Report on Insurance and Pensions 2007 - Central Bank of Trinidad ...
Report on Insurance and Pensions 2007 - Central Bank of Trinidad ...
Report on Insurance and Pensions 2007 - Central Bank of Trinidad ...
- No tags were found...
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
LONG-TERM INSURANCE BUSINESS<br />
Statutory Funds<br />
3.08 Secti<strong>on</strong> 37(4) <strong>of</strong> the <strong>Insurance</strong> Act, Chap. 84:01 requires that:<br />
“Every company carrying <strong>on</strong> l<strong>on</strong>g-term insurance business in <strong>Trinidad</strong> <strong>and</strong> Tobago shall<br />
place in trust in <strong>Trinidad</strong> <strong>and</strong> Tobago assets equal to its liability <strong>and</strong> c<strong>on</strong>tingency reserves<br />
with respect to its <strong>Trinidad</strong> <strong>and</strong> Tobago policyholders as established by the balance sheet <strong>of</strong><br />
the Company as at the end <strong>of</strong> its last financial year.”<br />
3.09 The total policy liabilities <strong>of</strong> the sixteen (16) companies which submitted Returns amounted<br />
to $21,956,320,354 an increase <strong>of</strong> 20.2% over the liabilities <strong>of</strong> $18,254,016,230 reported by<br />
sixteen (16) companies for 2006. Details <strong>of</strong> the policy liabilities <strong>of</strong> individual companies are<br />
shown in Table XI.<br />
Hereunder is a summary <strong>of</strong> total policy liabilities:<br />
Local<br />
Companies<br />
$<br />
regi<strong>on</strong>al<br />
Companies<br />
$<br />
Other<br />
$<br />
TOTAL<br />
$<br />
Policy Reserves<br />
19,916,287,707<br />
2,039,513,396<br />
519,251<br />
21,956,320,354<br />
Outst<strong>and</strong>ing Claims<br />
175,923,716<br />
45,887,893<br />
54,431<br />
221,866,040<br />
Other Reserves<br />
788,163,969<br />
3,089,043<br />
384,555<br />
791,637,567<br />
TOTAL RESERVES<br />
20,880,375,392<br />
2,088,490,332<br />
958,237<br />
22,969,823,961<br />
Less:<br />
Policy Loans<br />
339,328,673<br />
24,108,475<br />
243,427<br />
363,680,575<br />
Outst<strong>and</strong>ing Premiums<br />
55,029,629<br />
1,012,138<br />
-<br />
56,041,767<br />
Other Deducti<strong>on</strong>s<br />
1,195,451,347<br />
463,306<br />
-<br />
1,195,914,653<br />
TOTAL DEDUCTIONS<br />
1,589,809,649<br />
25,583,919<br />
243,427<br />
1,615,636,995<br />
Statutory Fund<br />
Requirement<br />
19,290,565,743<br />
2,062,906,413<br />
714,810<br />
21,354,186,966<br />
REPORT ON INSURANCE AND PENSIONS 19
Change language