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

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ACTUARIAL INVESTIGATIONS SUMMARIES OF THE RESULTS AND RECOMMENDATIONS OF THE ACTUARIAL INVESTIGATIONS ARE REPORTED HEREUNDER (continued) NAME OF PLAN ACTUARY VALUATION DATE RESULTS AND RECOMMENDATIONS Diego Matin Credit Union Co-op Society Staff Pension Fund Plan 89.087 10.910 0.003 89.763 10.192 0.045 CLICO November 1, 2006 90.908 9.058 0.034 91.868 8.100 0.032 93.004 The valuation revealed a past service deficit of $120,000 with a funding level of 76%. 6.963 It was recommended that:- 0.033 (a) The Company should contribute at 16.8% of pensionable salaries to fund the cost of future benefit accrual and the deficit. The next valuation is due to take place as at May 1, 2009. 78 REPORT ON INSURANCE AND PENSIONS
APPENDIX A SUMMARY OF BALANCE SHEETS OF INCORPORATED COMPANIES AMERICAN LIFE AND GENERAL INSURANCE COMPANY (TRINIDAD AND TOBAGO) LIMITED INCORPORATED - 1977 Directors: G. MC CLENNEN ; G. P. DEANE; C. TALAVERA; I. SINANAN; D. PATRICK; M. BUTHE; M. HANSEN; R ELIA; Secretary: Y. EMANUEL Auditors: PricewaterhouseCoopers Actuary: K R SERVICES LIMITED Countries other than Trinidad and Tobago in which the Company writes business: NIL. Summary of Balance Sheet in respect of Trinidad and Tobago Business as at 31st December, 2007 assets $ $ Investments: Fixed Deposits with Bank Trinidad and Tobago Government Securities Securities guaranteed by the Gov’t of T&T Other Caricom Government Securities Ordinary shares in T&T Companies Ordinary shares in non-T&T Companies Preference shares in T&T Companies Bonds and Debentures in T&T Companies Investment in dependent companies (non-insurance) Other Investments Cash on Current Account and in hand Mortgage Loans Policy Loans Other Loans Outstanding Premiums: Amounts due from Policyholders Interest, dividends and rents accruing but not due Sundry Debtors Fixed Assets TOTAL ASSETS Insurance Funds: Long-Term Unearned Premiums Reserve Unexpired Risk reserve Long-Term Claims admitted or intimated but not paid Amount due to Reinsurers Bank Loans and Overdrafts Deposits re policies Unpaid Policyholders dividends Other Liabilities 172,043,476 651,523,799 338,575,499 3,807,862 1,591,919 8,483,556 415,800 21,213,379 5,915,125 17,553 1,203,587,968 LIABILITIES $ $ 1,094,221,540 1,040,850,449 46,579,309 4,969,913 1,821,869 53,983,525 20,013,327 2,554,478 4,704,144 18,593,202 59,974,336 34,307,502 2,066,024 89,484,667 2,266,150 35,452,407 19,307,090 56,997,966 109,258,987 1,552,728,761 NET LIABILITIES Paid-up Share Capital Non-Admissible Assets Adjustment Unrealised Revaluation Reserves Retained Account Other TOTAL LIABILITIES 1,254,044,552 12,000,000 (13,868,568) 6,065,194 239,909,285 54,578,298 1,552,728,761 REPORT ON INSURANCE AND PENSIONS 79
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ISSN 1995-7173
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TABLE OF CONTENTS Paragraph Referen
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TABLE OF CONTENTS LIST OF TABLES TA
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OVERVIEW OF THE INSURANCE INDUSTRY
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PART I - INSURANCE COMPANIES 3. LON
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INSURANCE COMPANIES New Business Wr
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INSURANCE COMPANIES FIGURE 5 Long-T
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INSURANCE COMPANIES 3.06 Policies d
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INSURANCE COMPANIES 3.10 Assets pla
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INSURANCE COMPANIES Local Assets Ra
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INSURANCE COMPANIES 3.17 Net Premiu
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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 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
Page 108 and 109: APPENDIX A TATIL LIFE ASSURANCE LIM
Page 110 and 111: APPENDIX A THE GREAT NORTHERN INSUR
Page 112 and 113: APPENDIX A THE PRESIDENTIAL INSURAN
Page 114 and 115: APPENDIX A UNITED INSURANCE COMPANY
Page 116 and 117: APPENDIX B LIST OF REGISTERED AGENT
Page 118 and 119: List of Registered Agents List of A
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List of Registered Agents List of A
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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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