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

More documents

Recommendations

Info

INSURANCE COMPANIES 3.06 Policies discontinued or redeemed during 2007 have been further classified as follows: Death Surrender Forfeiture Lapse Maturity Miscellaneous TOTAL Number of Policies 1,570 9,931 6,538 11,089 4,159 3,074 36,361 Sum Assured $ 80,575,643 509,323,638 784,475,373 1,609,320,986 77,431,469 2,483,997,251 5,545,124,361 Details are listed in Table VIII Policy Loans 3.07 Policy loans in respect of fourteen (14) companies for the year 2007 totaled $363,680,575 an increase of 17.2% over the 2006 figure of $310,228,837. The ratio of policy loans to total reserves remained constant at 1.6% in 2006 and in 2007. Policy Loans $ Reserves $ Policy Loan / Reserves % Local Companies 339,328,673 20,880,375,392 1.6 Regional Companies 24,108,475 2,088,490,332 1.2 Other 243,427 958,237 25.4 363,680,575 22,969,823,961 1.6 18 REPORT ON INSURANCE AND PENSIONS
LONG-TERM INSURANCE BUSINESS Statutory Funds 3.08 Section 37(4) of the Insurance Act, Chap. 84:01 requires that: “Every company carrying on long-term insurance business in Trinidad and Tobago shall place in trust in Trinidad and Tobago assets equal to its liability and contingency reserves with respect to its Trinidad and Tobago policyholders as established by the balance sheet of the Company as at the end of its last financial year.” 3.09 The total policy liabilities of the sixteen (16) companies which submitted Returns amounted to $21,956,320,354 an increase of 20.2% over the liabilities of $18,254,016,230 reported by sixteen (16) companies for 2006. Details of the policy liabilities of individual companies are shown in Table XI. Hereunder is a summary of total policy liabilities: Local Companies $ regional Companies $ Other $ TOTAL $ Policy Reserves 19,916,287,707 2,039,513,396 519,251 21,956,320,354 Outstanding Claims 175,923,716 45,887,893 54,431 221,866,040 Other Reserves 788,163,969 3,089,043 384,555 791,637,567 TOTAL RESERVES 20,880,375,392 2,088,490,332 958,237 22,969,823,961 Less: Policy Loans 339,328,673 24,108,475 243,427 363,680,575 Outstanding Premiums 55,029,629 1,012,138 - 56,041,767 Other Deductions 1,195,451,347 463,306 - 1,195,914,653 TOTAL DEDUCTIONS 1,589,809,649 25,583,919 243,427 1,615,636,995 Statutory Fund Requirement 19,290,565,743 2,062,906,413 714,810 21,354,186,966 REPORT ON INSURANCE AND PENSIONS 19
Page 1: ISSN 1995-7173
Page 4 and 5: TABLE OF CONTENTS Paragraph Referen
Page 6 and 7: TABLE OF CONTENTS LIST OF TABLES TA
Page 8 and 9: OVERVIEW OF THE INSURANCE INDUSTRY
Page 14 and 15: PART I - INSURANCE COMPANIES 3. LON
Page 16 and 17: INSURANCE COMPANIES New Business Wr
Page 18 and 19: INSURANCE COMPANIES FIGURE 5 Long-T
Page 22 and 23: INSURANCE COMPANIES 3.10 Assets pla
Page 24 and 25: INSURANCE COMPANIES Local Assets Ra
Page 26 and 27: INSURANCE COMPANIES 3.17 Net Premiu
Page 28 and 29: INSURANCE COMPANIES FIGURE 7 Long-T
Page 30 and 31: INSURANCE COMPANIES REINSURANCE 3.1
Page 32 and 33: GENERAL INSURANCE BUSINESS 4. GENER
Page 34 and 35: INSURANCE COMPANIES Statutory Depos
Page 36 and 37: INSURANCE COMPANIES DEPOSITS RETAIN
Page 38 and 39: INSURANCE COMPANIES GENERAL INSURAN
Page 40 and 41: INSURANCE COMPANIES SCHEDULE SHOWIN
Page 42 and 43: INSURANCE COMPANIES Underwriting Re
Page 44 and 45: INSURANCE COMPANIES REINSURANCE - M
Page 46 and 47: INSURANCE COMPANIES SCHEDULE SHOWIN
Page 48 and 49: INSURANCE COMPANIES FIGURE 10 OTHER
Page 50 and 51: INSURANCE COMPANIES REINSURANCE - P
Page 52 and 53: INSURANCE COMPANIES REINSURANCE - O
Page 54 and 55: INSURANCE COMPANIES MARGIN OF SOLVE
Page 56 and 57: INSURANCE COMPANIES 5. ASSOCIATION
Page 58 and 59: INSURANCE INTERMEDIARIES Examinatio
Page 60 and 61: PENSION FUND PLANS 7.09 The followi
Page 62 and 63: PENSION FUND PLANS Balance Sheets 7
Page 64 and 65: PENSION FUND PLANS FIGURE 12 PENSIO
Page 66 and 67: ACTUARIAL INVESTIGATIONS SUMMARIES
Page 68 and 69: ACTUARIAL INVESTIGATIONS SUMMARIES
Page 70 and 71:
ACTUARIAL INVESTIGATIONS SUMMARIES
Page 72 and 73:
Page 74 and 75:
Page 76 and 77:
Page 78 and 79:
Page 80 and 81:
Page 82 and 83:
APPENDIX A Directors: Secretary: Au
Page 84 and 85:
APPENDIX A Directors: Secretary: Au
Page 86 and 87:
APPENDIX A CARIBBEAN INSURANCE COMP
Page 88 and 89:
APPENDIX A COLONIAL FIRE AND GENERA
Page 90 and 91:
APPENDIX A CUNA CARIBBEAN INSURANCE
Page 92 and 93:
APPENDIX A FURNESS ANCHORAGE GENERA
Page 94 and 95:
APPENDIX A GUARDIAN GENERAL INSURAN
Page 96 and 97:
APPENDIX A GULF INSURANCE LIMITED I
Page 98 and 99:
APPENDIX A MARITIME LIFE (CARIBBEAN
Page 100 and 101:
APPENDIX A MOTOR ONE INSURANCE COMP
Page 102 and 103:
APPENDIX A THE REINSURANCE COMPANY
Page 104 and 105:
APPENDIX A SAGICOR GENERAL INSURANC
Page 106 and 107:
APPENDIX A SCOTIALIFE INSURANCE LIM
Page 108 and 109:
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 120 and 121:
Page 122 and 123:
Page 124 and 125:
Page 126 and 127:
Page 128 and 129:
Page 130 and 131:
Page 132 and 133:
Page 134 and 135:
Page 136 and 137:
Page 138 and 139:
Page 140 and 141:
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 152 and 153:
Page 154 and 155:
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
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
show all

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

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?