTM Fire Insurance Company Ltd. 5,503,101 3,496,034 3,828,211 7,503,140 587,875 621,968 325,205 21,865,534 2,988,971 2,845,816 5,675,493 1,599,940 5,669,861 3,085,454 10. Guardian General Insurance Ltd. 21,510,682 57,723,659 21,184,156 69,889,102 6,389,527 13,682 731,393 177,442,201 25,022,032 22,148,862 22,661,260 15,060,650 23,209,635 69,339,759 11. Guardian Life of the Caribbean Ltd. 14,537,253 20,961,360 186,863,110 607,923 66,232,780 289,202,426 111,462,240 46,195,045 10,179,437 3,950,312 83,534,985 18,882,947 14,997,460 12. Gulf Insurance Ltd. 1,757,394 3,920,423 929,158 1,037,647 239,131 1,085,101 8,968,854 2,978,165 1,540,615 258,251 1,184,986 644,459 2,362,379 13. 14. Maritime General Insurance Company Ltd. 4,771,460 8,738,429 8,128,126 8,751,283 Motor & General Insurance Company Ltd. 1,093,342 1,099,622 32,582,262 3,986,471 7,328,053 5,801,116 1,788,750 4,941,772 8,736,102 N O A C C O U N T S S U B M I T T E D 15. Motor One Insurance Company Ltd. 16. 17. Nationwide Insurance (Casualty & General) Co. Ltd. Royal Caribbean Insurance Ltd. 824,146 12,484 I N C O M P U L S O R Y L I Q U I D A T I O N 85,432 922,062 1,057 921,004 18. 19. 20. 21. The Beacon Insurance Company Ltd. The Goodwill General Insurance Company Ltd. The Great Northern Insurance Company Ltd. The Mountain General Insurance Company Ltd. 14,725,883 4,626,187 12,994,317 30,407,345 936,939 6,103,278 69,793,949 6,616,432 7,638,246 20,842,522 I N C O M P U L S O R Y L I Q U I D A T I O N N O A C C O U N T S S U B M I T T E D N O A C C O U N T S S U B M I T T E D 1,365,048 6,823,545 19,533,140 6,975,016 22. The New India Assurance Company (T&T) Ltd. 1,871,271 1,403,400 3,784,575 2,960,711 1,266,686 11,286,643 474,789 2,542,527 3,085,563 126,592 3,011,068 2,046,104 23. The Reinsurance Company of T&T Ltd. 3,323,375 5,917,480 5,791,325 8,883,997 23,916,177 3,313,456 3,742,404 3,413,203 2,645,115 3,986,727 6,815,272 24. 25. The Western General Insurance Company Ltd. Trinidad & Tobago Insurance Ltd. 10,576,443 24,351,829 10,543,447 29,416,951 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 7,370,991 82,259,661 14,598,317 4,620,123 7,993,034 20,109,499 13,042,069 21,896,619 TOTAL 125,260,002 153,596,543 104,627,479 523,823,411 33,786,759 1,251,787 102,597,149 1,044,943,130 244,658,428 135,051,870 125,266,158 41,578,712 173,662,550 159,112,790 165,612,621 CARIBBEAN 1. Sagicor General Insurance Company Ltd. 17,742,670 12,326,332 13,231,606 19,585,586 3,145,851 66,032,045 9,195,059 11,303,748 12,012,637 16,497,394 17,023,207 2. Sagicor Life Inc. 6,207,288 518,324 62,030,068 (2,527,214) 2,010,746 1,083,374 69,322,585 44,510,164 6,075,280 6,788,687 525,572 11,422,882 3. United Insurance Company Ltd. 5,058,067 3,633,721 8,218,088 13,427,714 3,126,093 406,589 33,870,272 4,997,644 6,145,656 1,473,376 3,663,299 6,200,250 5,873,994 5,516,063 TOTAL 29,008,025 15,960,053 21,968,018 95,043,368 598,879 2,010,746 4,635,814 169,224,902 58,702,867 23,524,684 8,262,063 3,663,299 18,738,459 33,794,270 22,539,270 GRAND TOTAL 154,268,027 169,556,596 126,595,497 618,866,778 34,385,638 3,262,533 107,232,963 1,214,168,032 303,361,296 158,576,554 133,528,221 45,242,011 192,401,009 192,907,060 188,151,891 TOTAL $ 169,375,948 14,114,819 7,810,236 188,548 118,981,279 4,337,933 11,894,598 21,865,534 177,442,201 289,202,426 8,968,854 32,582,262 922,062 69,793,949 11,286,643 23,916,177 82,259,661 1,044,943,130 66,032,045 69,322,585 33,870,272 169,224,902 1,214,168,032 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 176 REPORT ON INSURANCE AND PENSIONS
TABLES TABLE XV (2) REVENUE ACCOUNT IN RESPECT OF OTHER THAN LONG-TERM OR MOTOR INSURANCE - 2007 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 1. 2. 3. COMPANIES LOCAL American Life and General Insurance Co. (T&T) Ltd. Bankers Insurance Company (T&T) Ltd. Brtish-American Insurance Co. Trinidad Ltd. Capital Insurance Ltd. Caribbean Insurance Company Ltd. Citizen Insurance Company Ltd. Colonial Fire & General Insurance Co. Ltd. Export Import Bank of Trinidad and Tobago Co. Ltd. Furness Anchorage General Insurance Ltd. GTM Fire Insurance Company Ltd. Guardian General Insurance Ltd. Guardian Life of the Caribbean Ltd. Gulf Insurance Ltd. Maritime General Insurance Company Ltd. Motor & General Insurance Company ltd. Motor One Insurance Company Ltd. Nationwide Insurance (Casualty & General) Co. Ltd. Royal Caribbean Insurance Ltd. The Beacon Insurance Company Ltd. The Goodwill General Insurance Company Ltd. The Great Northern Insurance Company Ltd. The Mountain General Insurance Company Ltd. The New India Assurance Company (T&T) Ltd. The Presidential Insurance Company Ltd. The Reinsurance Company of T&T Ltd. The Western General Insurance Company Ltd. Trinidad & Tobago Insurance Ltd. TOTAL CARIBBEAN Sagicor General Insurance Company Ltd. Sagicor Life Inc. United Insurance Company Ltd. TOTAL GRAND TOTAL FUND AT THE BEGINNING OF YEAR Unearned Premium Reserve $ 37,678,119 10,939,918 835,119 31,436,359 55,947,640 122,829 2,622,913 14,993,612 81,555,273 14,537,253 7,590,177 34,826,327 10,936,827 24,579,364 15,580,183 8,385,495 10,672,345 54,117,113 417,356,865 35,487,317 6,207,288 5,058,067 46,752,672 464,109,537 Outstanding Claims Reserve $ 20,288,142 14,102,282 97,827 32,407,381 25,611,689 633,707 7,170,339 135,150,890 20,961,360 10,594,698 51,126,959 NO 2,352,265 4,424,431 17,092,457 11,233,618 8,212,420 13,038,952 70,044,393 444,543,810 24,659,156 3,633,721 28,292,877 472,836,687 REVENUE Premiums COMMISSIONS INTEREST Other Profit & Loss RECIEVED DIVIDENDS ADJUSTMENTS AND RENTS $ 99,398,251 28,329,790 5,562,043 73,669,418 194,028,052 2,124,504 9,457,712 28,709,987 219,515,814 186,863,110 14,356,567 106,211,198 ACCOUNTS 30,988,062 51,686,300 32,010,282 32,932,837 32,634,194 125,601,746 1,274,079,866 67,441,575 62,030,068 13,427,714 142,899,357 1,416,979,223 $ 12,763,821 1,369,614 57,906 20,062,918 3,208,134 3,933,470 21,184,156 1,287,814 8,128,126 SUBMITTED 13,002,343 3,864,935 5,791,325 10,571,166 105,225,728 13,344,012 518,324 8,218,088 22,080,424 127,306,152 $ TOTAL Expenses of Management EXPENDITURE Commissions Other Unearned 13,978,163 22,148,489 206,254,984 28,942,746 20,732,402 17,159,312 38,225,004 293,670 55,035,273 13,174,177 4,730,586 5,968,572 90,617 8,215 1,216,415 7,810,236 2,127,169 361,421 1,059,591 4,741,188 142,312,252 56,330,442 4,764,688 8,202,952 1,101,368 1,161,137 2,262,505 2,258,643 3,862 I N C O M P U L S O R Y L I Q U I D A T I O N 7,749,037 1,809,597 305,208,933 100,374,177 26,203,165 54,105,999 2,090,600 4,337,933 (80,000) 1,736,789 622,920 199,481 16,744,867 1,875,892 2,731,385 2,250,098 1,367,559 1,446,869 325,205 57,947,041 11,501,621 5,763,040 9,509,587 13,407,590 13,699 731,393 471,558,815 44,434,870 43,593,366 107,536,938 607,923 66,232,780 289,202,426 46,195,045 10,179,437 3,950,312 3,308,551 1,085,101 38,222,908 111,462,240 2,918,253 3,573,082 13,269,504 1,099,622 214,661,736 10,536,914 25,032,363 17,634,723 N O A C C O U N T47,920,549 S S U B M I T T E D 894,083 45,171,237 14,026,610 2,008,458 7,991,405 67,021 1,099,502 163,932 6,103,278 4,655,384 113,563,244 448,866 14,233,569 9,798,048 1,057 24,458,797 1,508,696 I N C O M P U L S O R Y L I Q U I D A T I O N N O A C C O U N T S S U B M I T T E D N O A C C O U N T S S U B M I T T E D 1,266,686 63,955,704 11,545,835 7,385,669 8,451,282 1,257,309 11,221,048 62,009,109 14,365,911 2,197,813 9,598,672 190,796 62,136,816 10,644,584 7,264,556 8,937,050 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 15,250,653 275,585,070 56,626,383 15,739,530 16,537,667 80,295,664 13,297,754 103,836,786 2,438,636,473 613,594,624 228,261,292 253,208,080 43,878,669 (2,527,214) 3,126,093 598,879 80,894,543 $ 2,010,746 2,010,746 15,308,500 $ 3,145,851 1,083,374 406,589 4,635,814 108,472,600 $ 144,077,911 69,322,585 33,870,272 247,270,768 2,685,907,241 Payment of Claims Includung Legal and Medical Expenses $ 29,563,711 44,510,164 4,997,644 79,071,519 692,666,144 $ 18,575,769 6,075,280 6,145,656 30,796,705 259,057,997 $ 6,788,687 1,473,376 8,262,063 261,470,143 $ 3,663,299 3,663,299 47,541,968 Transfer to Profit & Loss Account $ 25,162,980 4,366,498 1,903,278 (8,915,244) 21,717,273 2,574,985 4,642,279 5,095,473 16,643,958 83,534,985 2,041,100 12,148,496 1,587,710 7,459,657 438,025 11,660,148 3,326,545 52,614,797 248,002,943 23,117,916 525,572 6,200,250 29,843,738 277,846,681 Premium RESERVE $ FUND AT AT END OF YEAR 51,549,222 15,799,733 1,661,439 41,536,557 66,839,648 106,159 4,634,929 18,492,414 91,997,491 18,882,947 8,573,724 47,364,244 16,077,956 32,962,709 20,733,563 14,429,473 16,739,724 68,290,275 536,672,208 42,186,359 11,422,882 5,873,994 59,483,235 596,155,443 Outstanding Claims RESERVE $ 24,483,319 10,995,707 697,338 40,392,857 35,968,671 610,284 7,584,906 167,352,189 14,997,460 10,579,836 64,561,362 3,479,098 4,205,460 23,141,768 15,401,330 9,566,295 15,224,357 65,776,419 515,018,656 30,634,156 5,516,063 36,150,219 551,168,875 TOTAL $ 206,254,984 55,035,273 7,810,236 142,312,252 2,262,505 305,208,933 4,337,933 16,744,867 57,947,042 471,558,815 289,202,427 38,222,908 214,661,737 45,171,237 4,655,384 113,563,244 63,955,704 62,009,109 62,136,816 275,585,070 2,438,636,477 144,077,911 69,322,585 33,870,282 247,270,778 2,685,907,255 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - REPORT ON INSURANCE AND PENSIONS 177
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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
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APPENDIX A THE PRESIDENTIAL INSURAN
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APPENDIX A UNITED INSURANCE COMPANY
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APPENDIX B LIST OF REGISTERED AGENT
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List of Registered Agents List of A
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Page 128 and 129: 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 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
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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 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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