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

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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
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 20 and 21: INSURANCE COMPANIES 3.06 Policies d
Page 22 and 23: INSURANCE COMPANIES 3.10 Assets pla
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 74 and 75:
ACTUARIAL INVESTIGATIONS SUMMARIES
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
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APPENDIX A CARIBBEAN INSURANCE COMP
Page 88 and 89:
APPENDIX A COLONIAL FIRE AND GENERA
Page 90 and 91:
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
Page 104 and 105:
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 142 and 143:
APPENDIX C LIST OF BROKERS REGISTER
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APPENDIX D LIST OF REGISTERED ADJUS
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Appendix e LIST OF PENSION PLANS RE
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Appendix e LIST OF PENSION PLANS RE
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Appendix e INSURED PENSION FUND PLA
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Appendix e ANNUITIES 1. A.S. Bryden
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Appendix e list of registered pensi
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TABLES TABLE I REVENUE ACCOUNT IN R
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- 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11
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1. 2. 3. 4. 1. 2. 3. 4. TABLES TABL
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1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 1. 1
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1. 2. 3. 4. 5. TABLES TABLE VI REVE
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1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11.
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TABLES TABLE X COMPANIES LOCAL 1. A
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172TABLES TABLE XIA STATEMENT OF ST
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1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11.
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TABLES TABLE XV REVENUE ACCOUNT IN
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TABLES TABLE XVI REVENUE ACCOUNT IN
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TABLES TABLE XVIII REVENUE ACCOUNT
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1. 2. 3. 4. 1. 2. 1. 2. 3. 4. 1. 2.
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TABLES TABLE XXI UNDERWRITING RESUL
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TABLES TABLE XXIII SUMMARY AND VALU
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TABLES TABLE XXV SUMMARY AND VALUAT
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TABLES TABLE XXVII SUMMARY AND VALU
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TABLES TABLE XXIX SUMMARY AND VALUA
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TABLES TABLE XXXI SUMMARY AND VALUA
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TABLES TABLE XXXIII DEPOSIT ADMINIS
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TABLES TABLE XXXIII continued DEPOS
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1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11.
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51. 52. 53. 54. 55. 56. 57. 58. 59.
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TABLES TABLE XXXV NAME OF PLAN Fund
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TABLES TABLE XXXV continued SELF-AD
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Report on Insurance and Pensions 2007 - Central Bank of Trinidad ...

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