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 ...
INSURANCE COMPANIES Local Assets Ratio 3.13 Section 47(1) of the Insurance Act, Chap 84:01 requires every company to invest in Trinidad and Tobago an amount equal to at least eighty per cent (80%) of its Trinidad and Tobago dollar liability in the Statutory Fund. Section 47(2) further provides that assets not exceeding ten per cent (10%) of the Trinidad and Tobago dollar liability in each Statutory Fund are deemed to be assets in Trinidad and Tobago if such assets: (a) (b) are approved by the Central Bank; and originate in any of the member states of the Caribbean Community. 3.14 Total “Local” investment in Statutory Funds for the year 2007 was $18,095,539,882 representing a local asset ratio of 89.9%; the amount reported for the previous year was $15,104,330,765 (local asset ratio of 87.9%). Details are as follows: - Local Companies $ REGIONAL Companies $ Other $ TOTAL $ (i) T&T Government Securities 1,955,582,814 402,329,373 1,031,500 2,358,943,687 (ii) Mortgages 491,470,555 604,935,589 - 1,096,406,144 (iii) Real Estate 1,573,228,305 203,154,599 - 1,776,382,904 (iv) T&T Equities 6,837,458,885 153,947,128 - 6,991,406,013 (v) Cash on Deposit 1,488,843,199 153,376,889 - 1,642,220,088 (vi) Other Trinidad and Tobago “Local Assets” 2,569,637,899 341,160,668 - 2,910,798,567 TOTAL TRINIDAD AND TOBAGO “LOCAL” ASSETS 14,916,221,657 1,858,904,246 1,031,500 16,776,157,403 (vii) Caricom Assets 1,207,428,534 101,621,651 - 1,311,050,185 (viii) Other Caricom Assets denoted in Foreign Currency 8,332,294 - - 8,332,294 TOTAL “LOCAL” ASSETS 16,133,982,485 1,960,525,897 1,031,500 18,095,539,882 22 REPORT ON INSURANCE AND PENSIONS
LONG-TERM INSURANCE BUSINESS Revenue Account 3.15 Detailed Revenue Accounts in respect of eighteen (18) companies transacting long-term business are shown in Tables I-VII. A summary of the Revenue Accounts for the years 2007 and 2006 listed hereunder: Revenue 2007 $ 2006 $ Fund at beginning of year Net Premiums Commissions Received Interest, Dividends, etc. Other Transfer from Reserves 17,583,852,519 6,412,026,000 5,205,626 1,334,443,102 723,576,463 - 15,823,827,958 4,366,656,721 6,535,647 615,072,469 968,151,360 - TOTAL REVENUE 26,059,103,710 21,780,244,155 Expenditure Policy Payments Commissions Salaries and other Management Expenses Other Fund at end of year Transfer to Profit and Loss 3,252,959,576 354,707,945 680,923,932 355,080,983 21,270,195,285 145,235,989 3,194,823,155 286,343,722 617,219,956 (3,440,481) 17,638,142,020 47,155,783 TOTAL EXPENDITURE 26,059,103,710 21,780,244,155 Distribution of Premium Income 3.16 Business was distributed among locally incorporated, Caribbean and other companies as follows: Percentage of Long-Term Insurance Business (Net Premium Income) 2003 2004 2005 2006 2007 Local Companies 95.401 95.640 93.972 94.250 94.970 Regional Companies 4.570 4.359 6.027 5.749 5.030 Other 0.029 0.001 0.001 0.001 0.001 (See Figure 7) REPORT ON INSURANCE AND PENSIONS 23
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- Page 8 and 9: OVERVIEW OF THE INSURANCE INDUSTRY
- Page 10 and 11: OVERVIEW OF THE INSURANCE INDUSTRY
- Page 12 and 13: 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 20 and 21: INSURANCE COMPANIES 3.06 Policies d
- Page 22 and 23: INSURANCE COMPANIES 3.10 Assets pla
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- 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
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INSURANCE COMPANIES<br />
Local Assets Ratio<br />
3.13 Secti<strong>on</strong> 47(1) <strong>of</strong> the <strong>Insurance</strong> Act, Chap 84:01 requires every company to invest in<br />
<strong>Trinidad</strong> <strong>and</strong> Tobago an amount equal to at least eighty per cent (80%) <strong>of</strong> its <strong>Trinidad</strong><br />
<strong>and</strong> Tobago dollar liability in the Statutory Fund. Secti<strong>on</strong> 47(2) further provides that<br />
assets not exceeding ten per cent (10%) <strong>of</strong> the <strong>Trinidad</strong> <strong>and</strong> Tobago dollar liability in<br />
each Statutory Fund are deemed to be assets in <strong>Trinidad</strong> <strong>and</strong> Tobago if such assets:<br />
(a)<br />
(b)<br />
are approved by the <strong>Central</strong> <strong>Bank</strong>; <strong>and</strong><br />
originate in any <strong>of</strong> the member states <strong>of</strong> the Caribbean Community.<br />
3.14 Total “Local” investment in Statutory Funds for the year <strong>2007</strong> was $18,095,539,882<br />
representing a local asset ratio <strong>of</strong> 89.9%; the amount reported for the previous year<br />
was $15,104,330,765 (local asset ratio <strong>of</strong> 87.9%).<br />
Details are as follows: -<br />
Local<br />
Companies<br />
$<br />
REGIONAL<br />
Companies<br />
$<br />
Other<br />
$<br />
TOTAL<br />
$<br />
(i)<br />
T&T Government Securities<br />
1,955,582,814<br />
402,329,373<br />
1,031,500<br />
2,358,943,687<br />
(ii)<br />
Mortgages<br />
491,470,555<br />
604,935,589<br />
-<br />
1,096,406,144<br />
(iii) Real Estate<br />
1,573,228,305<br />
203,154,599<br />
-<br />
1,776,382,904<br />
(iv) T&T Equities<br />
6,837,458,885<br />
153,947,128<br />
-<br />
6,991,406,013<br />
(v) Cash <strong>on</strong> Deposit<br />
1,488,843,199<br />
153,376,889<br />
-<br />
1,642,220,088<br />
(vi) Other <strong>Trinidad</strong> <strong>and</strong> Tobago<br />
“Local Assets”<br />
2,569,637,899<br />
341,160,668<br />
-<br />
2,910,798,567<br />
TOTAL TRINIDAD AND<br />
TOBAGO “LOCAL” ASSETS<br />
14,916,221,657<br />
1,858,904,246<br />
1,031,500<br />
16,776,157,403<br />
(vii) Caricom Assets<br />
1,207,428,534<br />
101,621,651<br />
-<br />
1,311,050,185<br />
(viii) Other Caricom<br />
Assets denoted in<br />
Foreign Currency<br />
8,332,294<br />
-<br />
-<br />
8,332,294<br />
TOTAL “LOCAL” ASSETS<br />
16,133,982,485<br />
1,960,525,897<br />
1,031,500<br />
18,095,539,882<br />
22<br />
REPORT ON INSURANCE AND PENSIONS
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