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

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TABLES TABLE XVI REVENUE ACCOUNT IN RESPECT OF PROPERTY INSURANCE - 2007 COMPANIES REVENUE EXPENDITURE 1. LOCAL American Life and General Insurance Company (T&T) Ltd. FUND AT THE BEGINNING OF YEAR Unearned Premium Reserve Premiums NET Interest Other Transfer from Profit & Loss Account tOTAL $ $ $ $ $ $ $ $ $ $ $ $ $ $ 6,010,868 Outstanding Claims Reserve 2,288,417 11,997,794 Commissions Received 10,213,684 9,701,102 19,938,451 60,150,316 Payment of Claims Includung Legal and Medical Expenses 3,462,651 Commissions Other Transfer to 7,319,400 Expenses of Management 7,871,494 29,808,683 Profit & Loss Account FUND AT END OF YEAR Reserve for Unearned Premium 6,241,450 Reserve for Outstanding Claims 5,446,638 tOTAL $ $ 60,150,316 2. Bankers Insurance Company (T&T) Ltd. 236,055 271,211 1,183,641 1,369,614 79,367 3,143,620 703,752 701,231 851,784 412,678 468,587 3,143,623 3. British-American Insurance Co. Trinidad Ltd. 595,232 3,949,718 72,082 6,535 4,623,567 193,202 245,740 914,971 1,472,971 1,390,683 406,000 4,623,567 4. Capital Insurance Ltd. 43,028 83,628 57,906 184,562 118,119 66,443 184,562 5. Citizen Insurance Company Ltd. I N C O M P U L S O R Y L I Q U I D A T I O N 6. Colonial Fire & General Insurance Company Ltd. 6,676,053 1,582,658 7,396,245 18,504,833 1,012,225 35,172,014 1,715,383 10,494,775 5,212,149 9,794,169 6,628,462 1,327,076 35,172,014 7. Furness Anchorage General Insurance Ltd. 624,309 157,439 (4,174) 1,565,199 149,533 177,877 2,670,183 136,323 1,055,666 1,155,402 111,724 211,068 2,670,183 8. GTM Fire Insurance Co. Ltd. 3,325,450 1,621,352 3,359,910 3,618,250 339,650 359,347 325,205 12,949,164 1,907,899 2,250,905 4,237,467 3,344,625 1,208,268 12,949,164 9. Guardian General Insurance Ltd. 7,693,602 5,619,435 17,703,239 15,844,364 661,524 6,476 47,528,641 5,111,539 13,253,967 10,511,937 2,928,557 7,211,986 8,510,655 47,528,641 10. Gulf Insurance Ltd. 1,328,350 2,182,139 (1,553,306) 663,564 (357,968) 323,614 2,586,394 1,837,615 1,336,510 (386,589) (670,839) 469,697 2,586,394 11. Maritime General Insurance Company Ltd. 2,250,486 3,870,127 4,925,892 7,624,394 615,417 19,286,316 1,098,060 6,372,210 4,779,474 876,389 2,617,533 3,542,651 19,286,317 12. 13. Nationwide Insurance (Casualty & General) Co. Ltd. Royal Caribbean Insurance Ltd. 358,313 I N C O M P U L S O R Y L I Q U I D A T I O N 5,428 64,644 428,385 1,057 427,327 428,385 14. 15. The Beacon Insurance Company Ltd. 2,724,949 664,633 3,554,455 6,535,311 481,560 The Goodwill General Insurance Company Ltd. 3,778,066 17,738,974 964,282 2,912,337 10,712,456 104,958 2,514,731 530,210 17,738,974 I N C O M P U L S O R Y L I Q U I D A T I O N 16. The Great Northern Insurance Company Ltd. N O A C C O U N T S S U B M I T T E D 17. 18. The Mountain General Insurance Company Ltd. The New India Assurance Company (T&T) Ltd. 1,568,753 539,084 1,136,323 3,777,301 N O A C C O U N T S S U B M I T T E D 1,225,675 8,247,136 334,779 2,328,749 2,761,033 1,659,701 1,162,874 8,247,136 19. The Reinsurance Company of T&T Ltd. 300,450 1,992,138 1,058,337 3,650,345 7,001,270 1,037,813 2,412,308 1,095,150 713,289 464,485 1,278,224 7,001,270 20. Trinidad & Tobago Insurance Ltd. 5,540,330 2,213,409 4,294,590 7,452,705 4,101,446 23,602,479 2,459,170 2,784,236 4,447,570 3,879,987 7,065,362 2,966,155 23,602,479 TOTAL 38,917,916 23,360,356 59,086,292 80,877,469 16,781,999 372,358 25,912,899 245,313,021 20,962,469 53,468,033 54,165,355 29,913,641 19,783,481 39,059,024 27,955,431 245,313,025 1. 2. CARIBBEAN Sagicor General Insurance Ltd. United Insurance Company Ltd. TOTAL 8,620,036 1,890,373 10,510,409 2,500,102 963,781 3,463,883 (165,804) 4,382,868 4,217,064 6,472,775 7,734,112 14,206,887 2,292,039 2,292,039 2,495,610 19,922,719 3,271,831 6,128,195 5,894,466 4,628,227 19,922,719 17,263,173 1,215,486 4,505,971 1,080,273 2,685,915 4,601,314 2,002,482 1,171,733 17,263,174 2,495,610 37,185,892 4,487,317 10,634,166 1,080,273 2,685,915 4,601,314 7,896,948 5,799,960 37,185,893 GRAND TOTAL 49,428,325 26,824,239 63,303,356 95,084,356 19,074,038 372,358 28,408,509 282,498,913 25,449,786 64,102,199 55,245,628 32,599,556 24,384,795 46,955,972 33,755,391 282,498,918 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 178 REPORT ON INSURANCE AND PENSIONS
TABLES TABLE XVII REVENUE ACCOUNT IN RESPECT OF MISCELLANEOUS GENERAL INSURANCE - 2007 COMPANIES REVENUE EXPENDITURE 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. LOCAL American Life and General Insurance Company (T&T) Ltd. Bankers Insurance Company (T&T) Ltd. British-American Insurance Co. Trinidad Ltd. Capital Insurance Ltd. Citizen Insurance Company Ltd. Colonial Fire & General Insurance Company Ltd. Export Import Bank of Trinidad and Tobago Co. Ltd. Furness Anchorage General Insurance Ltd. Gulf Insurance Ltd. Guardian General Insurance Ltd. GTM Fire Insurance Co. Ltd. Ṁaritime General Insurance Company Ltd. Nationwide Insurance (Casualty & General) Co. Ltd. Royal Caribbean Insurance Ltd. The Beacon Insurance Company Ltd. The Great Northern Insurance Company Ltd. The Mountain General Insurance Company Ltd. The New India Assurance Company (T&T) Ltd. The Reinsurance Company of Trinidad &Tobago Ltd. Trinidad and Tobago Insurance Ltd. TOTAL CARIBBEAN FUND AT THE BEGINNING OF YEAR Unearned Premium Reserve $ 804,300 239,887 3,986 5,144,758 122,829 143,612 2,477,894 395,572 1,187,264 1,830,727 (50) 98,480 1,040,517 13,489,776 Outstanding Claims Reserve Premiums Transfer from Profit & Loss Account $ $ $ $ $ $ $ $ $ $ $ $ $ $ 5,734,923 18,232,757 791,056 793,605 2,210,038 28,566,679 11,493,605 2,035,827 6,461,335 218,717 460,876 988,792 6,908,064 8,035,308 8,035,308 1,229,785 1,357,955 1,523,406 3,924,162 97,827 1,612,325 18,535 1,680 1,216,415 3,186,669 1,933,967 115,681 144,620 430,307 270,756 291,338 3,986 3,986 I N C O M P U L S O R Y L I Q U I D A T I O N 519,233 63,397,045 644,496 46,288 69,751,820 45,653,325 2,664,283 14,443,016 1,272,778 5,446,143 273,129 2,124,504 2,090,600 4,337,933 (80,000) 1,736,789 2,574,985 106,159 2,910,440 1,262,428 27,470 21,604 4,365,554 23,751 870,784 595,541 838,251 2,037,227 171,292 4,234,122 145,211 547,728 387,275 302,882 2,019,916 13,989,117 13,275,084 209,573 257,798 918,525 319,559 12,649,803 123,942,721 Commissions Received 3,556,616 209,070 145,750 3,863,693 187,105 10,660,215 NET Interest Dividends & Rent 2,759,371 22,340 32,208 5,867 114,163 1,070,308 6,980,754 Other TOTAL Payment of Claims Includung Legal and Medical Expenses Expenses of Management 1,310 23,635 26,304,397 1,005,401 3,283,152 39,871 2,948,929 121,602 5,874,673 227,783 2,170,748 104,596 117,660 160,830 I N C O M P U L S O R Y L I Q U I D A T I O N 18,383 411,525 55,657 7,085,647 145,087 1,489,971 2,539,598 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 (50) 605,144 (5,500) 113,778 117,841 16,780,544 7,019,829 349,043 1,160,632 26,626 3,522,097 172,611,306 69,611,683 12,057,344 34,820,611 243,723 462,440 Transfer to Profit & Loss Account 7,927,212 397,440 473,561 1,286,372 297,900 4,833,222 22,320,297 FUND AT END OF YEAR Commissions Other TOTAL Reserve for Unearned Premium 2,502,500 141,758 867,929 1,085,006 (50) 81,126 1,051,262 18,502,771 Reserve for OUTSTANDING CLAIMS 3,767,931 75,090 506,726 411,525 325,096 2,366,555 15,096,746 $ 28,566,679 8,035,308 3,186,669 3,986 69,751,820 4,337,933 4,365,554 26,304,397 1,005,402 2,170,749 411,525 7,085,647 (50) 605,144 16,780,544 172,611,307 1. 2. 3. Sagicor General Insurance Company Ltd. Sagicor Life Inc. United Insurance Company Ltd. TOTAL GRAND TOTAL 3,811,114 6,207,288 1,553,148 11,571,550 25,061,326 1,839,058 7,902,594 6,541,469 1,266,553 3,105,611 17,094,728 62,030,068 4,320,122 74,252,784 198,195,504 518,324 483,976 7,543,769 18,203,984 (2,527,214) 497,072 (2,030,142) 4,950,612 2,010,746 1,083,374 69,322,585 44,510,164 6,075,280 6,788,687 2,010,746 2,037,372 19,921 1,103,295 4,625,392 20,094,235 1,634,678 3,296,816 8,140,792 97,557,612 270,168,918 976,738 47,121,580 116,733,263 977,206 10,349,302 22,406,646 234,278 7,022,965 41,843,576 582,493 582,493 1,044,933 8,419,923 525,572 1,399,324 10,344,819 32,665,116 3,723,600 11,422,882 1,797,958 16,944,440 35,447,210 3,019,218 20,094,235 2,172,798 5,192,016 20,288,762 69,322,585 8,140,795 97,557,615 270,168,922 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - REPORT ON INSURANCE AND PENSIONS 179
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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 130 and 131: 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 178 and 179: TABLES TABLE XV 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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