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 INTERMEDIARIES Examinations 6.02 The Trinidad and Tobago Insurance Institute is the approved educational institution to supervise and administer examinations referred to in Part III of the Act. 6.03 The results of examinations in life and general insurance and Diploma in Motor Insurance Claims Investigation & Adjusting which were held in 2007 are as follows: NO. OF PERSONS REGISTERED TO WRITE EXAMS NO. OF PERSONS WHO WERE SUCCESSFUL NO. OF PERSONS REGISTERED TO WRITE EXAMS BUT DID NOT Long-Term Insurance Examinations February April June August October December 52 133 94 79 56 145 25 77 54 44 29 94 7 6 4 7 4 11 General Insurance Examinations April June August October December 77 113 63 30 52 54 87 44 25 40 5 5 5 3 4 Paper 2 - Motor Insurance Claims Principles & Practices December 12 7 1 REVENUE 6.04 The total revenue collected from registration fees for the period ended 31st December 2007 amounted to $1,062,600 and in 2006 - $940,500. 56 REPORT ON INSURANCE AND PENSIONS
PART III - PENSION FUND PLANS 7. PART III pENSION FUND PLANS 7.01 No new Pension Plan was registered during 2007. 7.02 The number of active registered Pension Fund Plans now stands at one hundred and ninety-five (195) comprising of eighty-nine (89) self-administered Pension Fund Plans and one hundred and six (106) insured/annuity plans. There are thirty two (32) plans in the process of being deregistered and twenty-nine (29) plans in the process of being wound-up; this figure is inclusive of one (1) plan which is under judicial management. A list of the pension plans is provided at Appendix E to this report. 7.03 The list of the active registered pension plans is provided at Appendix E to this report. Amendments 7.04 Six (6) amendments were made to the Trust Deeds and Rules of six (6) pension fund plans, during the period under review. The amendments were registered upon payment of the prescribed fee. Revenue 7.05 Revenue in respect of the amendments thereto for the year ended 31st December 2007 was one hundred and twenty dollars ($120.00). Annual Accounts 7.06 The trustees of pension fund plans submitted annual audited accounts in respect of one hundred and ninety-three (193) plans. Seventy-one (71) were in respect of self -administered pension fund plans and one hundred and twenty-two (122) were in respect of insured/annuity pension fund plans. 7.07 For the purpose of this report, insured plans included plans which are administered by an insurer under a deposit administration contract. 7.08 The Accounts received are detailed at Tables XXXII to XXXV. REPORT ON INSURANCE AND PENSIONS 57
- 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
- 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 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
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- Page 76 and 77: ACTUARIAL INVESTIGATIONS SUMMARIES
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- 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
INSURANCE INTERMEDIARIES<br />
Examinati<strong>on</strong>s<br />
6.02 The <strong>Trinidad</strong> <strong>and</strong> Tobago <strong>Insurance</strong> Institute is the approved educati<strong>on</strong>al instituti<strong>on</strong> to<br />
supervise <strong>and</strong> administer examinati<strong>on</strong>s referred to in Part III <strong>of</strong> the Act.<br />
6.03 The results <strong>of</strong> examinati<strong>on</strong>s in life <strong>and</strong> general insurance <strong>and</strong> Diploma in Motor <strong>Insurance</strong><br />
Claims Investigati<strong>on</strong> & Adjusting which were held in <strong>2007</strong> are as follows:<br />
NO. OF PERSONS<br />
REGISTERED TO<br />
WRITE EXAMS<br />
NO. OF PERSONS<br />
WHO WERE<br />
SUCCESSFUL<br />
NO. OF PERSONS<br />
REGISTERED TO<br />
WRITE EXAMS<br />
BUT DID NOT<br />
L<strong>on</strong>g-Term <strong>Insurance</strong><br />
Examinati<strong>on</strong>s<br />
February<br />
April<br />
June<br />
August<br />
October<br />
December<br />
52<br />
133<br />
94<br />
79<br />
56<br />
145<br />
25<br />
77<br />
54<br />
44<br />
29<br />
94<br />
7<br />
6<br />
4<br />
7<br />
4<br />
11<br />
General <strong>Insurance</strong><br />
Examinati<strong>on</strong>s<br />
April<br />
June<br />
August<br />
October<br />
December<br />
77<br />
113<br />
63<br />
30<br />
52<br />
54<br />
87<br />
44<br />
25<br />
40<br />
5<br />
5<br />
5<br />
3<br />
4<br />
Paper 2 - Motor <strong>Insurance</strong> Claims<br />
Principles & Practices<br />
December<br />
12<br />
7<br />
1<br />
REVENUE<br />
6.04 The total revenue collected from registrati<strong>on</strong> fees for the period ended 31st December <strong>2007</strong><br />
amounted to $1,062,600 <strong>and</strong> in 2006 - $940,500.<br />
56<br />
REPORT ON INSURANCE AND PENSIONS
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