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 ...
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INSURANCE COMPANIES<br />
Statutory Deposits<br />
4.03 Secti<strong>on</strong> 29 <strong>of</strong> the <strong>Insurance</strong> Act Chap. 84:01 requires that companies transacting general<br />
insurance business maintain a deposit <strong>of</strong> not less than forty per cent (40%) <strong>of</strong> their premium<br />
income less payments for reinsurance.<br />
4.04 Additi<strong>on</strong>ally, there were three (3) life insurance companies incorporated outside <strong>Trinidad</strong><br />
<strong>and</strong> Tobago which were required by the Act to maintain a minimum deposit <strong>of</strong> $250,000<br />
each. Lloyd’s Underwriters is also required to maintain a deposit.<br />
4.05 At the end <strong>of</strong> <strong>2007</strong>, total deposits <strong>of</strong> $634,202,403 were invested in the following securities<br />
<strong>and</strong> held <strong>on</strong> behalf <strong>of</strong> the <strong>Central</strong> <strong>Bank</strong> <strong>of</strong> <strong>Trinidad</strong> <strong>and</strong> Tobago.<br />
<strong>2007</strong><br />
$<br />
2006<br />
$<br />
<strong>Trinidad</strong> <strong>and</strong> Tobago Government Securities<br />
denoted in <strong>Trinidad</strong> <strong>and</strong> Tobago Dollars<br />
417,621,211<br />
239,094,682<br />
Other T&T Government Securities<br />
11,860,818<br />
128,477,331<br />
2<br />
Other Securities<br />
204,720,374<br />
128,972,219<br />
TOTAL<br />
634,202,403<br />
496,544,232<br />
2<br />
Other Securities’ includes <strong>Trinidad</strong> <strong>and</strong> Tobago Home Mortgage <strong>Bank</strong> B<strong>on</strong>ds, US Government Securities <strong>and</strong> other Comm<strong>on</strong>wealth Government Securities.<br />
32<br />
REPORT ON INSURANCE AND PENSIONS