report 2004/2005 - Central Bank of Trinidad and Tobago

central.bank.org.tt

report 2004/2005 - Central Bank of Trinidad and Tobago

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TABLE OF CONTENTS

Paragraph

Reference

1. REPORT OF THE CENTRAL BANK OF TRINIDAD . . . . . . . . . . . . . . . . . . 1.01 - 1.05

AND TOBAGO FOR THE YEAR ENDED DECEMBER 31, 2004

2. OVERVIEW OF THE INSURANCE INDUSTRY - FIGURES . . . . . . . . . . . . . 2.01 - 2.06

1. Gross Premium Distribution

2. Policies in Force - Long Term Insurance Business

3. New Policies written - Long Term Insurance Business

4. Total Statutory Fund Investment Securities

PART I

INSURANCE COMPANIES

3. LONG TERM INSURANCE BUSINESS . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.01 - 3.19

Existing Business

New Business Written

Policies Discontinued or Redeemed

Policy Loans

Statutory Funds

Local Asset Ratio

Revenue Account

Distribution of Premium Income

Reinsurance

Valuation Reports

3A. LONG TERM BUSINESS - FIGURES

5. Long Term Insurance Business - New Business Written

6. Long Term Insurance Business - Policies Discontinued/Redeemed

7. Long Term Insurance Business - Premium Income Distribution

8. Long Term Insurance Business - Net Premium Income

4. GENERAL INSURANCE BUSINESS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.01 - 4.23

Existing Business

Statutory Deposits

General Insurance - Motor

Statutory Funds

Change in Premium Income - Motor

Underwriting Results

Reinsurance

REPORT ON INSURANCE AND PENSIONS

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TABLE OF CONTENTS

Paragraph

Reference

4. GENERAL INSURANCE BUSINESS (continued) . . . . . . . . . . . . . . . . . . . 4.01 - 4.23

General Insurance - Other Than Long-term or Motor

Existing Business

Change in Premium Income

Underwriting Results

Reinsurance

General Insurance - Solvency Test

4A. GENERAL INSURANCE BUSINESS - FIGURES

9. Motor Insurance Business - Net Premium Income

10. Other Insurance Business - Net Premium Income

5. ASSOCIATION OF UNDERWRITERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.01 - 5.03

Registration

Intermediaries

Volume of Business

PART II

INSURANCE INTERMEDIARIES

6. INSURANCE INTERMEDIARIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.01 - 6.04

Registration

Examinations

Revenue

PART III

PENSION FUND PLANS

7. PENSION FUND PLANS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.01 - 7.17

Registration

Amendments

Revenue

Annual Accounts

Balance Sheets

Results and Recommendations of Actuarial Valuations

7A. PENSION FUND PLANS - FIGURES

11. Pension Fund Plans - Contributions

12. Pension Fund Plans - Assets of Self Administered Plans

2 CENTRAL BANK OF TRINIDAD AND TOBAGO


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TABLE OF CONTENTS

APPENDICES

APPENDIX A … Summary of Balance Sheets of Insurance Companies.

APPENDIX B … List of Agents Registered under the Insurance Act, Chap. 84:01 as at

December 31st 2004 and their Anniversary Dates.

APPENDIX C … List of Brokers Registered under the Insurance Act, Chap. 84:01 as at

December 31st 2004 and their Anniversary Dates.

APPENDIX D … List of Adjusters Registered under the Insurance Act, Chap. 84:01 as at

December 31st 2004 and their Anniversary Dates.

APPENDIX E … List of Pension Plans Registered as at December 31, 2004.

LIST OF TABLES

TABLE 1 … Revenue Account in respect of Long-term Insurance.

TABLE II … Revenue Account in respect of Ordinary Life, Pension and Annuity

Insurance.

TABLE III … Revenue Account in respect of Industrial Life Insurance.

TABLE IV … Revenue Account in respect of Non Cancellable, Sickness and Accident

Insurance.

TABLE V … Revenue Account in respect of Group Life Insurance.

TABLE VI … Revenue Account in respect of Group Pension Insurance.

TABLE VII … Revenue Account in respect of Deposit Administration Contracts/Unit Linked

Funds.

TABLE VIII … Long-term Insurance Business - Insurance Discontinued or Redeemed during

2004

TABLE IX … Insurance in Force.

TABLE X … Long Term Insurance - Annuity Business.

TABLE XI … Statement of Statutory Fund 2004 - Liabilities to Policyholders (Long-term

Business).

TABLE XIA … Statement of Statutory Fund 2004 - Securities held in Trust (Long-term

Business).

TABLE XII … Revenue Account in respect of Motor Insurance - 2004.

TABLE XIII … Statement of Statutory Fund - Liability of Policyholders and Assets held in

Trust Motor Insurance.

TABLE XIV … Underwriting results in respect of Motor Business.

TABLE XV … Revenue Account in respect of Other than Long-term or Motor.

REPORT ON INSURANCE AND PENSIONS

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TABLE OF CONTENTS

LIST OF TABLES (continued)

TABLE XVI … Revenue Account in respect of Property Insurance

TABLE XVII … Revenue Account in respect of Miscellaneous General Insurance.

TABLE XVIII … Revenue Account in respect of Liability Insurance.

TABLE XIX … Revenue Account in respect of Personal Accident Insurance.

TABLE XIXA … Revenue Account in respect of Group Health Insurance.

TABLE XX … Revenue Account in respect of Marine, Aviation and Transport.

TABLE XXI … Underwriting results in respect of Property Insurance.

TABLE XXII … Summary and Valuation of the Policies of American Life and General

Insurance Company (Trinidad and Tobago) Limited in respect of Long-Term

Insurance Business as at December 31, 2004.

TABLE XXIII … Summary and Valuation of the Policies of Bancassurance Caribbean Limited as

at December 31, 2004.

TABLE XXIV … Summary and Valuation of the Policies of British American Insurance

Company (T&T) Limited as at December 31, 2004.

TABLE XXV … Summary and Valuation of the Policies of Caribbean Atlantic Life Insurance

Limited as at December 31, 2004.

TABLE XXVI … Summary and Valuation of the Policies of Guardian Life of the Caribbean

Limited as at December 31, 2004.

TABLE XXVII … Summary and Valuation of the Policies of Life of Barbados Limited as at

December 31, 2004.

TABLE XXVIII … Summary and Valuation of the Policies of Nationwide Insurance Company

Limited as at December 31, 2004.

TABLE XXIX … Summary and Valuation of the Policies of Sagicor Life Incorporated as at

December 31, 2004.

TABLE XXX … Summary and Valuation of the Policies of Scotia Life of T&T Limited as at

December 31, 2004.

TABLE XXXI … Summary and Valuation of the Policies of Tatil Life Assurance Limited as at

December 31, 2004.

TABLE XXXII … Annuity Pension Fund Plans - Revenue Account 2004.

TABLE XXXIII … Deposit Administration Pension Fund Plans – Revenue Account 2004.

TABLE XXXIV … Self Administered - Balance Sheet 2004.

TABLE XXXV … Self Administered Pension Fund Plans - Revenue Accounts 2004.

4 CENTRAL BANK OF TRINIDAD AND TOBAGO


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REPORT ON INSURANCE AND PENSIONS

FOR THE YEAR ENDED DECEMBER 31, 2004

Honourable Minister of Finance

Ministry of Finance,

Eric Williams Finance Building,

Eric Williams Plaza,

Independence Square,

PORT OF SPAIN

Dear Sir,

I have the honor to submit to you for presentation to Parliament the Thirty-seventh

Annual Report on the administration of the Insurance Act being presented by the

Central Bank of Trinidad and Tobago

1.02 This Report is submitted under the Insurance Act, Chap 84:01 and is for the

period ended 31st December, 2004

1.03 The Act requires that Returns on the financial performance of companies be

submitted within six (6) months of the financial year of each company.

1.04 This report is prepared in three parts

PART I

PART II

PART III

INSURANCE COMPANIES

A - LONG-TERM INSURANCE

B - GENERAL INSURANCE

REGISTRATION OF INSURANCE

INTERMEDIARIES

PENSION FUND PLANS

1.05 A summary of the Balance Sheets of insurance companies is also provided at

Appendix A.

Respectfully submitted

EWART WILLIAMS

GOVERNOR

CENTRAL BANK OF TRINIDAD AND TOBAGO

REPORT ON INSURANCE AND PENSIONS

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OVERVIEW OF THE INSURANCE INDUSTRY

2 OVERVIEW OF THE INSURANCE INDUSTRY

In 2004, Gross Premium Income in the industry totaled $6,055.3 million which represents

8 percent of the Gross Domestic Product at current prices (2003-8%). This is an increase

of 9.2% over the gross premiums of $5,544.2 million reported for 2003.

2.02 Gross premiums for the year increased in respect of Long-term, Motor Vehicle and the

group of classes classified as ‘Other than Motor, Property and Long-term Business’. There

however was a decline in gross premiums in respect of Property business.

Details are as follows:

Gross Premium Income

2004 2003 %Inc/(Dec)

$M $M

Long Term (Life) 4,667.8 4,165.5 12.1

Motor Vehicle 495.6 439.6 12.7

Property (Fire and Allied Perils) 501.0 556.7 (10.0)

Other 390.9 382.4 2.2

(See Figure 1)

LONG-TERM BUSINESS

2.03 Policies in force at the end of 2004 were reported as 478,267, an increase of 5.5% over

the 2003 reported figure of 453,265.

(See Figure 2)

The total number of new policies sold during 2004 was 63,601, an increase of 2.1% over

the previous year.

(See Figure 3)

Policy lapses increased by 12.5% in 2004 compared to a 2.4% increase during 2003.

Surrenders increased by 14.3% in 2004 compared to a 27.9% increase during 2003.

Statutory Funds in which investments are pledged to support policyholders liabilities

totaled $16.9 billion (2003– $14.8 billion).

(See Figure 4)

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OVERVIEW OF THE INSURANCE INDUSTRY

GENERAL INSURANCE BUSINESS

2.04 Gross Premiums increased in respect of Motor Business, and the group of classes classified

as ‘Other than Motor, Property and Long-term Business’ but declined in respect of

Property business. Net Premiums increased in respect of Motor Business, and decreased in

respect of Property business and the group of classes classified as ‘Other than Motor,

Property and Long-term Business’.

INSURANCE INTERMEDIARIES

2.05 The number of intermediaries registered at the end of 2004 was 1,932, (2003 : 2,274).

The information is summarized as follows: -

2004 2003 % Inc/(Dec)

Salesmen 1,471 1,813 (20)

Agents 364 364 0

Brokers 75 74 (1)

Adjusters 22 23 (4)

1932 2274

PENSION FUND PLANS

2.06 The number of pension fund plans registered at the end of 2004 was 256. (2003 : 248).

The information is summarized as follows: -

2004 2003 % Inc/(Dec)

Self Administered

Pension Fund Plans 90 89 1

Insured Pension Fund Plans 111 118 (6)

Pension Fund Plans

To be Wound-up 54 41 32

Judicial Management 1 0 1

256 248

REPORT ON INSURANCE AND PENSIONS

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OVERVIEW OF THE INSURANCE INDUSTRY

FIG. 1

GROSS PREMIUM INCOME DISTRIBUTION

FIGURE 4

Other 7%

Property 8%

Motor 8%

Other 7%

Property 10%

Motor 8%

Long Term 77%

Long Term 75%

Other

Property

Motor

Long Term

$M

2004

391

501

496

4,668

$M

2003

382

557

440

4,166

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OVERVIEW OF THE INSURANCE INDUSTRY

FIGURE 2

FIG. 2

POLICIES IN FORCE

Long Term Insurance Business

THOUSANDS

490

470

450

430

410

390

370

350

330

310

390

270

250

2000

2001

YEAR

2002

2003

2004

REPORT ON INSURANCE AND PENSIONS

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OVERVIEW OF THE INSURANCE INDUSTRY

FIG. 3

FIGURE 3

NEW POLICIES WRITTEN

Long Term Insurance Business

THOUSANDS

65

60

55

50

45

40

35

30

25

20

2000

2001

YEAR

2002

2003

2004

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OVERVIEW OF THE INSURANCE INDUSTRY

FIG. 4

TOTAL LONG TERM STATUTORY FUND INVESTMENT SECURITIES

FIGURE 4

Gov’t Sec 9%

Mortgages 4%

Real Estate 4%

Gov’t Sec 8%

Mortgages 4%

Real Estate 4%

Equities 38%

Equities 41%

Other 45 %

Other 43%

T&T Gov’t Sec

Mortgages

Real Estate

T&T Equities

Other

$M

2004

1,502

649

663

6,434

7,645

$M

2003

1,252

565

584

5,878

6,497

REPORT ON INSURANCE AND PENSIONS

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PART I - INSURANCE COMPANIES

LONG-TERM INSURANCE BUSINESS

3. LONG-TERM INSURANCE BUSINESS

There were twenty-four (24) companies registered to transact long-term business in

Trinidad and Tobago at the end of 2004. Fifteen (15) companies wrote new business

during the year 2004.

3.02 The types of new business transacted by registered companies were as follows:

COMPANIES ORDINARY INDUSTRIAL GROUP GROUP PENSION

LIFE LIFE LIFE PENSION AND

ANNUITY

LOCAL

1. American Life and General

Insurance Company

(T’dad & T’go) Ltd * - * * *

2. Bancassurance

Caribbean Limited # * - * - *

3. Beacon Insurance

Company Ltd. - - * - -

4. British-American

Insurance Company

(Trinidad) Limited * * - - *

5. Caribbean Atlantic Life

Insurance Company

(T&T) Limited+ NOT WRITING NEW BUSINESS

6. Caribbean Insurance

Company Ltd NOT WRITING NEW BUSINESS

7. Colonial Life Insurance

Company (Trinidad)

Limited * - - * *

8 Cuna Caribbean

Insurance Limited * - * - *

9. Guardian General

Insurance Limited - - * - -

10. Mega Insurance

Company Limited ~ * - - - *

11. Maritime Life

(Caribbean) Limited * - * * *

12. Nationwide Insurance

Company Trinidad Ltd NOT WRITING NEW BUSINESS

13 Reinsurance Company of

Trinidad & Tobago Limited * - - - -

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LONG-TERM INSURANCE BUSINESS

COMPANIES ORDINARY INDUSTRIAL GROUP GROUP PENSION

LIFE LIFE LIFE PENSION AND

ANNUITY

LOCAL

14. Scotia Life Trinidad and

Tobago Ltd. * - - - -

15. Tatil Life Assurance

Company Ltd. * - * * *

16. The Demerara Life

Assurance Company of

T&T Limited NOT WRITING NEW BUSINESS

17. The Guardian Life of the

Caribbean Limited * - * * *

18. The Western General

Insurance Company Limited NOT WRITING NEW BUSINESS

19. United Security Life

Insurance Company Limited NOT WRITING NEW BUSINESS

REGIONAL

20. Life of Barbados Limited * - - - *

21. Sagicor Life Incorporated * - * - *

EXTRA REGIONAL

22. Lincoln Assurance Limited◊ NOT WRITING NEW BUSINESS

23. Cuna Mutual

Insurance Society NOT WRITING NEW BUSINESS

24. Sun Life Assurance Company

of Canada NOT WRITING NEW BUSINESS

+ Operating as a closed fund under Guardian Life of the Caribbean Ltd.

_ Operating as a closed fund under Nationwide Insurance Co. Ltd.

• Formerly Cannon Assurance Limited

# Formerly Crown Life (Caribbean) Ltd.

~ Formerly GTM Life Insurance Company of Trinidad and Tobago Limited

* Denotes business written

- Denotes business not written

REPORT ON INSURANCE AND PENSIONS

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INSURANCE COMPANIES

NEW BUSINESS WRITTEN

3.03 Thirteen (13) companies which wrote new business submitted the required information

under this caption.

Details are as follows: -

2004 2003

Number of Policies 63,601 62,321

Sum Assured $7,037,110,073 $5,977,604,245

Annual Premiums $301,696,904 $193,086,688

New Business underwritten during the years 2000 to 2004 was distributed among locally

incorporated, Caribbean and foreign companies as follows:

PERCENTAGE OF NEW INSURANCE ISSUED (SUM ASSURED)

2000 2001 2002 2003 2004

Local Companies 88 92 89 92 92

Regional 12 8 11 8 8

Extra Regional – – – – –

(See Figure 5)

EXISTING BUSINESS

3.04 Eighteen (18) Life Companies registered under the Act submitted Returns in respect of

insurance existing.

The information is summarized as follows:

2004 2003

Number of Policies 478,267 453,265

Sum Assured $47,927,208,048 $42,511,399,473

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LONG-TERM INSURANCE BUSINESS

POLICIES DISCONTINUED OR REDEEMED

3.05 Eighteen (18) companies submitted information concerning the discontinuance and

redemption of policies. The information for the years 2000 to 2004 is summarized

hereunder.

(See Figure 6)

Number of

Sum

Year Policies Assured

$

2004 47,395 6,627,563,841

2003 43,350 4,602,636,795

2002 35,666 3,370,487,646

2001 42,284 3,503,947,929

2000 48,482 3,284,295,566

3.06 Policies discontinued or redeemed during 2004 have been further classified as follows:

Number of

Sum

Year Policies Assured

$

Death 1,445 284,220,516

Surrender 16,951 982,584,064

Forfeiture 7,742 1,123,222,382

Lapse 13,896 2,181,194,966

Maturity 2,604 31,917,735

Miscellaneous 4,757 2,024,424,178

TOTAL 47,395 6,627,563,841

Details are listed in Table VIII

REPORT ON INSURANCE AND PENSIONS

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INSURANCE COMPANIES

FIG. 5

LONG TERM INSURANCE BUSINESS

New Business Written

FIGURE 5

colour ledgend with stacks

PERCENT

100%

80%

60%

40%

20%

0%

2000

2001

YEAR

2002

2003

2004

Extra Regional Regional Local Companies

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LONG-TERM INSURANCE BUSINESS

FIGURE 6

FIG. 6

LONG TERM INSURANCE BUSINESS

Policies Discontinued/Redeemed

THOUSANDS

50

45

40

35

30

2000

2001

YEAR

2002

2003

2004

REPORT ON INSURANCE AND PENSIONS

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INSURANCE COMPANIES

POLICY LOANS

3.07 Policy loans in respect of thirteen (13) companies for the year 2004 totalled

$313,026,411 a decrease of 2.0 percent over the 2003 figure of $319,142,804. The

ratio of policy loans to total reserves decreased from 2.2 percent in 2003 to 1.9 percent

during 2004.

Policy Loans Reserves Policy Loans/

Reserves

$ $ %

Local Companies 292,235,783 15,206,646,193 1.9

Regional Companies 20,595,764 1,528,561,077 1.3

Extra Regional Companies 194,864 819,078 23.8

TOTAL 313,026,411 16,736,026,348 1.9

STATUTORY FUNDS

3.08 Section 37(4) of the Insurance Act, Chap. 84:01 requires that:

"Every company carrying on long-term insurance business in Trinidad and Tobago shall place in trust

in Trinidad and Tobago assets equal to its liability and contingency reserves with respect to its Trinidad

and Tobago policyholders as established by the balance sheet of the Company as at the end of its last

financial year."

3.09 The total policy liabilities of the twenty (20) companies which submitted Returns

amounted to $15,416,364,716 an increase of 10 percent over the liabilities of

$14,012,625,643 reported by nineteen (19) companies for 2003. Details of the policy

liabilities of individual companies are shown in Table XI.

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LONG-TERM INSURANCE BUSINESS

Hereunder is a summary of total policy liabilities

Local Regional Extra Regional TOTAL

Companies Companies Companies

$ $ $ $

Policy Reserves 13,909,453,530 1,506,471,646 439,540 15,416,364,716

Outstanding Claims 147,736,606 22,089,431 47,884 169,873,921

Other Reserves 1,149,456,057 – 331,654 1,149,787,711

TOTAL RESERVES 15,206,646,193 1,528,561,077 819,078 16,736,026,348

Less:

Policy Loans 292,235,783 20,595,764 194,864 313,026,411

Outstanding Premiums 40,812,001 3,948,481 246 44,760,728

Other Deductions 961,860 214,748 – 1,176,608

TOTAL DEDUCTIONS 334,009,644 24,758,993 195,110 358,963,747

Statutory Fund

Requirement 14,872,636,549 1,503,802,084 623,968 16,377,062,601

3.10 Assets placed in trust to cover liabilities to Trinidad and Tobago policyholders amounted

to $16,893,389,670 an increase of 14.3 percent over the 2003 figure.

3.11 The relationship between policy liabilities and the assets placed in trust to meet these

liabilities is shown in Table XIA in respect of each company which transacted long-term

business.

3.12 Section 47 (2) of the Insurance Act Chap. 84:01 states that:

".... assets not exceeding ten per cent of the Trinidad and Tobago dollar liability in each statutory fund

shall be deemed to be assets in Trinidad and Tobago where such assets -

(a) are approved by the Central Bank; and

(b) originate in any of the member states of the Caribbean Community.

REPORT ON INSURANCE AND PENSIONS

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INSURANCE COMPANIES

STATUTORY FUNDS (continued)

Investments trusteed in pursuance of the Statutory Fund Requirement of the Act are

detailed hereunder: -

2004 2003

$ % %

(i) Trinidad and Tobago Government 1,502,335,912 8.9 8.5

Securities denoted in T&T $

(ii) Mortgages 648,717,744 3.8 3.8

(iii) Real Estate 662,635,778 3.9 4.0

(iv) Trinidad and Tobago Equities 6,433,644,864 38.0 41.0

(v) Cash on Deposit 945,058,175 5.6 8.6

(vi) Other Trinidad and Tobago

"Local" Assets 3,997,362,623 23.7 15.0

TOTAL TRINIDAD AND TOBAGO

"LOCAL ASSETS" 14,189,755,096 84.0 79.6

(vii) Caricom Assets 1,647,522,836 9.8 1.2

(viii) Other Caricom Assets denoted in 33,260,209 0.2 0.0

Foreign Currency

TOTAL "LOCAL" ASSETS" 15,870,538,141 94.0 80.8

(ix) Foreign Government Securities 124,283,101 0.7 0.9

(x) Other Foreign Assets 898,568,428 5.3 18.3

TOTAL FOREIGN ASSETS 1,022,851,529 6.0 19.2

TOTAL ASSETS 16,893,389,670 100.0 100.0

(See Figure 4)

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LONG TERM INSURANCE BUSINESS

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 (80) percent of its Trinidad and

Tobago dollar liability in the Statutory Fund. Section 47 (2) further provides that assets

not exceeding ten (10) percent 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 2004 was $15,870,538,141

representing a local asset ratio of 93.9 per cent; the amount reported for the previous

year was $11,943,641,272 (local asset ratio – 80.8 per cent).

Details are as follows: -

Local Regional Extra Regional Total

Companies Companies Companies

$ $ $ $

(i) T&T Government

Securities 1,271,218,234 231,117,678 - 1,502,335,912

(ii) Mortgages 309,317,184 339,400,560 - 648,717,744

(iii) Real Estate 552,010,778 110,625,000 - 662,635,778

(iv) T&T Equities 6,394,815,409 38,829,455 - 6,433,644,864

(v) Cash on Deposit 789,115,691 155,942,484 - 945,058,175

(vi) Other Trinidad and

Tobago"Local Assets" 2,984,204,898 1,013,157,725 - 3,997,362,623

TOTAL TRINIDAD AND

TOBAGO "LOCAL"

ASSETS 12,300,682,194 1,889,072,902 - 14,189,755,096

(vii) Caricom Assets 1,641,222,836 6,300,000 - 1,647,522,836

(viii) Other Caricom Assets

denoted in

Foreign Currency 33,260,209 - - 33,260,209

TOTAL "LOCAL"

ASSETS 13,975,165,239 1,895,372,902 - 15,870,538,141

REPORT ON INSURANCE AND PENSIONS

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INSURANCE COMPANIES

REVENUE ACCOUNT

3.15 Detailed Revenue Accounts in respect of twenty (20) 1 companies transacting long-term

business are shown in Tables I-VII. A summary of the Revenue Accounts for the years 2004

and 2003 listed hereunder:

Revenue 2004 2003

$ $

Fund at beginning of year 13,171,197,972 10,681,344,749

Net Premiums 4,589,519,237 3,894,730,282

Commissions Received 6,557,017 7,460,310

Interest, Dividends, etc. 1,878,821,767 1,382,847,254

Other 424,518,192 216,479,633

Transfer from Reserves – 48,438

TOTAL REVENUE 20,070,614,185 16,182,910,666

Expenditure

Policy Payments 3,466,971,962 2,781,508,784

Commissions 220,485,149 173,161,968

Salaries and other Management

Expenses 827,098,279 571,645,792

Other 329,166,390 110,926,829

Fund at end of year 15,104,255,506 12,448,716,264

Transfer to Profit and Loss 122,636,899 96,951,029

TOTAL EXPENDITURE 20,070,614,185 16,182,910,666

1 Cuna Mutual Insurance Society wrote no new business. However, under the Transfer Agreement for Loan

Protection and Life Savings Contracts, Cuna Mutual remains responsible for such business contracted prior to

July 1, 1989. The Trinidad and Tobago portfolio of United Security Life Insurance Company Limited was

transferred to Nationwide Insurance Company Limited as at June 1, 1994 and is being operated as a closed

Fund. The Life Portfolio of Goodwill Life and General Insurance Company Limited was transferred to Demerara

Life Assurance Company of Trinidad and Tobago as at January 1, 1997.

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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)

2000 2001 2002 2003 2004

Local Companies 90.908 91.868 93.004 95.401 95.640

Regional Companies 9.058 8.100 6.963 4.570 4.359

Extra Regional Companies 0.034 0.032 0.033 0.029 0.001

(See Figure 7)

3.17 Net Premium Income in respect of each company carrying on long-term business for the

years 2000 to 2004 was as follows:

SCHEDULE SHOWING CHANGE IN NET PREMIUM INCOME –

LONG TERM BUSINESS FOR PERIOD 2000-2004

2000 2001 2002 2003 2004

Companies (000) (000) (000) (000) (000)

$ $ $ $ $

Local

American Life and

General Insurance

Company (T’dad and

T’go) Limited 74,304 85,485 78,280 89,352 97,099

Bancassurance

Caribbean Limited 9,464 8,007 7,160 6,621 5,803

British American Insurance

Company (Trinidad) Limited 57,580 88,027 NR 82,626 153,082

Caribbean Atlantic Life

Insurance Company

(T&T) Ltd 442 476 350 297 270

Caribbean Insurance

Company Limited NIL NIL NIL NIL NIL

Colonial Life Insurance

Company (Trinidad) Limited 940,065 1,372,790 1,630,631 2,990,769 3,362,862

REPORT ON INSURANCE AND PENSIONS

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INSURANCE COMPANIES

Local

Cuna Caribbean

Insurance Society Limited 20,900 22,563 26,158 34,598 40,726

Demerara Life Assurance

Company of T&T Limited NR NR NR NR NR

Guardian General

Insurance Limited 1,393 1,661 5,664 2,151 –

Guardian Life of the

Caribbean Limited 236,733 276,733 297,107 514,188 519,266

Mega Insurance Company

Limited 21,518 21,074 NR 26,903 28,373

Maritime Life (Caribbean)

Limited 70,918 75,266 79,163 81,931 71,391

Nationwide Insurance

Company Trinidad

Limited 7,889 7,495 4,571 4,420 2,461

Reinsurance Company of

Trinidad and Tobago Limited 353 305 267 238 217

Scotia Life of T&T Limited – – – – 35,452

The Goodwill General

Insurance Company

Limited NIL NR NR NR NR

The Western General

Insurance Company

Limited NIL NIL NIL NIL NIL

Tatil Life Assurance

Limited 68,650 62,897 65,149 67,269 72,135

United Security Life

Insurance Company Limited NR NR NR 305 249

The Beacon Insurance

Company Limited 23 47 52 55 49

TOTAL 1,510,232 2,022,826 2,194,552 3,901,723 4,389,435

NR - Returns Not Received

SCHEDULE SHOWING CHANGE IN NET PREMIUM INCOME –

LONG TERM BUSINESS FOR PERIOD 2000-2004 (cont’d)

2000 2001 2002 2003 2004

Companies (000) (000) (000) (000) (000)

$ $ $ $ $

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LONG TERM INSURANCE BUSINESS

SCHEDULE SHOWING CHANGE IN NET PREMIUM INCOME –

LONG TERM BUSINESS FOR PERIOD 2000-2004 (cont’d)

2000 2001 2002 2003 2004

Companies (000) (000) (000) (000) (000)

$ $ $ $ $

Regional

Life of Barbados Limited 18,182 19,549 25,130 19,968 17,000

Sagicor Life Inc. 132,311 158,810 139,152 158,185 183,044

Extra Regional

TOTAL 150,493 178,359 164,282 178,153 200,044

Lincoln Assurance Limited – – – – –

Cuna Mutual Insurance

Society 534 665 765 941 –

Sun Life Assurance

Company of Canada 28 34 24 29 40

TOTAL 562 699 789 970 40

GRAND TOTAL 1,661,287 2,201,884 2,359,623 4,080,846 4,589,519

(See Figure 8)

REPORT ON INSURANCE AND PENSIONS

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INSURANCE COMPANIES

FIGURE 7

FIG. 7

LONG TERM INSURANCE BUSINESS

Premium Income Distribution

PERCENT

100,000%

80,000%

60,000%

40,000%

20,000%

00,000%

2000

2001

YEAR

2002

2003

2004

Extra Regional Regional Local Companies

1999

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LONG TERM INSURANCE BUSINESS

FIG. 8

LONG TERM FIGURE INSURANCE BUSINESS 8

Net Premium Income

MILLIONS

4,600

4,400

4,200

4,000

3,800

3,600

3,400

3,200

3,000

2,800

2,600

2,400

2,200

2,000

1,800

1,600

1,400

1,200

1,000

2000

2001

2002

YEAR

2003

2004

REPORT ON INSURANCE AND PENSIONS

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INSURANCE COMPANIES

REINSURANCE

3.18 Ninety-nine (99) percent of life insurance premiums written during 2004 by sixteen local

companies was retained in the local economy (2003: 99 percent); ninety-four (94)

percent was retained by Regional Companies and one hundred (100) percent was

retained by Extra Regional Companies respectively.

REINSURANCE - LONG TERM INSURANCE BUSINESS - 2004

NET

COMPANIES GROSS NET RETENTION

PREMIUMS PREMIUMS RATIO

LOCAL $ $ %

American Life and General

Insurance Company

(T’dad and T’go) Limited 117,928,858 97,099,286 82.34

Bancassurance Caribbean

Limited 6,963,705 5,802,932 83.33

British American Insurance

Company (Trinidad) Limited 154,378,101 153,082,323 99.16

Caribbean Atlantic Life Insurance

Company Limited 281,242 269,918 95.97

Colonial Life Insurance

Company (Trinidad)

Limited 3,369,108,908 3,362,862,955 99.81

Cuna Caribbean

Insurance Society Limited 42,223,036 40,725,500 96.45

Demerara Life Assurance Company of

Trinidad and Tobago Limited NO ACCOUNTS SUBMITTED

Guardian General Insurance

Limited -1,279 -1,366 –

Guardian Life of the Caribbean

Limited 544,310,715 519,266,035 95.40

Maritime Life (Caribbean)

Limited 75,220,212 71,390,448 94.91

Mega Insurance Company

Limited 29,706,439 28,373,389 95.51

Nationwide Insurance Company

Limited 3,065,208 2,461,280 80.30

Reinsurance Company

of Trinidad & Tobago Ltd 217,192 217,192 100.00

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LONG TERM INSURANCE BUSINESS

REINSURANCE - LONG TERM INSURANCE BUSINESS - 2004 (cont’d)

NET

COMPANIES GROSS NET RETENTION

PREMIUMS PREMIUMS RATIO

$ $ %

Scotia Life of T&T Limited 35,452,397 35,452,397 100.00

Tatil Life Assurance Limited 74,755,870 72,134,813 96.49

The Beacon Insurance

Company Limited 165,128 48,781 29.54

United Security Life Insurance

Company Limited 249,125 249,125 100.00

TOTAL 4,454,024,857 4,389,435,008 98.55

REGIONAL

Life of Barbados Limited 18,359,987 17,000,077 92.59

Sagicor Life Incorporated 195,392,554 183,044,114 93.68

TOTAL 213,752,541 200,044,191 93.59

EXTRA REGIONAL

Cuna Mutual Insurance Society - - -

Sun Life Assurance Company of Canada 40,038 40,038 100.00

TOTAL 40,038 40,038 100.00

GRAND TOTAL 4,667,817,436 4,589,519,237 98.32

VALUATION REPORTS

3.19 Section 113 of the Insurance Act, Chap. 84:01, requires that each company transacting

long-term insurance business submits an Actuarial Valuation Report at intervals of three

(3) years or such shorter periods as the Central Bank in its discretion notifies the company.

Reports were received from the following companies:

American Life and General Insurance Company (T’dad & T’go) Limited

Bancassurance Caribbean Limited

British American Insurance Company (Trinidad) Limited

Caribbean Atlantic Life Insurance Company T&T Limited

Guardian Life of the Caribbean Limited

Life of Barbados Limited

Nationwide Insurance Company Limited

Sagicor Life Incorporated

Scotia Life of Trinidad & Tobago

Tatil Life Assurance Limited

Details are contained in Tables XXII to XXXI.

REPORT ON INSURANCE AND PENSIONS 29


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PART I – INSURANCE COMPANIES

GENERAL INSURANCE BUSINESS

4. GENERAL INSURANCE BUSINESS

There were thirty-four (34) companies registered to transact general insurance business in

Trinidad and Tobago at the end of 2004. Twenty-four (24) wrote new business during

2004.

4.02 The types of new business transacted by registered companies were as follows.

LOCAL

Companies Liability Motor Property Personal Other 2

Accident

1. American Life and General Insurance

Company (T’dad & T’go) Ltd * * * * *

2. Antilles Insurance Limited IN LIQUIDA TION

3. Bankers Insurance Company of

Trinidad and Tobago Ltd * * * - *

4. Beacon Insurance

Company Limited * * * * *

5. British American Insurance

Company (Trinidad) Limited - - * * -

6. Capital Insurance Ltd - * * * *

7. Caribbean Insurance Company Ltd NOT WRITING NEW BUSINESS

8. Citizen Insurance Company Ltd - * * - -

9. Colonial Fire and General Insurance

Company Limited * * * * *

10. Furness Anchorage General

Insurance Limited * * * * *

11. G.T.M. Insurance Company Ltd. * * * * *

12. Guardian General Insurance Limited * * * * *

13. Gulf Insurance Ltd - * * * *

14. Maritime General Insurance

Company Ltd * * * * *

15. Mega Insurance Company Limited - - - * -

16. Motor and General Insurance

Company Ltd - * - - -

17. Motor One Insurance Company Ltd - * - - -

18. Nationwide Insurance (Casualty UNDER JUDICIAL MANAGEMENT

and General) Company Limited

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GENERAL INSURANCE BUSINESS

19. N.E.M. (West Indies) Insurance Limited * - * * *

20. Reinsurance Company of Trinidad

and Tobago Limited * * * * *

21. Royal Caribbean Insurance Ltd * * * - *

22. The Equitable Insurance

Company Limited IN LIQUIDA TION

23. The Goodwill General Insurance

Company Limited NOT WRITING NEW BUSINESS

24. The Great Northern Insurance

Company Limited * * * - *

25. The Mountain General

Insurance Company Limited NOT WRITING NEW BUSINESS

26. The New India Assurance Company

(Trinidad & Tobago) Limited * * * * *

27. The Presidential Insurance

Company Limited - * - - -

28. The Western General Insurance

Company Limited NOT WRITING NEW BUSINESS

29. Export Import Bank of

T’dad & T’go Limited - - - - *

30. Trinidad and Tobago

Insurance Ltd * * * * *

31. United Security General Insurance

Company Limited IN LIQUIDA TION

REGIONAL

Companies Liability Motor Property Personal Other 2

Accident

1. Sagicor Life Incorporated - - - - *

2. United Insurance Company Limited * - * * *

3. Sagicor General Insurance * * * * *

* Denotes business written

- Denotes business not written

2 ‘Other' includes Group Health, Marine, Pecuniary Loss, General Accident and Export Credit.

REPORT ON INSURANCE AND PENSIONS

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INSURANCE COMPANIES

STATUTORY DEPOSITS

4.03 Section 29 of the Insurance Act requires that companies transacting general insurance

business maintain a deposit of not less than forty (40) percent of their premium income

less payments for reinsurance.

4.04 Additionally, there were five (5) life insurance companies incorporated outside Trinidad

and Tobago which were required by the Act to maintain a minimum deposit of $250,000

each. Corporation of Lloyds is also required to maintain a deposit.

4.05 At the end of 2004, total deposits of $415,445,137 were invested in the following

securities and held on behalf of the Central Bank of Trinidad and Tobago.

2004 2003

$ $

Trinidad and Tobago Government Securities 158,124,124 69,092,385

denoted in Trinidad and Tobago Dollars

Other T&T Government Securities 154,079,087 104,168,467

4 Other Securities 103,241,926 93,255,627

TOTAL 415,445,137 266,516,479

4 Other Securities’ includes Trinidad and Tobago Home Mortgage Bank Bonds, US Government Securities and

other Commonwealth Government Securities.

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GENERAL INSURANCE BUSINESS

DEPOSITS RETAINED IN RESPECT OF INSURANCE COMPANIES

AS AT 31st DECEMBER 2004

COMPANIES TRINIDAD OTHER OTHER TOTAL

AND TRINIDAD SECURITIES

TOBAGO AND TOBAGO

GOVERNMENT GOVERNMENT

SECURITIES SECURITIES

IN T.T$

$ $ $ $

LOCAL

American Life and General

Insurance Company

(T’dad & T’go) Limited 7,458,876 30,941,776 – 38,400,652

Bankers Insurance Company

of Trinidad and Tobago Limited – – 4,548,090 4,548,090

British American Insurance

Company (Trinidad) Limited 400,000 – 500,000 900,000

Capital Insurance Limited 7,108,105 1,164,400 9,404,585 17,677,090

Caribbean Insurance Company

Limited – – 800,000 800,000

Citizen Insurance Company

Limited 2,332,013 – 2,130,266 4,462,279

Colonial Fire and General

Insurance Company Limited 19,557,206 4,054,800 19,817,136 43,429,142

Cuna Caribbean Insurance

Society Limited – – 197,280 197,280

Furness Anchorage General

Insurance Limited 1,911,940 214,840 175,578 2,302,358

Guardian General Insurance

Limited 73,851,274 – 12,956,902 86,808,176

Gulf Insurance Limited 1,577,267 – 515,000 2,092,267

GTM Insurance Company

Limited

Maritime General Insurance

624,154 - 3,231,185 3,855,339

Company 13,660,798 - 11,554,866 25,215,664

Mega Insurance Company

Limited - - 155,000 155,000

Motor and General Insurance

Company Limited 1,148,985 - 954,757 2,103,742

REPORT ON INSURANCE AND PENSIONS

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INSURANCE COMPANIES

DEPOSITS RETAINED IN RESPECT OF INSURANCE COMPANIES

AS AT 31st DECEMBER 2004 (cont’d)

LOCAL

COMPANIES TRINIDAD OTHER OTHER TOTAL

AND TRINIDAD SECURITIES

TOBAGO AND TOBAGO

GOVERNMENT GOVERNMENT

SECURITIES SECURITIES

IN T.T$

$ $ $ $

Motor One Insurance Company

Limited 1,300,595 2,061,592 - 3,362,187

Nationwide Insurance (Casualty

& General) Company Limited - - - -

N.E.M.(West Indies) Insurance Ltd 2,378,284 - 10,000 2,388,284

Reinsurance Company of

Trinidad and Tobago Limited - - 1,500,076 1,500,076

Royal Caribbean Insurance Limited 708,000 - - 708,000

The Beacon Insurance Company

Limited 1,000,000 - 6,268,097 7,268,097

The Goodwill General Insurance

Company Limited - - - -

The Great Northern Insurance

Company Limited 850,129 450,000 367,000 1,667,129

The Mountain General

Insurance Company Limited - - - -

The New India Assurance

Company (Trinidad & Tobago)

Limited 3,059,686 - 697,350 3,757,036

The Presidential Insurance

Company 1,565,817 6,181,128 195,410 7,942,355

The Western General Insurance

Company Limited 2,345,261 - - 2,345,261

Export Import Bank of T’dad &

T’go Limited 1,211,996 - 28,900 1,240,896

Trinidad and Tobago Insurance

Limited 500,000 250,000 24,800,653 25,550,653

TOTAL 144,550,386 45,318,536 100,808,131 290,677,053

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GENERAL INSURANCE BUSINESS

DEPOSITS RETAINED IN RESPECT OF INSURANCE COMPANIES

AS AT 31st DECEMBER 2004 (cont’d)

REGIONAL

COMPANIES TRINIDAD OTHER OTHER TOTAL

AND TRINIDAD SECURITIES

TOBAGO AND TOBAGO

GOVERNMENT GOVERNMENT

SECURITIES SECURITIES

IN T.T$

$ $ $ $

Sagicor Life Incorporated 10,189,753 - - 10,189,753

Life of Barbados Limited - - - -

United Insurance Company Ltd 3,084,241 79,741,965 2,133,795 84,960,001

TOTAL 13,273,994 79,741,965 2,133,795 95,149,754

EXTRA REGIONAL

Lincoln Assurance Company Ltd - - - -

Cuna Mutual Insurance Society 299,744 - - 299,744

Corporation of Lloyds - 29,018,586 - 29,018,586

Sun Life Assurance Company

of Canada - - 300,000 300,000

TOTAL 299,744 29,018,586 300,000 29,618,330

GRAND TOTAL 158,124,124 154,079,087 103,241,926 415,445,137

REPORT ON INSURANCE AND PENSIONS

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INSURANCE COMPANIES

GENERAL INSURANCE - MOTOR

4.06 Nineteen (19) companies wrote business during 2004 The Goodwill General Insurance

Company Limited, The Mountain General Insurance Company Limited, Western General

Insurance Company Limited and The Caribbean Insurance Company wrote no new

business, while Nationwide Casualty and General Insurance Company Limited is under

Judicial Management.

STATUTORY FUNDS

4.07 Section 37(5) of the Insurance Act, Chap. 84:01 requires that every company carrying on

Motor Vehicle Insurance business should establish a statutory fund by placing in trust in

Trinidad and Tobago assets equal to its liability and reserves less the amount held on

deposit in accordance with Section 29 of the Act.

4.08 The Revenue Account of companies transacting motor business showed a cumulative

liability of $421,268,314. After deductions, including the amounts placed on deposit

pursuant to Section 29 of the Act, the assets required to be placed in trust in the Fund

totalled $194,099,090. The value of assets actually placed in the Fund amounted to

$194,876,517.

4.09 The relationship between the policy liabilities and statutory fund assets of each company

transacting motor insurance business is shown in Table XIII.

CHANGE IN PREMIUM INCOME

4.10 Net premium income in 2004 as reported by nineteen (19) companies totalled

$420,991,587 (2003 - $373.8 million).

4.11 Premium Income in respect of individual companies carrying on motor vehicle insurance

business for the years 2000 to 2004 was as follows:

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GENERAL INSURANCE BUSINESS

SCHEDULE SHOWING CHANGE IN NET PREMIUM INCOME

FOR PERIOD 2000-2004 – MOTOR VEHICLE

2000 2001 2002 2003 2004

Companies (000) (000) (000) (000) (000)

$ $ $ $ $

LOCAL

American Life and General Insurance

Co (T’dad & T’go ) Ltd 11,466 8,057 7,814 8,643 8,258

Bankers Insurance Company of Trinidad

and Tobago Ltd 9,146 3,574 3,755 6,457 14,732

Capital Insurance Limited 25,781 29,668 35,965 39,630 45,248

Caribbean Insurance Company Ltd - - - - -

Citizen Insurance Company Ltd 11,228 13,075 17,120 17,302 17,038

Colonial Fire and General Insurance

Company Limited 15,586 16,498 18,297 22,068 26,714

Furness Anchorage General Insurance Ltd 3,799 3,041 2,805 2,695 2,745

G.T.M. Insurance Company Limited 3,056 4,443 5,625 4,669 6,644

Guardian General Insurance Limited 35,855 41,237 54,607 40,712 97,664

Gulf Insurance Limited 6,989 7,016 8,147 8,317 8,457

Maritime General Insurance

Company Limited 23,925 31,838 33,950 46,776 48,293

Motor and General Insurance

Company Limited 6,684 8,407 9,162 9,440 11,437

Motor One Insurance Company Limited 5,503 6,302 6,633 6,598 10,931

Nationwide Insurance (Casualty and

General) Company Limited 179 NR NR NR NR

N.E.M. (WI) Insurance Ltd 46,217 58,691 70,101 66,723 12,550

Reinsurance Company of Trinidad

and Tobago Ltd 5,302 3,009 2,424 5,613 7,605

Royal Caribbean Insurance Ltd 17,741 4,781 (27) - -

The Beacon Insurance Company Ltd 13,505 14,235 15,392 12,480 12,364

The Goodwill General Insurance

Company Limited 5,589 NR NR NR NR

The Great Northern Insurance

Company Limited 4,137 4,578 4,870 5,934 6,379

NR – Returns Not Received

REPORT ON INSURANCE AND PENSIONS

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INSURANCE COMPANIES

SCHEDULE SHOWING CHANGE IN NET PREMIUM INCOME

FOR PERIOD 2000-2004 – MOTOR VEHICLE (cont’d)

2000 2001 2002 2003 2004

Companies (000) (000) (000) (000) (000)

$ $ $ $ $

The New India Assurance Company

(Trinidad and Tobago) Limited 4,186 4,986 6,660 8,272 10,556

The Presidential Insurance Company

Limited 14,279 15,668 16,788 17,138 17,847

Trinidad and Tobago Insurance Limited 31,929 37,212 40,663 44,379 55,530

GRAND TOTAL 302,082 316,316 360,751 373,846 420,992

(See Figure 9)

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GENERAL INSURANCE BUSINESS

FIG. 9

MOTOR INSURANCE BUSINESS

NET PREMIUM INCOME

FIGURE 9

MILLIONS

430

420

410

400

390

380

370

360

350

340

330

320

310

300

290

280

270

260

250

240

230

220

210

200

190

180

170

2000

2001

YEAR

2002

2003

2004

REPORT ON INSURANCE AND PENSIONS

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INSURANCE COMPANIES

UNDERWRITING RESULTS

4.12 In 2004, the underwriting results of motor vehicle insurance business showed an overall

underwriting profit of $97,232,942 as compared to an overall underwriting profit of

$6,845,955 in 2003.

Details are at Table XIV

REINSURANCE

4.13 An examination of "Premium Analysis" statements revealed the following net retention

ratios (i.e., Net Premiums retained as a percentage of Gross Premiums written by

companies).

Year Percent

2004 85

2003 85

2002 86

2001 87

2000 87

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GENERAL INSURANCE BUSINESS

REINSURANCE - MOTOR VEHICLE BUSINESS 2004

NET

COMPANIES GROSS NET RETENTION

PREMIUMS PREMIUMS RATIO

LOCAL $ $ %

American Life and General

Insurance Company (T’dad & T’go) Limited 9,179,418 8,257,827 89.96

Bankers Insurance Company of T&T Limited 16,089,836 14,731,456 91.56

Capital Insurance Limited 46,647,467 45,247,963 97.00

Citizen Insurance Company Limited 17,038,223 17,038,223 100.00

Colonial Fire & General Insurance Co. Limited 59,359,646 26,713,588 45.00

Furness Anchorage General Insurance

Limited 3,119,721 2,744,498 87.97

G.T.M. Insurance Company Limited 11,480,207 6,644,102 57.87

Guardian General Insurance Limited 106,642,279 97,664,279 91.58

Gulf Insurance Limited 9,499,076 8,457,246 89.03

Maritime General Insurance Company Limited 61,872,121 48,292,924 78.05

Motor and General Insurance

Company Limited 11,437,269 11,437,269 100.00

Motor One Insurance Company Limited 12,429,544 10,930,991 87.94

Nationwide Insurance

(Casualty & General) Company Limited NR NR NR

N.E.M. (West Indies) Insurance Limited 13,657,592 12,549,958 91.89

Reinsurance Company of Trinidad

& Tobago 8,501,217 7,605,436 89.46

Royal Caribbean Insurance Limited - - -

The Beacon Insurance Company Limited 12,974,665 12,363,815 95.29

The Great Northern Insurance

Company Limited 6,701,652 6,378,992 95.19

The New India Assurance Company

(T&T) Limited 11,183,044 10,555,733 94.39

The Presidential Insurance Company

Limited 19,157,482 17,847,071 93.16

Trinidad and Tobago Insurance Limited 58,618,756 55,530,217 94.73

GRAND TOTAL 495,589,215 420,991,587 84.95

NR – Returns Not Received

REPORT ON INSURANCE AND PENSIONS 41


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INSURANCE COMPANIES

GENERAL INSURANCE - OTHER THAN LONG-TERM OR MOTOR

4.14 Twenty-three (23) companies submitted Returns under this broad category, including

four (4) life insurance companies transacting Personal Accident and Group Health

businesses. Three (3) companies, which submitted Returns, wrote no new business in

2004.

4.15 Group Health Insurance accounted for 41% of the premium in this category of business;

five (5) insurers transacted this class of business during the year 2004.

Details are at Table XVI-XX

CHANGE IN PREMIUM INCOME

4.16 During the year 2004 net premium income totalled $290.5million a decrease of 10%

over the 2003 amount of $322.1 million.

4.17 Premium Income in respect of individual companies during the years 2000 to 2004 was

as follows:

LOCAL

SCHEDULE SHOWING NET PREMIUM INCOME FOR PERIOD 2000-2004

OTHER THAN LONG-TERM OR MOTOR BUSINESS

2000 2001 2002 2003 2004

Companies (000) (000) (000) (000) (000)

$ $ $ $ $

American Life and General Insurance

Company (T'dad & T’go) Limited 40,495 41,653 58,477 56,882 56,484

Bankers Insurance Company of

T&T Limited 1,477 825 1,218 2,527 2,099

British-American Insurance Company

(Trinidad) Limited 761 925 NR 2,148 1,932

Capital Insurance Limited 56 63 65 74 76

Caribbean Insurance Company Limited - - - - -

Citizen Insurance Company Limited 152 250 171 112 96

Colonial Fire and General Insurance

Company Limited 35,950 46,376 55,085 59,959 63,132

Furness Anchorage General

Insurance Limited 708 577 784 709 750

G.T.M. Insurance Company Limited 2,365 3,679 4,017 4,529 5,556

Guardian General Insurance Limited 35,805 44,414 57,571 55,955 53,399

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GENERAL INSURANCE BUSINESS

2000 2001 2002 2003 2004

Companies (000) (000) (000) (000) (000)

$ $ $ $ $

Gulf Insurance Limited 2,164 1,043 2,500 4,562 4,640

Maritime General Insurance

Company Limited 33,767 4,240 4,985 5,122 6,134

Mega Insurance Limited 199 212 NR 212 -

Nationwide Insurance

(Casualty & General) Company Limited 6,030 NR NR NR NR

N.E.M. (WI) Insurance Limited 14,998 28,710 43,796 50,494 1,158

Reinsurance Company of Trinidad and

Tobago Limited 1,976 156 1,313 2,624 1,594

Royal Caribbean Insurance Limited 2,731 816 (67) 904 -

The Beacon Insurance Company Limited 4,168 5,141 7,866 9,768 18,151

The Great Northern Insurance

Company Limited 28 41 46 48 46

The Goodwill General Insurance

Company Limited 141 NR NR NR NR

The New India Assurance

Company (T&T) Limited 748 193 978 1,046 1,826

The Western General Insurance

Company Limited - - - - -

Export Import Bank of Trinidad & Tobago

Limited NR NR NR 2,229 2,526

Trinidad and Tobago Insurance Limited 26,853 28,087 30,015 31,186 32,033

REGIONAL

SCHEDULE SHOWING NET PREMIUM INCOME FOR PERIOD 2000-2004

OTHER THAN LONG-TERM OR MOTOR BUSINESS (cont’d)

TOTAL 211,572 207,401 268,820 291,090 251,632

Life of Barbados Limited 878 - - - -

Sagicor Life Incorporated 14,608 17,016 21,357 27,370 32,567

United Insurance Company Limited 572 868 2,497 3,594 6,253

TOTAL 16,058 17,884 23,854 30,964 38,820

GRAND TOTAL 227,630 225,285 292,674 322,054 290,452

(See Figure 10)

NR – Returns Not Received

REPORT ON INSURANCE AND PENSIONS

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INSURANCE COMPANIES

FIG. 10

OTHER INSURANCE BUSINESS

Net Premium Income

FIGURE 10

MILLIONS

330

320

310

300

290

280

270

260

250

240

230

220

210

200

190

180

170

160

150

140

2000

2001

YEAR

2002

2003

2004

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GENERAL INSURANCE BUSINESS

UNDERWRITING RESULTS

4.18 In 2004, the underwriting results of property insurance business revealed an overall

underwriting profit of $30,831,798. This class of business experienced an overall

underwriting profit of $ 21,986,952 in 2003.

Details are summarized at Table XXI

REINSURANCE

4.19 An examination of the Premium Analysis statements revealed the following average net

retention ratios (that is, Net Premiums retained as a percentage of Gross Premiums

written by Companies).

2000 2001 2002 2003 2004

% % % % %

Property 10 10 10 10 10

Other (that is,

exclusive of Motor Vehicle, 69 77 75 70 62

Property and Long-term)

4.20 Details of the percentage of Gross Premium retained in respect of property insurance

business are as follows:

REINSURANCE -– PROPERTY BUSINESS 2004

NET

COMPANIES GROSS NET RETENTION

PREMIUMS PREMIUMS RATIO

LOCAL $ $ %

American Life and General Insurance

Company (T'dad & T’go) Ltd. 147,443,457 8,366,432 5.67

Bankers Insurance Company of

T&T Limited 4,361,912 1,211,772 27.78

British-American Insurance Company

(T'dad) Ltd* 839,919 594,733 70.81

Capital Insurance Limited 73,587 73,221 99.50

Citizen Insurance Company Limited 77,358 77,358 100.00

Colonial Fire & General Insurance

Co. Ltd 62,965,994 6,424,956 10.20

*Not writing new property business.

REPORT ON INSURANCE AND PENSIONS

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INSURANCE COMPANIES

NET

COMPANIES GROSS NET RETENTION

PREMIUMS PREMIUMS RATIO

LOCAL (cont’d) $ $ %

Furness Anchorage General Insurance

Limited 4,237,863 274,628 6.48

G.T.M. Insurance Company Limited 14,869,540 3,172,417 21.34

Guardian General Insurance Limited 114,642,746 13,850,112 12.08

Gulf Insurance Limited 9,736,636 3,419,582 35.12

Maritime General Insurance Company

Limited 37,850,322 3,488,162 9.22

Nationwide Insurance (C & G)

Company Ltd UNDER JUDICIAL MANAGEMENT

N.E.M. (West Indies) Insurance Limited 9,318,816 -4,263,759 -45.75

Reinsurance Company of Trinidad

and Tobago Limited 8,399,303 136,404 1.62

Royal Caribbean Insurance Limited - - -

The Beacon Insurance Company Limited 16,667,430 3,703,552 22.22

REPORT ON INSURANCE AND PENSIONS 46

The Great Northern Insurance

Company Limited 107,870 37,791 35.03

The New India Assurance Company

of (T&T) Limited 9,070,620 1,496,008 16.49

Trinidad and Tobago Insurance Limited 44,342,162 6,189,504 13.96

CARIBBEAN

REINSURANCE -– PROPERTY BUSINESS 2004 (cont’d)

TOTAL 485,005,535 48,252,873 9.95

United Insurance Company Limited 16,007,233 2,006,570 12.54

TOTAL 16,007,233 2,006,570 12.54

GRAND TOTAL 501,012,768 50,259,443 10.03

4.21 Details of the percentage of Gross Premium retained in respect of other categories of

general insurance business (excluding Motor and Property) are as follows:

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GENERAL INSURANCE BUSINESS

REINSURANCE – OTHER THAN MOTOR, PROPERTY AND LONG-TERM BUSINESS 2004

NET

COMPANIES GROSS NET RETENTION

PREMIUMS PREMIUMS RATIO

LOCAL $ $ %

American Life and General Insurance

Company (T’dad & T’go) Limited 69,963,261 48,117,285 68.78

Bankers Insurance Company of

T&T Limited 951,757 887,499 93.25

British-American Insurance Company

(T'dad) Ltd 1,904,479 1,336,829 70.19

Capital Insurance Limited 2,640 2,640 100.00

Citizen Insurance Company Limited 18,838 18,835 99.98

Colonial Fire and General Insurance

Company Limited 61,061,321 56,707,261 92.87

Furness Anchorage General Insurance

Limited 552,103 475,801 86.18

GTM Insurance Company Limited 4,121,258 2,383,665 57.84

Guardian General Insurance Limited 79,446,069 39,569,189 49.81

Gulf Insurance Limited 3,275,545 1,220,398 37.26

Maritime General Insurance

Company Limited 22,668,429 2,645,909 11.67

Nationwide Insurance

(Casualty & General) Company Limited UNDER JUDICIAL MANAGEMENT

N.E.M. (West Indies) Insurance Limited 13,296,414 5,422,058 40.78

Reinsurance Company of Trinidad

and Tobago Limited 6,109,442 1,449,492 23.73

Royal Caribbean Insurance Limited - - -

The Beacon Insurance Company Limited 44,097,602 14,447,549 32.76

The Great Northern Insurance

Company Limited 8,523 8,523 100.00

The New India Assurance Company of

(Trinidad and Tobago) Limited 348,246 330,239 94.83

Trinidad and Tobago

Insurance Limited 41,004,243 25,843,695 63.03

REPORT ON INSURANCE AND PENSIONS

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INSURANCE COMPANIES

REINSURANCE – OTHER THAN MOTOR, PROPERTY AND LONG-TERM BUSINESS 2004 (cont’d)

NET

COMPANIES GROSS NET RETENTION

PREMIUMS PREMIUMS RATIO

LOCAL $ $ %

Export Import Bank of Trinidad &

Tobago Limited 2,525,911 2,525,911 100.00

Regional

TOTAL 351,356,081 203,392,778 57.89

Life of Barbados Limited - - -

The Barbados Mutual Life

Assurance Society 33,785,235 32,567,359 96.40

United Insurance Company Limited 5,722,951 5,030,970 87.91

TOTAL 39,508,186 37,598,329 95.17

GRAND TOTAL 390,864,267 240,991,107 61.66

SOLVENCY TEST

4.22 Section 77(1) of the Insurance Act, Chap. 84:01 states, inter alia, that

"a company carrying on general insurance business shall be deemed for the purpose of the

Companies Ordinance to be unable to pay its debts where the value of its admissible assets does not

exceed the amount of its liabilities by which ever is the greater of the following amounts:

(a) two hundred and fifty thousand dollars; or

(b) twenty per cent (20%) of the general premium income of the company computed as at the

end of its last financial year."

4.23 Details of the solvency position of companies registered to underwrite motor and other

general insurance business are shown as follows:

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GENERAL INSURANCE BUSINESS

MARGIN OF SOLVENCY GENERAL INSURANCE BUSINESS - 2004

MINIMUM EXCESS (DEFICIT) MARGIN OF

SOLVENCY ADMISSIBLE SOLVENCY/

REQUIREMENT ASSETS OVER INSOLVENCY

COMPANIES in ACCORDANCE LIABILITIES + OR (-)

WITH SECTION 77 + OR (-)

OF THE INSURANCE

ACT CHAP. 84:01

LOCAL $ $ $

American Life and General Insurance

Company (T’dad & T’go) Ltd 12,883,442 115,970,687 103,087,245

Anchorage General Insurance Ltd 698,985 5,680,884 4,981,899

Bankers Insurance Company of T&T 3,366,145 1,761,811 (1,604,334)

British-American Insurance Company

(T’dad) Limited 386,312 51,064,654 50,678,342

Capital Insurance Limited# 9,175,277 31,352,673 22,177,396

Caribbean Insurance Company Ltd+ 250,000 (4,741,158) (4,991,158)

Citizen Insurance Company Limited 4,809,141 (16,399,009) (21,208,150)

Colonial Fire and General Insurance

Company Limited 20,408,562 36,870,052 16,461,490

G.T.M. Insurance Company Limited 2,440,037 3,540,176 1,100,139

Guardian General Insurance Limited 38,917,862 92,465,808 53,547,946

Gulf Insurance Limited 8,045,419 24,293,865 16,248,446

Maritime General Insurance Co. Ltd 10,885,399 75,644,137 64,758,738

Motor and General Insurance Co. Ltd 5,765,255 28,636,530 22,871,275

Motor One Insurance Company Limited 2,186,198 9,559,465 7,373,267

Nationwide Insurance (Casualty &

General) Company Limited* NR NR NR

N.E.M. (W.I.) Insurance Ltd 15,348,241 15,743,996 395,755

Reinsurance Company of Trinidad

and Tobago Limited 1,839,877 (6,100,307) (7,940,184)

Royal Caribbean Insurance Limited 250,000 1,089,741 839,741

#Solvency position for Capital Insurance Limited has not been finalized

+Caribbean Insurance Company Limited is running off its portfolio.

* Nationwide Insurance (Casualty & General) Company Limited has stopped writing new business.

NR – Returns Not Received

REPORT ON INSURANCE AND PENSIONS

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INSURANCE COMPANIES

MARGIN OF SOLVENCY GENERAL INSURANCE BUSINESS - 2004 (cont’d)

MINIMUM EXCESS (DEFICIT) MARGIN OF

SOLVENCY ADMISSIBLE SOLVENCY/

REQUIREMENT ASSETS OVER INSOLVENCY

COMPANIES in ACCORDANCE LIABILITIES + OR (-)

WITH SECTION 77 + OR (-)

OF THE INSURANCE

ACT CHAP. 84:01

LOCAL (cont’d) $ $ $

The Beacon Insurance Company Limited 10,673,405 15,879,262 5,205,857

The Goodwill General Insurance

Company Limited NR NR NR

The Great Northern Insurance Co. Ltd 1,285,061 1,285,663 602

The New India Assurance Company

of (Trinidad and Tobago) Limited 4,470,929 36,094,299 31,623,370

The Presidential Insurance Co. Ltd 3,569,390 7,285,363 3,715,973

The Trinidad and Tobago Insurance

Limited 17,512,683 142,690,625 125,177,942

The Western General Insurance

Company Limited 250,000 2,772,252 2,522,252

Export Import Bank

of Trinidad & Tobago Limited 505,182 7,860,856 7,355,674

Regional

TOTAL 175,922,802 680,302,325 504,379,523

Sagicor Life Incorporated 645,046,000 2,316,909,000 1,671,863,000

United Insurance Company Limited 1,250,676 10,522,139 9,271,463

TOTAL 646,296,676 2,327,431,139 1,681,134,463

GRAND TOTAL 822,219,478 3,007,733,464 2,185,513,986

NR – Returns Not Received

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INSURANCE COMPANIES

5. ASSOCIATION OF UNDERWRITERS

REGISTRATION

The Corporation of Lloyd's remained the only association of underwriters registered to

transact insurance business in Trinidad and Tobago.

INTERMEDIARIES

5.02 The names of Trinidad and Tobago intermediaries through whom insurance or

reinsurance was placed at Lloyd's are listed hereunder:

Charlett and Gatcliffe Limited

21st Century Insurance and Reinsurance Brokers Limited

Consolidated Insurance Consultants Limited

Insurance Brokers West Indies Limited

Miller Insurance Brokers Limited

M & M Insurance Services Limited

Norman Gabriel Limited

Risk Management Services Limited

VOLUME OF BUSINESS

5.03 Insurance business placed at Lloyd's during the years 2004 and 2003 are detailed below:

Premiums Received

Claims Paid

2004 2003 2004 2003

Direct Insurance 101,594,686 73,431,191 14,671,366 4,178,272

Reinsurance 108,269,494 144,696,695 101,633,398 29,012,238

TOTAL 209,864,180 218,127,886 116,304,764 33,190,510

REPORT ON INSURANCE AND PENSIONS

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PART II

INSURANCE INTERMEDIARIES

6. INSURANCE INTERMEDIARIES

The following table shows the number of intermediaries that were registered during 2004

in accordance with Part III of the Insurance Act, Chap. 84:01.

INTERMEDIARIES NEW APPLICATIONS RENEWAL CERTIFICATES

APPROVED IN 2004 ISSUED IN 2004

SALESMEN: 291 1180

AGENTS:

(a) Individuals 9 111

(b) Partnerships - –

(c) Corporate Bodies 33 211

BROKERS:

TOTAL 42 322

(a) Individuals 1 39

(b) Partnerships - -

(c) Corporate Bodies 2 33

ADJUSTERS:

TOTAL 3 72

(a) Individuals - .8

(b) Partnerships - -

(c) Corporate Bodies 1 13

TOTAL 1 21

List of registered Agents, Brokers and Adjusters are provided at Appendices B, C and D

respectively of this report.

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 which were held in 2004 are

as follows:

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INSURANCE INTERMEDIARIES

NO. OF NO. OF NO. OF

PERSONS PERSONS PERSONS

REGISTERED WHO WERE REGISTERED TO

TO WRITE SUCCESSFUL WRITE EXAMS

EXAMS

BUT DID NOT

Long-term Insurance

Examinations

April 115 58 8

June 29 15 3

August 48 27 6

October 20 13 1

December 82 45 1

General Insurance

Examinations

April 40 30 3

June 4 3 0

August 9 3 3

October 11 11 0

December 38 32 2

REVENUE

6.04 The total revenue collected from registration fees for the period ended 31st December

2004 amounted to $751,900 and in 2003 - $809,250.

REPORT ON INSURANCE AND PENSIONS

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PART III

PENSION FUND PLANS

7.01 During 2004, there were six (6) new Pension Fund Plans registered in accordance with the

provisions of Section 179 of the Insurance Act, Chap. 84:01.

7.02 The newly registered plans are:

(1) ASA Wright Nature Centre Pension Fund Plan

(2) Grace Kennedy (Trinidad and Tobago) Limited Pension Fund Plan.

(3) MTS Pension Fund Plan

(4) Nestle Trinidad and Tobago Limited Unionised Employees’ Pension Plan

(5) Pepsi – Cola Trinidad Bottling Company Limited Pension Fund Plan.

(6) RBTT Pension Fund Plan.

7.03 The number of active registered Pension Fund Plans now stands at two hundred and one

(201) comprising ninety (90) self-administered Pension Fund Plans and one hundred and

eleven (111) insured/annuity plans. There are now fifty-five (55) 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.

7.04 The list of the active registered pension plans is provided at Appendix E to this report.

AMENDMENTS

7.05 Fifteen amendments were made to the Trust Deeds and Rules of fifteen (15) pension fund

plans, during the period under review.

REVENUE

7.06 Revenue in respect of the registration of pension fund plans and amendments thereto for

the year ended 31st December 2004 was four hundred and fifty dollars ($450.00).

ANNUAL ACCOUNTS

7.07 The trustees of pension fund plans submitted annual audited accounts in respect of one

hundred and twenty-five (125) plans. Sixty-four (64) were in respect of self administered

pension fund plans and sixty-one (61) were in respect of insured /annuity pension fund

plans.

7.08 For the purpose of this report, insured plans included plans which are administered by an

insurer under a deposit administration contract.

7.09 The Accounts received are detailed at Tables XXXI to XXXV.

7.10 The following information has been extracted from the annual accounts received.

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REVENUE ACCOUNTS 2004

INSURED PENSION FUND PLANS

REVENUE $

(1) Amount of Fund at beginning of period 910,590,246

(2) Contributions by employers 25,009,793

(3) Contributions by employees 15,299,351

(4) Any additional contribution by employer to meet deficiency

or back service liability –

(5) Interest, Dividends and Rents 56,333,705

(6) Other Income 68,372,406

TOTAL 1,075,605,501

EXPENDITURE $

(1) Superannuation benefits

(i) Pensions to retired employees 28,855,578

(ii) Retirement Gratuities 6,318,417

(2) Death Grants 463,414

(3) Return of Contributions on withdrawal 3,043,085

(4) Other Expenditure (to be specified) 3,449,116

(5) Amount of Fund at end of period 1,033,475,891

TOTAL 1,075,605,501

REPORT ON INSURANCE AND PENSIONS

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PENSION FUND PLANS

REVENUE ACCOUNTS 2004

SELF ADMINISTERED PENSION FUND PLANS

REVENUE $

(1) Amount of Fund at beginning of period 11,077,265,654

(2) Contributions by employers 126,985,558

Contributions by employees 76,786,947

(3) Any additional contribution by employers

to meet deficiency or back service liability –

(5) Interest, dividends and rents 647,194,567

(6) Other Income 2,493,301,894

TOTAL 14,421,534,620

EXPENDITURE $

(1) Superannuation Benefits

(i) Pensions to Retired Employees 227,142,134

(ii) Retirement Gratuities 59,357,846

(2) Death Grants 3,712,895

(3) Return of Contributions on withdrawal 8,611,495

(4) Other Expenditure 136,438,301

(5) Amount of Fund at end of period 13,986,271,949

TOTAL 14,421,534,620

7.11 Contributions received during the years 2000 to 2004 were shared as follows:

CONTRIBUTIONS RECEIVED IN:

2000 2001 2002 2003 2004

EMPLOYER 153,019,460 198,865,904 158,882,807 168,891,229 151,995,351

EMPLOYEES 91,196,587 113,566,918 91,547,746 119,894,595 92,086,298

(See Figure 11)

BALANCE SHEETS

7.12 The Insurance Act requires that balance sheets should be furnished only in respect of

self-administered pension fund plans. In respect of insured pension fund plans the

relevant information is incorporated in the Balance Sheet which the insurance company

is required to submit with its annual financial returns.

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PENSION FUND PLANS

7.13 The following assets distribution statement in respect of self-administered plans has

been compiled from the balance sheets of the accounts of self-administered plans

received during the year.

ASSETS OF SELF-ADMINISTERED PLANS

2004 2003

$ $

Trinidad and Tobago Government

Securities denoted in TT$ 1,029,039,794 1,378,375,518

Mortgages 75,271,679 357,495,188

Real Estate 11,383,400 26,274,289

Trinidad and Tobago Equities 6,681,023,960 6,913,858,563

Fixed Deposits 382,140,561 1,271,030,986

Other Trinidad and Tobago Assets 5,166,722,357 5,410,154,570

Trinidad and Tobago Government

Securities denoted in Foreign Currency 321,881,930 426,525,236

TOTAL LOCAL ASSETS 13,767,463,681 15,783,714,350

Foreign Government Securities 376,425,008 295,699,677

Other Foreign Securities 726,700,051 666,336,050

TOTAL ASSETS IN FUND 14,870,588, 740 16,745,720,232

LOCAL ASSETS RATIO 92.58 % 94.26%

(See Figure 12)

7.14 During 2004 the Actuarial Valuations of twenty-two (22) registered pension fund plans

were submitted in accordance with Section 185 (3) of the Insurance Act.

7.15 The reports were reviewed with particular reference to the comments and/or

recommendations of the Actuaries with respect to the solvency position of each Plan.

REPORT ON INSURANCE AND PENSIONS

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PENSION FUND PLANS

FIG. 11

PENSION PLAN CONTRIBUTIONS

FIGURE 11

MILLIONS

200

180

160

140

120

100

80

60

40

20

0

2000

2001

2002

2003

2004

EMPLOYERS

EMPLOYEES

EMPLOYEES

EMPLOYERS

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PENSION FUND PLANS

FIG. 12

FIGURE 12

PENSION FUND PLANS

Assets of Self Administered Plans

Mortgages 1%

Mortgages 2%

T&T Equities 45%

T&T Equities 41%

Foreign Assets 10%

Fixed Deposits 3%

Gov’t Sec. 7%

Foreign Assets 6%

Fixed Deposits 8%

Gov’t Sec. 8%

Other 34%

Other 35%

Mortgages

T&T Equities

Foreign Assets

Fixed Deposits

T&T Gov’t Sec.

Other*

2004 2003

175,271,679

357,495,188

6,681,023,960

6,913,858,563

1,425,006,989

962,005,882

382,140,561

1,271,030,986

1,029,039,794

1,378,375,518

5,178,105,757

5,862,954,095

*Other includes Real Estate and Other T&T Assets

REPORT ON INSURANCE AND PENSIONS

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ACTUARIAL INVESTIGATIONS

SUMMARIES OF THE RESULTS AND RECOMMENDATIONS

OF THE ACTUARIAL INVESTIGATIONS

VALUATION

RESULTS AND

NAME OF PLAN ACTUARY DATE RECOMMENDATIONS

Master Mix Trinidad

Ltd Staff Pension

Fund Plan

KR Consulting June 1, 2003

The valuation revealed a surplus of $2.2

million.

It was recommended that:-

(a) The Company and Members should

continue their contribution holiday until

June 1, 2006. After that date the

contribution rate should be reviewed.

Earlier review will be required if there

are any significant changes to the

benefit structure, salaries or

employment levels.

(b) Discussions should be held with the

Trustees and the Actuary as to the use

of the surplus.

The next valuation should be performed on

or before June 1, 2006.

Baroid Trinidad

Services Ltd. Pension

Fund Plan

James Camacho December 31,

2003

The valuation revealed a past service surplus

of $8,454,000 and a funding level of 149%

It was recommended that:-

(a) The company should continue their

contribution holiday until the next

valuation date of December 31, 2006.

Trinidad and Tobago

Methanol Co. Ltd

Pension Plan

Bacon Woodrow

& De Souza

December 31,

2002

The valuation revealed a past service surplus

of $53.1 million with a funding 2002

level (i.e. the ratio of assets to past service

liabilities) of 199%.

It was recommended that :-

(a) The Company should continue to pay

contributions at the same rate as that

paid by the current Member and any

new members that may be admitted.

This recommendation will be subject to

IMMEDIATE review if the benefit or

contribution provisions of the plan are

amended before the next valuation.

The next valuation should be carried out no

later than December 31, 2005 if the Plan is

not wound up by that date.

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ACTUARIAL INVESTIGATIONS

SUMMARIES OF THE RESULTS AND RECOMMENDATIONS

OF THE ACTUARIAL INVESTIGATIONS (CONTINUED)

VALUATION

RESULTS AND

NAME OF PLAN ACTUARY DATE RECOMMENDATIONS

Caribbean Packaging

Industries Ltd. Senior

Staff Pension Plan

Bacon Woodrow

& De Souza

December

31, 2002

The valuation revealed a past service deficit

of ($497,000) with a funding level of 94%.

It was recommended that:-

(a) The Company should increase its

contributions to 11.8% of members’

earnings from July 1, 2004 for a period

of ten (10) years to eliminate the deficit.

The Company could then reduce its

contributions to its future service

contribution rate of 9.8% of members’

earnings.

(b) The recommendation above with respect

to the Company’s contribution rate will

be subject to immediate review if the

benefit or contribution provisions of the

Plan are amended before then.

The next actuarial valuation should be carried

out no later than December 31, 2005.

The Beacon

Insurance Company

Ltd. Pension Fund

plan

Eckler Partners

Limited

January 1,

2003

The valuation revealed a surplus of $1, 420,

664 with a funding level of 121.12%.

It was recommended that:-

(a) If the Company continues to contribute

at 5% of covered payroll, then the

existing surplus may be expected to last

for approximately 11 years and at the

end of the amortization period, the

Company may expect that their required

level of contributions to the Plan will rise

to 8.68% of Payroll.

(b) Alternatively, if provision were made for

the surplus to be amortized over the

next five years, both the Company and

the Members may reduce their Levels of

contributions to the Plan to 3.00% of

payroll and salary respectively. At the

end of the amortization period the

Company may expect that their required

level of contributions to the Plan will rise

to 8.68% of Payroll.

The next valuation be conducted on or

before January 1, 2006.

REPORT ON INSURANCE AND PENSIONS

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ACTUARIAL INVESTIGATIONS

SUMMARIES OF THE RESULTS AND RECOMMENDATIONS

OF THE ACTUARIAL INVESTIGATIONS (cont’d)

VALUATION

RESULTS AND

NAME OF PLAN ACTUARY DATE RECOMMENDATIONS

EOG Resources

Pension Fund Plan

Bacon Woodrow

& De Souza

May 1, 2003

The valuation revealed a surplus of $0.539

million with a funding level of 113%.

It was recommended that:-

(a) The company continue to pay

contributions at the rate of 8.4% of

members’ salaries. If the valuation

assumptions are borne our it practice, it

is calculated the Plan’s surplus is

sufficient to allow the Company to pay

contributions at this rate for seven (7)

years.

The next valuation is due on or before May

1, 2006, or if the provisions are amended

before.

The West Indian

Tobacco Company Ltd

Pension Fund Plan

KR Consulting January 1,

2004

The valuation revealed a surplus of $5.4

million with a funding level of 4.9%

It was recommended that:-

(a) The Company should increase its

contribution rate from 7% to 10% of

salaries with effect from January 1,

2005 until the next statutory valuation.

This is slightly below the theoretical cost

of benefits, and will utilize about $0.4

million of surplus.

(b) The residual surplus of $5 million should

be carried forward as a contingency

reserve. This amount is equivalent to

15% of the value of local equities and

should be held to insulate the Plan

against short term losses in the equity

market.

The next valuation should be performed on

or before January 1, 2007.

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ACTUARIAL INVESTIGATIONS

SUMMARIES OF THE RESULTS AND RECOMMENDATIONS

OF THE ACTUARIAL INVESTIGATIONS (cont’d)

VALUATION

RESULTS AND

NAME OF PLAN ACTUARY DATE RECOMMENDATIONS

The National Gas Co.

of T&T Limited

Pension Fund Plan

Bacon Woodrow

& De Souza

December

31, 2003

The valuation revealed a past service surplus

of $58.5 million with a funding level of

141%.

It was recommended that:-

(a) The Company reduce its contribution

rate to match the members’ at 5%

salaries until the next valuation date.

(b) The cost of insuring the lump sum

payable on death in service should be

debited to the Fund of the Plan.

The next valuation is due as at December

31, 2006.

Caribbean Packaging

Industries Ltd.

"Junior" Staff Plan

Bacon Woodrow

& De Souza

December 31,

2002

The valuation revealed a past service deficit

of ($510,000) with a funding level of

91%.

It was recommended that :-

(a) The Company should increase its

contributions to 8% of members’

earnings from 1 July 2004 for a period

of ten (10) years to eliminate the deficit.

The Company could then reduce its

contributions to its future service

contribution rate of 6.1% of members’

earnings.

(b) The recommendation above with

respect to the Company’s contribution

rate will be subject to immediate review

if the benefit or contribution provisions

of the Plan are amended before then.

The next actuarial valuation should be

carried out no later than December 31,

2005.

REPORT ON INSURANCE AND PENSIONS

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ACTUARIAL INVESTIGATIONS

SUMMARIES OF THE RESULTS AND RECOMMENDATIONS

OF THE ACTUARIAL INVESTIGATIONS (cont’d)

VALUATION

RESULTS AND

NAME OF PLAN ACTUARY DATE RECOMMENDATIONS

Scotiabank (T&T) Ltd.

Pension Fund Plan

Bacon Woodrow

& De Souza

October 31,

2003

The valuation revealed a past service surplus

of $110.5 million with a 2003 funding level

of 146%.

It was recommended that:-

(a) The Company continue its contribution

holiday until the results of the next

valuation. This advice will be subject to

immediate review if either benefit

provisions of the Plan are amended or

there is a significant change in the

significant change in the financial

conditions before then.

(b) It was noted that $26,359,224 (roughly

10%) of the Plan’s assets are invested in

financial instruments associated with

the Bank.

The Actuary has advised that this type of

self investment is undesirable and has

recommended that the Trustee considers

disposing of such assets as suitable

opportunities arise.

The next valuation is due as at October 31,

2006.

Republic Bank

Limited Pension

Fund Plan

Bacon Woodrow

& De Souza

September 30,

2002

The valuation revealed a past service surplus

of $604.3 million with a funding level of

171%.

It was recommended that:-

(a) The Company should continue to pay

no contributions to the Plan until the

results of the actuarial valuation as at

September 30, 2005 become available.

The next valuation is due as at September

30, 2005.

64 CENTRAL BANK OF TRINIDAD AND TOBAGO


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ACTUARIAL INVESTIGATIONS

SUMMARIES OF THE RESULTS AND RECOMMENDATIONS

OF THE ACTUARIAL INVESTIGATIONS (cont’d)

VALUATION

RESULTS AND

NAME OF PLAN ACTUARY DATE RECOMMENDATIONS

Colgate Palmolive

(Caribbean) Ltd.

Pension Fund Plan

Bacon Woodrow

& De Souza

January 1,

2003

The valuation revealed a surplus of $0.890

million in respect of past service with a

funding level of 127%.

It was recommended that:-

(a) The Company should continue to con

tribute at a rate of 5% of members’

basic wages.

(b) Consideration should be given to

securing existing deferred pensions by

buying deferred annuity policies. This

would help to reduce the investment risks

currently faced by the Plan.

The next valuation should be carried out no

later than January 1, 2006.

The Bank of

Commerce T&T Ltd.

Pension Fund Plan

Bacon Woodrow

& De Souza

September 30,

2002

The valuation revealed a past service surplus

of $51.2 million with a funding level of

161%.

It was recommended that:-

(a) The Bank continues to match the

contributions being paid by the remaining

active members , this being the minimum

rate at which it may contribute without

the specific sanction from the Board of

Inland Revenue to pay less than the

members.

The next actuarial valuation should be carried

out no later than September 30, 2005.

CARIRI Pension Fund

Bacon Woodrow

& De Souza

September 30,

2003

The valuation revealed Plan a past service

surplus of $26.7 million with a funding level

of 146%.

It was recommended that:-

(a) The members and the Institute should

continue paying $1 per month or stop

contributing altogether until the results

of the next valuation are available.

The next actuarial valuation should be carried

out no later than September 30, 2006.

REPORT ON INSURANCE AND PENSIONS

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ACTUARIAL INVESTIGATIONS

SUMMARIES OF THE RESULTS AND RECOMMENDATIONS

OF THE ACTUARIAL INVESTIGATIONS (cont’d)

VALUATION

RESULTS AND

NAME OF PLAN ACTUARY DATE RECOMMENDATIONS

ALGICO Agents

Pension Fund Plan

Eckler Partners

Limited

December

31, 2002

The valuation revealed a past service surplus

of $2.989 million with a funding level of

128%.

It was recommended that:-

(a) The Trust Deed and Rules be amended to

permit expenses to be paid from the

Plan.

(b) The Trust Deed and Rules be amended to

facilitate use of surplus to uplift

members’ account balances and/or

facilitate a reduction in contributions by

the Company and/or the members.

The next actuarial valuation of the Plan must

be conducted as at December 31, 2005.

Hand Arnold

(Trinidad) Ltd.

Employees Pension

Scheme

KR Consulting June 30, 2003 The valuation revealed an actuarial surplus of

$13.354 million with a funding level of

146%.

It was recommended that:-

(a) The Company continue on its

contribution holiday until June 30, 2006.

The next actuarial valuation should be

performed on or before June 30, 2006.

Y De Lima & Co.

Pension Fund Plan

Bacon Woodrow

& De Souza

December 31,

2002

The valuation revealed a past service surplus

of $5.127 million with a funding level of

156%.

It was recommended that:-

(a) The Company and members continue

on their contribution holiday.

(b) The recommendation at (a) will be

subject to immediate review if the

benefit or contribution provisions of the

Plan are amended before the next

valuation.

The next actuarial valuation should be

carried out no later than December 31,

2005.

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ACTUARIAL INVESTIGATIONS

SUMMARIES OF THE RESULTS AND RECOMMENDATIONS

OF THE ACTUARIAL INVESTIGATIONS (cont’d)

VALUATION

RESULTS AND

NAME OF PLAN ACTUARY DATE RECOMMENDATIONS

T’dad & Tobago Urea

Company Limited

Pension Plan

Bacon Woodrow

& De Souza

December

31, 2003

The valuation revealed a past service surplus

of $9.896 million with a Funding level of

315%.

It was recommended that:-

(a) The Company and Members can

continue to contribute at the reduced

rate of 3% of members’ salaries.

The next valuation should be carried out no

later than December31, 2006.

Johnson & Johnson

(T’dad) Ltd. Pension

Plan

Bacon Woodrow

& De Souza

December 31,

2003

The valuation revealed a past service surplus

of $ 16.680 million with a funding level of

175%.

It was recommended that:-

(a) The Company continue to contribute at

the minimum rate permitted by the

Plan’s rules i.e. 5% of members’ salaries

plus one-half on the death-in-service

insurance premiums.

(b) The Trustees review the Plan’s investment

strategy to determine whether CLICO’s

Managed Fund remains an appropriate

investment vehicle since 63% of the

fund value was invested in equities,

which excluded the limit set by the

Insurance Act 1980 and 44% of the

fund was invested in just two local

stocks.

(c)

The valuation at (a) will be subject to

immediate review if the benefit or

contribution provisions of the Plan are

amended before then.

The next valuation should be carried out no

later than 31 December 2006.

REPORT ON INSURANCE AND PENSIONS

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ACTUARIAL INVESTIGATIONS

SUMMARIES OF THE RESULTS AND RECOMMENDATIONS

OF THE ACTUARIAL INVESTIGATIONS (cont’d)

VALUATION

RESULTS AND

NAME OF PLAN ACTUARY DATE RECOMMENDATIONS

Lake Asphalt of T&T

Staff Pension Plan

Denise Radix-

Richards

June 30,

2003

The valuation revealed a past service surplus

of $2.847 million with a funding level of

173%.

It was recommended that:-

(a) The Company continue to contribute at

5% of salaries until the next actuarial

valuation.

(b) Consideration be given to enhancing

the benefits of the Plan.

The next valuation should be carried out on

data as at June 30, 2006.

British High

Commission

Pension Fund Plan

Bacon Woodrow

& De Souza

July 1, 2003

The valuation revealed past service surplus of

$1.8 million with a funding level of 244%

It was recommended that:-

(a) If no changes are made to the Plan’s

provisions, the Commission should

reduce its contributions to the minimum

rate of 4% of members’ salaries, i.e.

equal to the members’ contributions

The next actuarial valuation should be carried

out no later than July 1, 2006.

Caribbean Ispat

Limited Pension

Fund Plan

Bacon Woodrow

& De Souza

December 31,

2003

The valuation revealed a past service surplus

of $95.6 million with a funding level of

126.7%.

It was recommended that:-

(a) CIL continue to pay contributions at the

rate of 6% of members’ wages.

The next valuation should be carried out no

later than December 31, 2006.

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APPENDIX A

SUMMARY OF BALANCE SHEETS OF

INCORPORATED COMPANIES

AMERICAN LIFE AND GENERAL INSURANCE COMPANY (T’DAD & T’BAGO) LIMITED

INCORPORATED – 1977

Directors:

Secretary:

Auditors:

Consulting Actuary:

Countries other than Trinidad and

Tobago in which the Company

writes business:

G. DEANE; C. TALAVARA; I. SINANAN;

D. PATRICK; G. MC CLENNEN; R.K. NOTTINGHAM;

B. DOZIER; M. BUTHE; M. HANSON

I. SINANAN

PRICEWATERHOUSECOOPERS

S. AKHTAR

NIL

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

ASSETS $ $

Investments:

Trinidad and Tobago Government Bonds 726,561,876

Corporate Bonds in Trinidad & Tobago Companies 76,369,258

Ordinary shares in Trinidad & Tobago Companies 1,597,103

Preference shares in Trinidad & Tobago Companies -

Fixed Deposits 162,752,811

967,281,048

Fixed Assets 90,360,733

Mortgage Loans 5,589,080

Policy Loans 86,185,976

Other Loans 1,275,439

Outstanding Premiums 22,941,157

Interest, Rents & Dividends accruing but not yet due 15,645,608

Sundry Debtors 36,444,056

Tax Recoverable 4,167,437

Deferred Tax Asset 597,424

Cash on Current Account and in hand 29,079,065

TOTAL ASSETS 1,259,567,023

(continued)

REPORT ON INSURANCE AND PENSIONS

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APPENDIX A

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

(continued)

LIABILITIES $ $

Insurance Funds 854,902,705

Claims Admitted or Intimated but not paid 42,329,044

Reserve for Group Rating Refund 4,416,584

Deferred Tax Liability 41,854,230

Deposits 2,938,762

Policyholder, Bonuses Payable 15,606,496

Due to Reinsurer 15,322,033

Surrender Tax 154,698

Corporation Tax Payable 1,351,800

Dividend Payable 111,317

Bank Overdraft 3,689,762

Sundry Creditors 10,005,336

NET LIABILITIES 992,682,767

Paid-up Share Capital 12,000,000

Appropriated Statutory Surplus 43,259,375

Non-Admissible Assets Adjustment Account (4,395,523)

Retained Earnings 211,199,645

Unrealized Revaluation Reserve 4,820,759

TOTAL LIABILITIES 1,259,567,023

70 CENTRAL BANK OF TRINIDAD AND TOBAGO


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SUMMARY OF BALANCE SHEETS OF INCORPORATED COMPANIES

BANCASSURANCE CARIBBEAN LIMITED

INCORPORATED – 1977

Directors:

Secretary:

Auditors:

Consulting Actuary:

Countries other than Trinidad and

Tobago in which the Company

writes business:

D. CAMACHO; H.P. GANTEAUME; A. ARCHER

FE’ LOPEZ-COLLYMORE

PRICE WATERHOUSECOOPERS

R. TEWARI

NIL

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

ASSETS $ $

Investments:

Trinidad and Tobago Government Securities 8,533,739

Foreign Gov’t Securities 23,980,250

Ordinary Shares in T&T Companies 189,308,407

Debentures in Trinidad & Tobago Companies 14,344,101

Fixed Deposits with Bank 145,993,165

382,159,662

Fixed Assets 19,503,265

Mortgage Loans 1,229,613

Policy Loans 15,747,262

Cash on Current Account and in Hand 1,522,605

Outstanding Premiums (1,076,447)

Interest, dividends and rents accruing but not due 11,424,594

Sundry Debtors 4,807,059

TOTAL ASSETS 435,317,613

(continued)

REPORT ON INSURANCE AND PENSIONS

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APPENDIX A

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

(continued)

LIABILITIES $ $

Insurance Funds 332,242,795

Claims admitted or intimated but not paid 6,509,788

Premiums paid in advance 106,659

Amount due to reinsurer 3,131,000

Other Liabilities 83,490,354

Bank Loans/Overdrafts 673,947

NET LIABILITIES 426,154,543

Paid-up Share Capital 4,940,334

Share Premium Account 4,222,736

TOTAL LIABILITIES 435,317,613

72 CENTRAL BANK OF TRINIDAD AND TOBAGO


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SUMMARY OF BALANCE SHEETS OF INCORPORATED COMPANIES

BANKERS INSURANCE COMPANY LIMITED

INCORPORATED – 1976

Directors:

Secretary:

Auditors:

Countries other than Trinidad and

Tobago in which the Company

writes business:

B. DOLSINGH; H. HARINARINE; G. RAMNANAN;

K. RAMRATTAN; J. LALL; C. BACHAN

G.RAMNANAN

R.D. RAMPERSAD AND COMPANY

NIL

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST MARCH, 2004

ASSETS $ $

Investments:

Trinidad and Tobago Government Securities 5,345,000

Unquoted Investments 4,215,311

Quoted Investments 5,650

Fixed Deposits with Banks 558,534

10,124,495

Fixed Assets 17,966,527

Cash on Current Account and in Hand 1,383,135

Outstanding Premiums 4,506,855

Interest Dividends and Rents accruing but not due 222,479

Amount due from related companies -

Staff Account 11,310

Sundry Debtors 480,042

Deferred Taxation 421,741

Other Non Current Assets 22,157

TOTAL ASSETS 35,138,741

LIABILITIES $ $

Insurance Funds 9,833,321

Claims admitted or intimated but not paid 5,707,814

Amount due to Reinsurer 2,378,762

Due to Related companies 2,705,289

Accrued charges and Sundry Creditors 2,694,013

Bank Loans and Overdrafts 7,236,305

Taxation payable 47,679

NET LIABILITIES 30,603,183

(continued)

REPORT ON INSURANCE AND PENSIONS

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APPENDIX A

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

(continued)

LIABILITIES (continued) $ $

Paid-up Share Capital 6,890,002

Statutory Surplus Reserve 1,341,809

Retained Earnings (5,868,253)

Asset valuation adjustment -

Surplus on revaluation 2,172,000

TOTAL LIABILITIES 35,138,741

74 CENTRAL BANK OF TRINIDAD AND TOBAGO


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SUMMARY OF BALANCE SHEETS OF INCORPORATED COMPANIES

BRITISH-AMERICAN INSURANCE COMPANY (TRINIDAD) LIMITED

INCORPORATED – 1977

Directors:

Secretary:

Auditors:

Consulting Actuary:

Countries other than Trinidad and

Tobago in which the Company

writes business:

L. DUPREY; B. BRANKER; R FULLERTON

K. SOODEEN

PRICEWATERHOUSECOOPERS

TRIANGLE ACTUARIAL SERVICE,

RAMCHAND RAMNARINE

NIL

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

ASSETS $ $

Investments:

Trinidad and Tobago Government Securities 1,084,943

Securities guaranteed by the Govt. of T&T 2,016,546

Other Caricom Gov’t Securities 35,810,743

Ordinary shares in T&T Companies 197,193,703

Ordinary shares in non T&T Companies -

Bonds and Debentures in T&T companies 1,396,062

Fixed deposits with Bank 52,298,519

289,800,516

Fixed Assets 37,456,414

Mortgage Loans and other Loans 30,483,207

Policy Loans 12,847,904

Other Loans 910,716

Cash on Current Account and in hand 6,395,311

Outstanding Premiums 2,503,111

Interest, Dividends, and Rents accruing 5,542,332

Sundry debtors 10,096,188

TOTAL ASSETS 396,035,699

LIABILITIES $ $

(continued)

REPORT ON INSURANCE AND PENSIONS

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APPENDIX A

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

(continued)

LIABILITIES $ $

Insurance Funds 256,694,411

Claims admitted or intimated but not paid 3,373,747

Amount due to Reinsurer -

Amount due to group Companies 71,380,099

Taxation payable 708,848

Premium paid in advance 929,312

Premium Suspense 3,286,374

Other Liabilities 2,525,323

338,898,114

Paid-up Share Capital 17,869,554

Statutory Reserves 151,911

Retained Earnings 33,106,467

Asset Valuation Adjustment 6,009,653

TOTAL LIABILITIES 396,035,699

76 CENTRAL BANK OF TRINIDAD AND TOBAGO


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SUMMARY OF BALANCE SHEETS OF INCORPORATED COMPANIES

CAPITAL INSURANCE LIMITED

INCORPORATED – 1968

Directors:

Secretary:

Auditors:

Countries other than Trinidad and

Tobago in which the Company

writes business:

Y. ALI; V. BELLAMY; F. ALI KANGALOO; S. ALI

F. NANAN

A. RAMOUTAR AND COMPANY

ANTIGUA

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

ASSETS $ $

Investments:

Trinidad and Tobago Government Securities 8,416,637

Ordinary Shares in Trinidad and Tobago Companies 28,722,322

Bonds and Debentures in T & T Companies 34,792,161

Fixed Deposits with Banks 3,263,939

Fixed Deposits with other Financial Institutions 1,050,000

76,245,059

Fixed Asset 5,127,664

Cash on current account and in hand 917,922

Outstanding Premiums 1,862,635

Amount due from other Insurance Companies –

Interest, Dividends and Rents accruing but not due 665,676

Interest, Dividends and Rents outstanding 50,985

Sundry Debtors 38,624,603

TOTAL ASSETS 123,494,544

LIABILITIES $ $

Insurance Funds 23,062,116

Claims admitted or intimated but not paid 12,800,000

Amount due to Reinsurer 14,060

Taxation 932,743

Proposed dividend 975,000

Creditors and Accruals 13,570,067

NET LIABILITIES 51,353,986

(continued)

REPORT ON INSURANCE AND PENSIONS

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APPENDIX A

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

(continued)

LIABILITIES (continued) $ $

Paid-up Share Capital 9,750,000

Revaluation Reserve 5,282,171

Unexpired Policies 10,495,168

Retained Earnings 43,174,348

Capital Reserve 3,438,871

TOTAL LIABILITIES 123,494,544

78 CENTRAL BANK OF TRINIDAD AND TOBAGO


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SUMMARY OF BALANCE SHEETS OF INCORPORATED COMPANIES

CARIBBEAN INSURANCE COMPANY LIMITED

INCORPORATED – 1970

Directors:

Secretary:

Auditors:

Actuary:

Countries other than Trinidad and

Tobago in which the Company

writes business:

J. SELLIER; J. HADEED; P. ABOUD; D GONZALEZ;

C. HADEED

D. GONZALEZ

R. RAMLAKHAN & COMPANY

APEX CONSULTING LTD

NIL

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 30TH JUNE, 2004

ASSETS $ $

Investments:

Caricom Government Securities 694,400

Fixed Deposits in Banks 6,200,000

Ordinary Shares in Caricom countries 50,048

Ordinary Shares in T&T Companies 286,331

Bonds and Debentures in T&T Companies 800,000

8,030,779

Fixed Assets 20,274,260

Cash on Current Account and in Hand 126,748

Due from Related Parties 19,069,306

Amount due from Reinsurers 8,642

Sundry Debtors 1,236,699

TOTAL ASSETS 48,746,434

LIABILITIES $ $

Insurance Funds –

Claims admitted or intimated but not paid 9,938,996

Bank Overdraft and Loan 1,828,018

Accrued Charges 3,065,000

Taxation Payable 8,531

NET LIABILITIES 14,840,545

(continued)

REPORT ON INSURANCE AND PENSIONS

79


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APPENDIX A

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

(continued)

LIABILITIES (continued) $ $

Paid-up Share Capital 20,000,000

Capital Reserves 11,375,086

Statutory Reserves -

Retained Profits (2,730,347)

Asset Valuation Adjustment 5,261,150

TOTAL LIABILITIES 48,746,434

80 CENTRAL BANK OF TRINIDAD AND TOBAGO


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SUMMARY OF BALANCE SHEETS OF INCORPORATED COMPANIES

CARIBBEAN ATLANTIC LIFE INSURANCE COMPANY LIMITED

INCORPORATED – 1977

Directors:

Secretary:

Auditors:

Consulting Actuary:

Countries other than Trinidad and

Tobago in which the Company

writes business:

D. CAMACHO; P. JULY; A. LOK JAK; G.N. VOSS;

A. AHAMAD; S.H. PHILLIPS; G. PINARD; P. HAMEL-

SMITH; H.P. GANTEAUME

FE’ LOPEZ-COLLYMORE

PRICEWATERHOUSECOOPERS

R. TEWARI

NIL

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

ASSETS $ $

Investments:

Trinidad and Tobago Government Securities 900,000

Ordinary Shares in T&T Companies 48,462

Bonds and Debentures in T&T Companies 5,530,153

Other Investments 6,600,887

Fixed Deposits with other financial institutions 1,480,111

14,559,613

Fixed Assets -

Mortgage Loans 72,105

Loans on policies of the company 893,161

Cash on current account and in hand 705,007

Outstanding Premiums 5,106

Sundry Debtors 21,239

Interest, Dividends and Rent accruing but not due 205,280

TOTAL ASSETS 16,461,511

(continued)

REPORT ON INSURANCE AND PENSIONS

81


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APPENDIX A

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

(continued)

LIABILITIES $ $

Insurance Funds 6,515,815

Claims admitted/intimated but not paid 239,185

Premiums paid in advance 2,026

Amounts due to reinsurers 22,201

Other Current Liabilities 3,105,226

NET LIABILITIES 9,884,453

Retained Profits 6,577,058

Retained Earnings –

TOTAL LIABILITIES 16,461,511

82 CENTRAL BANK OF TRINIDAD AND TOBAGO


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SUMMARY OF BALANCE SHEETS OF INCORPORATED COMPANIES

CITIZEN INSURANCE COMPANY LIMITED

INCORPORATED – 1978

Directors:

Secretary:

Auditors:

Countries other than Trinidad and

Tobago in which the Company

writes business:

H.L. GOBIN; B.S. GOBIN; K. J. GOBIN;

J.E. HUBBAH; V.O. JENVEY

V.O. JENVEY

R. CHADEE & COMPANY CHARTERED

ACCOUNTANTS

NIL

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST JANUARY, 2004

ASSETS $ $

Investments:

Trinidad and Tobago Government Securities 4,776,792

Ordinary Shares in T&T Companies 39,590

Fixed Deposits with Banks 1,539,072

6,355,454

Fixed Assets 110,612

Cash on current account and in hand 602,049

Outstanding Premiums 1,525,406

Net Recoveries 4,900,000

Other Assets 91,580

TOTAL ASSETS 13,585,101

LIABILITIES $ $

Insurance Funds 7,154,275

Claims admitted/intimated but not paid 2,190,700

Creditors 616,573

Amounts due to reinsurers and agents –

Taxation Payable 18,962

NET LIABILITIES 9,980,510

Paid-up Share Capital 2,197,976

Statutory Reserves 394,363

Retained Earnings 1,012,252

TOTAL LIABILITIES 13,585,101

REPORT ON INSURANCE AND PENSIONS

83


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APPENDIX A

COLONIAL FIRE AND GENERAL INSURANCE COMPANY LIMITED

INCORPORATED – 1955

Directors:

Secretary:

Auditors:

Countries other than Trinidad and

Tobago in which the Company

writes business:

L.A. DUPREY; R. Ng CHOW; P. SALVARY;

A.H. THOMAS; N. JONES

W.P. HARRIS

PRICEWATERHOUSECOOPERS

NIL

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

ASSETS $ $

Investments:

Trinidad and Tobago Government Securities 26,589,732

Other Caricom Government –

Ordinary Shares in T&T Companies 38,023,644

Ordinary Shares in non-T&T Companies –

Investments in dependent companies non insurance 4,619,100

Fixed Deposits with banks –

Bonds and Debentures in T&T Companies 4,749,649

Other Investments 4,065,000

78,047,125

Fixed Assets 17,863,376

Cash on Current Account and in hand 864,084

Outstanding Premiums 15,891,561

Amounts due to other insurance companies 138,477

Interest, dividends and rents accruing 1,165,686

Amounts Due from reinsurers 60,138

Amounts due from fellow subsidiary 4,765,131

Other Assets 10,949,100

Sundry Debtors 766,765

Taxation Recoverable 640,826

Excess of Liabilities over assets 4,337,259

Deferred Taxation 547,205

TOTAL ASSETS 136,036,731

84 CENTRAL BANK OF TRINIDAD AND TOBAGO


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SUMMARY OF BALANCE SHEETS OF INCORPORATED COMPANIES

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

(continued)

LIABILITIES $ $

Insurance Funds 26,258,920

Outstanding Commissions 298,221

Dividends Payable 14,674

Claims admitted or intimated but not paid 19,650,751

Deferred Taxation 8,177,383

Amounts due to reinsurers 12,714,715

Bank Loans and Overdraft 3,254,323

Related Party balances 4,943,588

Other Liabilities 13,001,342

NET LIABILITIES 88,313,917

Paid-up Share Capital 15,751,034

Retained Profits 16,789,037

Other 26,000

Catastrophe Reserve 7,054,000

Statutory Surplus Reserve 11,925,000

Asset Valuation Adjustment 3,822,257)

Liabilities in excess of assets outside T&T –

TOTAL LIABILITIES 136,036,731

REPORT ON INSURANCE AND PENSIONS

85


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APPENDIX A

COLONIAL LIFE INSURANCE COMPANY (TRINIDAD) LIMITED

INCORPORATED – 1936

Directors:

Secretary:

Auditors:

Consulting Actuaries:

Countries other than Trinidad and

Tobago in which the Company

writes business:

L.A. DUPREY; P.E. SALVARY; R. DUPREY; N.M. JONES;

J. B. MARTIN; L.A. MONTEIL; K. COOMBS; M.A. FIFI

G. SAKAL

PRICEWATERHOUSECOOPERS

BUCK CONSULTANTS

NIL

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

ASSETS $ $

Investments:

Trinidad and Tobago Government Securities 845,198,500

Other "Caricom" Government Securities (7)

Other- Commonwealth Government Securities 3,363

Ordinary Shares in T&T Companies 7,589,092,711

Ordinary Shares in Non-T&T Companies 262,483,639

Preference Shares in non Trinidad & Tobago Companies 34,558

Bonds and Debentures in T&T Companies 917,462,664

Investment in connected companies which are not

Insurance Companies 263,090,653

Other Investments (20,797,441)

Fixed Deposits 3,645,922,499

13,502,491,139

Fixed Assets 284,524,490

Mortgage Loans 73,077,439

Policy Loans 84,896,813

Other Loans 968,323

Cash on Current Account and in Hand 193,676,259

Sundry Debtors 53,745,130

Due from Other Insurance Companies 2,200,850

Outstanding Premiums 1,518,633

Interest, dividends and rents accruing 226,895,335

Admissible Asset Valuation Adjustment 76,587,723

TOTAL ASSETS 14,500,582,134

86 CENTRAL BANK OF TRINIDAD AND TOBAGO


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SUMMARY OF BALANCE SHEETS OF INCORPORATED COMPANIES

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

(continued)

LIABILITIES $ $

Insurance Funds 7,149,873,871

Deposit Administration Contracts 308,106,389

Managed Fund 519,953,080

Claims admitted or intimated but not paid 28,444,529

Premiums paid in advance 25,156,649

Outstanding Commissions 508,177

Amount due to reinsurer (431,376)

Proposed Dividends to Shareholders 4,500,000

Bank Loans and Overdrafts 2,121,115,327

Policyholders Reserve 479,774,000

Other Liabilities 45,973,195

NET LIABILITIES 10,682,973,841

Paid-up Share Capital 7,500,000

Capital Reserve 44,102,795

Managed Fund 15,666,503

Retained Earnings 225,499,775

Reserves 3,524,839,220

TOTAL LIABILITIES 14,500,582,134

REPORT ON INSURANCE AND PENSIONS

87


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APPENDIX A

CUNA CARIBBEAN INSURANCE SOCIETY LIMITED

INCORPORATED – 1989

Directors:

Secretary:

Auditors:

Consulting Actuaries:

Countries other than Trinidad and

Tobago in which the Company

writes business:

G. CONKLIN; S. SCHUPPE; M. IMMERFALL;

R. DOUGLAS; J. GOMES; J. TEJEDA-VERA;

R. SWOBODA

A. GOINDOO

KPMG PEAT MARWICK

ECKLER PARTNERS LIMITED

NIL

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

ASSETS $ $

Investments:

Securities guaranteed by the Govt. of T&T 15,337,711

Ordinary Shares in T&T companies 46,454

Ordinary Shares in non companies 31,500

Bonds and Debentures in T&T Companies 8,248,519

Fixed Deposits in Banks 12,341,399

Investment in dependent companies (non insurance) 25,000

36,030,583

Fixed Assets 2,221,348

Loans 3,127,800

Interest accrued 1,644,862

Outstanding Premiums 4,673,876

Cash on Current Account and in Hand 7,909,177

Sundry Debtors 1,210,935

Taxation Recoverable 1,623,198

TOTAL ASSET 58,441,779

88 CENTRAL BANK OF TRINIDAD AND TOBAGO


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SUMMARY OF BALANCE SHEETS OF INCORPORATED COMPANIES

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

(continued)

LIABILITIES $ $

Insurance Funds 25,005,635

Claims admitted or intimated but not paid 13,609,030

Dividend Payable 100,023

Premiums paid in advance 323,981

Accounts payable 4,147,421

Other Liabilities 315,409

Dividend Accumulation 426,348

NET LIABILITIES 43,927,847

Paid-up Share Capital 4,514,265

Retained Earnings 11,125,136

Non-admissible Assets Adjustment (1,125,469)

TOTAL LIABILITIES 58,441,779

REPORT ON INSURANCE AND PENSIONS

89


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APPENDIX A

EXPORT IMPORT BANK OF TRINIDAD AND TOBAGO LIMITED

INCORPORATED –

Directors:

Secretary:

Auditors:

Countries other than Trinidad and

Tobago in which the Company

writes business:

C. BENN; A V. HENRY; A. CATO; A. HADEED;

L.LEQUAY; R. ABASALI

R. ABASALI

PANNELL KERR FOSTER

NIL

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 3OTH SEPTEMBER, 2004

ASSETS $ $

Investments:

Trinidad and Tobago Government Securities 1,230,616

Fixed Deposits in other financial institutions 5,500,000

6,730,616

Fixed Assets 2,079,281

Cash on Current Account and in Hand 7,714,378

Advances from Pre-Shipment Financing 20,475,132

Discounting from Post Shipping financing 25,895,711

Accounts Receivable 2,081,076

Interest, Dividends and Rents accruing but not due 325,211

Reconstructed Loans 3,504,256

Deferred Taxation 2,303,178

TOTAL ASSETS 71,108,839

LIABILITIES $ $

Insurance Funds 62,688

Bank Loans and Overdraft 7,102,997

Taxation payable 26,391

Accounts Payable and Accruals 2,789,112

Trade Certificates 359,799

Lines of Credit 49,117,724

NET LIABILITIES 59,458,711

90 CENTRAL BANK OF TRINIDAD AND TOBAGO


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SUMMARY OF BALANCE SHEETS OF INCORPORATED COMPANIES

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 3OTH SEPTEMBER, 2004

(continued)

LIABILITIES (cont’d) $ $

Paid-up Share Capital 12,234,000

Revaluation Surplus 30,477

Statutory Surplus Reserve 615,612

Special Reserve 441,375

Profit and Loss Account 1,982,025

Retained Earnings (3,653,361)

TOTAL LIABILITIES 71,108,839

REPORT ON INSURANCE AND PENSIONS

91


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APPENDIX A

FURNESS ANCHORAGE GENERAL INSURANCE LIMITED

INCORPORATED – 1979

Directors:

Secretary:

Auditors:

Countries other than Trinidad and

Tobago in which the Company

writes business:

D.M.FERREIRA-RAJPAULSINGH; W.A. FERREIRA;

J.G. FERREIRA; S.C. FONG; P.A. FERREIRA;

K.L. PITMAN; V. PRAIM

P. A. FERREIRA

PRICEWATERHOUSE COOPERS

NIL

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

ASSETS $ $

Investments:

Trinidad and Tobago Government Securities 2,144,400

Ordinary Shares in Trinidad and Tobago Companies 2,429,909

Bonds and Debentures in T&T Companies 792,791

5,367,100

Fixed Assets 49,277

Cash on Current Account and in Hand 3,098,325

Outstanding Premiums 1,180,073

Amount due from other Insurance Companies 41,276

Interest, Dividends and Rents accruing but not due 78,472

Amounts due from fellow subsidiary –

Amount due from reinsurer –

Sundry Debtors 25,998

Amounts due from subsidiary 39,267

TOTAL ASSETS 9,879,788

LIABILITIES $ $

Insurance Funds 1,497,192

Claims admitted or intimated but not paid 1,167,543

Amount due to parent company 106,463

Amount due to reinsurers 930,657

Taxation Payable 10,801

Sundry Creditors 199,021

NET LIABILITIES 3,911,677

92 CENTRAL BANK OF TRINIDAD AND TOBAGO


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SUMMARY OF BALANCE SHEETS OF INCORPORATED COMPANIES

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

(continued)

LIABILITIES (cont’d) $ $

Capital Reserve 799,466

Paid-up Share Capital 3,300,000

Statutory Surplus Reserve 936,125

Asset Valuation Adjustment 4,580

Profit and Loss Account 927,940

TOTAL LIABILITIES 9,879,788

REPORT ON INSURANCE AND PENSIONS

93


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APPENDIX A

G.T.M. FIRE INSURANCE COMPANY LIMITED

INCORPORATED – 1977

Directors:

Secretary:

Auditors:

Consulting Actuary:

Countries other than Trinidad and

Tobago in which the Company

writes business:

L. SUMADH; V. RAMLOGAN; D. RAMLAL

L. LOPEZ

L DE NOBRIGA & COMPANY

BACON WOODROW & DE SOUZA

NIL

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

ASSETS $ $

Investments:

Trinidad and Tobago Government Securities 622,074

Securities guaranteed by the Gov’t of T&T –

Other Investments 7,865,068

Investments in dependent companies non insurance 1,716,960

Ordinary shares in T&T Companies 640,448

Ordinary shares in non T&T Companies 155,964

Fixed deposits with other financial institutions 2,100,000

Bonds and Debentures in T&T Companies 3,676,420

16,776,934

Fixed Assets 9,471,843

Amounts due other insurance companies 18,067

Cash on hand and in current account 1,224,627

Interest, dividends and rent outstanding 109,135

Sundry Debtors 448,642

Outstanding Premiums 6,944,869

TOTAL ASSETS 34,994,117

94 CENTRAL BANK OF TRINIDAD AND TOBAGO


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SUMMARY OF BALANCE SHEETS OF INCORPORATED COMPANIES

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

(continued)

LIABILITIES $ $

Insurance Funds 7,604,657

Claims admitted or intimated but not paid 5,883,938

Amount due to Reinsurer 4,200,024

Other Creditors 1,346,064

Long Term Loan 9,514,307

Accruals 52,633

NET LIABILITIES 28,601,623

Ordinary Shares 5,135,176

Capital Reserves 3,207,696

Statutory Surplus Reserves 4,283,462

Catastrophe Reserves 614,882

Asset Valuation Adjustment (33,684,298)

Retained Profits 26,835,576

TOTAL LIABILITIES 34,994,117

REPORT ON INSURANCE AND PENSIONS

95


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APPENDIX A

GUARDIAN GENERAL INSURANCE LIMITED

INCORPORATED – 1973

Directors:

Secretary:

Auditors:

Countries other than Trinidad and

Tobago in which the Company

writes business:

G. LEE INNISS; P JULY; FE LOPEZ COLLYMORE;

R. MARTINEAU; S. WILSON; G. VOSS;

H.P. GANTEAUME; A. LOK JACK; A. LANCASTER;

J. GONZALES

FE’ LOPEZ-COLLYMORE

PRICE WATERHOUSECOOPERS

BARBADOS

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

ASSETS $ $

Investments:

Trinidad and Tobago Government Securities 49,451,865

Securities guaranteed by the Gov't of T&T 2,745,734

Securities guaranteed by Other Caricom Countries 34,439,180

Ordinary shares in Trinidad and Tobago Companies 419,097,753

Other Securities 118,664,421

Bonds and Debentures in T&T Companies 21,245,906

Fixed Deposits in Banks 19,183,054

664,827,913

Fixed Assets –

Loan on Debentures 2,250,000

Cash on Current Account and in Hand 70,584,427

Outstanding Premiums 41,316,039

Amounts due from other Insurance Companies 1,065,031

Interest, Dividends and Rents accruing but not due 5,274,578

Sundry Debtors 117,034,144

Other Assets - Refund of Corporation Tax 1,812,502

TOTAL ASSETS 904,164,634

96 CENTRAL BANK OF TRINIDAD AND TOBAGO


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SUMMARY OF BALANCE SHEETS OF INCORPORATED COMPANIES

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

(continued)

LIABILITIES $ $

Insurance Funds 65,774,149

Claims admitted or intimated but not paid 113,526,170

Claims Equalization Reserve 2,708,011

Amounts due to Agents, Brokers and other Ins. Cos. 43,783,622

Accrued Expenses 900,000

Other Liabilities 11,566,228

Inter country balances - Other West Indian Islands 956,402

NET LIABILITIES 239,214,582

Paid up share capital 532,878,739

Statutory Surplus 35,564,668

Retained Profits 96,506,645

TOTAL LIABILITIES 904,164,634

REPORT ON INSURANCE AND PENSIONS

97


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APPENDIX A

GUARDIAN LIFE OF THE CARIBBEAN LIMITED

INCORPORATED – 1981

Directors:

Secretary:

Auditors:

Consulting Actuary:

Countries other than Trinidad and

Tobago in which the Company

writes business:

D. CAMACHO; A.LOK JACK; P. JEAN JULY;

S. AHAMAD; P. HAMEL-SMITH;

S.H. PHILLIPS; H. P. GANTEAUME; G. PINSRD;

N. LOK JACK; G. VOSS

FE’ LOPEZ-COLLYMORE

PRICE WATERHOUSECOOPERS

R. TEWARI

ARUBA, CURACAO, ST VINCENT

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

ASSETS $ $

Investments:

Securities guaranteed by the Govt. of T’dad & T’go 279,636,876

Other Securities -

Ordinary Shares in T&T Companies 1,444,384,485

Ordinary Shares in Non-T&T Companies 142,188,917

Bonds and Debentures in T&T Companies 298,765,483

Other Bonds and Debentures -

Bonds and Debentures in Non-T&T Companies 134,149,100

Other Investments 3,528,425

Fixed Deposits with Bank 753,174,060

3,055,827,346

Fixed Assets 194,427,348

Mortgage Loans 120,972,591

Policy Loans 22,159,017

Other Loans 8,533,484

Cash on Current Account and in Hand 63,878,178

Outstanding Premiums 17,988,304

Interest, dividends & rents accruing but not due 32,049,021

Other Assets 79,721,179

TOTAL ASSETS 3,595,556,468

98 CENTRAL BANK OF TRINIDAD AND TOBAGO


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SUMMARY OF BALANCE SHEETS OF INCORPORATED COMPANIES

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

(continued)

LIABILITIES $ $

Insurance Funds 2,153,203,813

Deposit Administration 320,118,124

Claims admitted or intimated but not paid 56,146,467

Premiums paid in advance 23,882,231

Outstanding Commissions 5,871,702

Amount due to Reinsurer 8,528,673

Bank Loans and Overdrafts 4,355,000

Dividends Payable 55,074,940

Deferred Taxation 168,816,530

Taxation 21,320,221

Accrued expenses 3,044,041

Other Liabilities 46,194,774

NET LIABILITIES 2,866,556,516

Paid-up Share Capital 53,349,005

Shareholders' Account 13,161,902

Revaluation Reserve 13,751,876

Par Policy Surplus 321,384,260

Investment & Contingency Reserve & General Reserve 284,364,000

Unappropriated Surplus 42,988,909

TOTAL LIABILITIES 3,595,556,468

REPORT ON INSURANCE AND PENSIONS

99


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APPENDIX A

GULF INSURANCE LIMITED

INCORPORATED – 1974

Directors:

Secretary:

Auditors:

Countries other than Trinidad

and Tobago in which the

Company writes business:

C.H. SALVATORI; H.V. SALVATORI; J.D. BARKLEY;

C.A. SALVATORI; R.S. FOSTER

KENNETH KONG

CHOW, THOMPSON & COMPANY

ST. LUCIA, GRENADA, ST. VINCENT,

ST. KITTS NEVIS, ANGUILLA, DOMINICA,

TORTOLA, ST MAARTEN, US VIRGIN ISLANDS

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST MARCH, 2004

ASSETS $ $

Investments:

Trinidad and Tobago Government Securities 3,506,419

Securities guaranteed by the Govt. of T’dad & T’go 300,000

Ordinary Shares in T&T Companies 11,285,602

Fixed Deposits at Bank 13,443,160

Other Bonds 2,400,500

Other Investments 3,162,036

34,097,717

Fixed Assets 14,396,947

Mortgage Loans -

Cash on Current Account and in hand 13,395,574

Uncollected Premiums 2,745,455

Other Assets-(Contra Net Foreign Assets) 45,507

Other Assets 1,529,578

TOTAL ASSETS 66,210,778

LIABILITIES $ $

Insurance Funds 6,952,853

Outstanding Claims 12,637,015

Amount due to Reinsurer 4,312,437

Proposed Dividends -

Creditors 5,936,681

NET LIABILITIES 29,838,986

100 CENTRAL BANK OF TRINIDAD AND TOBAGO


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SUMMARY OF BALANCE SHEETS OF INCORPORATED COMPANIES

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST MARCH, 2004

(continued)

LIABILITIES (cont’d) $ $

Paid-up Share Capital 13,500,000

Other Reserves 7,731,577

Statutory Surplus Reserve 5,772,113

Profit & Loss Account 9,368,102

TOTAL LIABILITIES 66,210,778

REPORT ON INSURANCE AND PENSIONS

101


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APPENDIX A

LIFE OF BARBADOS LIMITED

INCORPORATED 1971

Directors:

Secretary:

Auditors:

Consulting Actuary:

Countries other than Trinidad

and Tobago in which the

Company writes business:

C.G. GODDARD, J.A. BETHELL, D.W. ALLAN,

A.L. GITTENS, O.W. JORDAN, D.R.Mc NAMARA,

K. NARINESINGH, M.A. FRASER, T.A. MARTINS,

D.D. MILLER

S. OSBORNE

PRICEWATERHOUSE COOPERS

A. LA FOND

ANTIGUA, BARBADOS, BAHAMAS,

CAYMAN ISLANDS, DOMINICA, GRENADA,

JAMAICA, ST. LUCIA, ST. VINCENT

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

ASSETS $ $

Investments:

Trinidad and Tobago Government Securities 29,696,691

Securities guaranteed by the Gov’t of T&T 11,762,450

Other Caricom Government Countries 6,830,369

Other Government Securities –

Bonds and Debentures in T&T Companies 23,581,731

Bonds and Debentures in non T&T Companies 7,241,148

Fixed Deposits with Bank 11,235,681

Ordinary Shares in T&T Companies 23,473,817

113,821,887

Fixed Assets 1,805,763

Cash on hand and in Current Account 4,803,096

Mortgage Loans 1,635,783

Policy Loans 14,116,384

Outstanding Premiums 446,705

Amounts Due to from other Insurance Companies 20,523,943

Interest, Dividends and Rents accruing but not due 2,433,462

Other Assets 7,359,637

TOTAL ASSETS 166,946,660

102 CENTRAL BANK OF TRINIDAD AND TOBAGO


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SUMMARY OF BALANCE SHEETS OF INCORPORATED COMPANIES

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

(continued)

LIABILITIES $ $

Insurance Funds 101,979,290

Claims admitted or intimated but not paid 2,694,211

Amounts Due to from other reinsurers 1,387,964

Bank Overdraft and Loans 90,578

Sundry Creditors 1,453,445

Due from Head Office 40,386,970

Other Liabilities 2,991,998

NET LIABILITIES 150,984,456

Paid-up Share Capital –

Investment Reserve 15,907,928

Revaluation Reserve 54,276

TOTAL LIABILITIES 166,946,660

REPORT ON INSURANCE AND PENSIONS

103


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APPENDIX A

MARITIME GENERAL INSURANCE COMPANY LIMITED

INCORPORATED 1978

Directors:

Secretary:

Auditors:

Countries other than Trinidad

and Tobago in which the

Company writes business:

J.H. SMITH; J. BUXO

THE MARITIME FINANCIAL GROUP

PANNELL KERR FOSTER

NIL

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

ASSETS $ $

Investments:

Trinidad and Tobago Government Securities 26,815,847

Bonds and Debentures in T&T Companies 26,368,029

Ordinary Shares in T&T Companies 3,838,390

Fixed Deposits with Bank 82,742,896

Fixed Deposit with other Financial Institutions 1,923,528

141,688,690

Fixed Assets 707,120

Cash on hand and in Current Account 5,832,873

Outstanding Premiums 2,586,226

Interest, Dividends and Rents accruing but not due 2,025,253

Other Assets 197,941

Sundry Debtors 1,650,876

TOTAL ASSETS 154,688,979

LIABILITIES $ $

Insurance Funds 23,808,361

Claims admitted or intimated but not paid 37,550,649

Amount due to reinsurers 3,460,070

Outstanding Commission 915,914

Sundry Creditors 10,805,315

Bank Loans and Overdrafts 592,534

Parent Company Account 1,077,660

NET LIABILITIES 78,205,503

104 CENTRAL BANK OF TRINIDAD AND TOBAGO


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SUMMARY OF BALANCE SHEETS OF INCORPORATED COMPANIES

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

(continued)

LIABILITIES (cont’d) $ $

Paid-up Share Capital 4,965,000

General Reserve 4,356,038

Catastrophe Reserves 4,290,196

Statutory Surplus Reserves 15,060,279

Retained Earnings 43,874,917

Asset Valuation Adjustment 3,937,046

TOTAL LIABILITIES 154,688,979

REPORT ON INSURANCE AND PENSIONS

105


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APPENDIX A

MARITIME LIFE (CARIBBEAN) LIMITED

INCORPORATED 1971

Directors:

Secretary:

Auditors:

Consulting Actuary:

Countries other than Trinidad

and Tobago in which the

Company writes business:

J.H. SMITH; J. BUXO;

THE MARITIME FINANCIAL GROUP

PANNELL KERR FOSTER

M. CHONG TAI-BELL

NIL

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

ASSETS $ $

Investments:

Trinidad and Tobago Government Securities 431,518,166

Securities guaranteed by the Gov't of T&T 2,027,400

Ordinary Shares in T&T Companies 38,874,045

Preference Shares in T&T Companies 9,817

Bonds and Debentures in T&T Companies –

Investments in dependent companies which are 23,878,350

Insurance Companies

Investment in dependent companies which are not 74,100,286

Insurance Companies

Other Investments 56,550,000

Fixed Deposits with other Financial Institutions 8,800,000

Fixed Deposits with Banks 78,283,513

714,041,577

Fixed Assets 111,588,390

Mortgage Loans 29,234,018

Loans on Policies 39,622,337

Amount due from policyholders 11,009,324

Cash on current accounts and in hand 618,559

Interest, dividends and rents outstanding 7,674,663

Sundry Debtors 21,148,761

TOTAL ASSETS 934,937,629

106 CENTRAL BANK OF TRINIDAD AND TOBAGO


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SUMMARY OF BALANCE SHEETS OF INCORPORATED COMPANIES

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

(continued)

LIABILITIES $ $

Insurance Funds 766,507,197

Employees Severance Benefit Fund 7,965,803

Dividends on Deposit 6,778,694

Claims admitted or intimated but not paid 7,826,218

Premium Paid in Advance 82,277

Other Liabilities 19,337,301

Premium in Suspense 9,086,891

NET LIABILITIES 817,584,381

Paid-up Share Capital 10,871,387

Share Premium Account 5,712,341

Other Capital Reserves 22,912,668

General Reserves 19,415,000

Catastrophe Reserves 3,856,000

Statutory Reserves 14,994,000

Retained Earnings 59,691,752

Asset Valuation Adjustment (20,099,900)

TOTAL LIABILITIES 934,937,629

REPORT ON INSURANCE AND PENSIONS

107


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APPENDIX A

MEGA INSURANCE COMPANY LIMITED

INCORPORATED - 1980

Directors:

Secretary:

Auditors:

Consulting Actuary:

Countries other than Trinidad

and Tobago in which the

Company writes business:

A. TOM YEW; W. WINCHESTER; B. DOYLE;

R. BEHARRY; E. CHEONG; K. CHOLMONDELEY;

C. GILL; P. GILLETTE; K. ISSAC; H. RUSSEL;

P. ALEONG

PRICEWATERHOUSECOOPERS

BUCK CONSULTANTS

NIL

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

ASSETS $ $

Investments:

Trinidad and Tobago Government Securities 8,729,553

Other Caricom Government Securities –

Trinidad and Tobago Company Securities 8,795,561

Bonds and Debentures 16,470,130

Investment in dependent companies which are

not insurance companies 17,500,000

Fixed Deposits 36,584,920

88,080,164

Fixed Assets 32,143,820

Cash on Current Account and in hand 120,773

Mortgage Loans 8,907,090

Policy Loans 9,441,392

Other Loans -

Outstanding Premiums 50,969

Interest, dividends and rents accruing but not due 748,825

Interest, dividends and rents outstanding 84,222

Due from Reinsurers 4,362,100

Sundry Debtors 1,144,055

Other Assets 3,590,500

TOTAL ASSETS 148,673,910

108 CENTRAL BANK OF TRINIDAD AND TOBAGO


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SUMMARY OF BALANCE SHEETS OF INCORPORATED COMPANIES

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

(continued)

LIABILITIES $ $

Insurance Funds 116,039,095

Claims admitted or intimated but not paid 4,405,650

Premiums paid in advance 163,494

Provisional premiums 113,068

Premium suspense 151,849

Outstanding Commissions -

Amount due to reinsurer 276,565

Bank overdraft and loans 257,730

Due to insurer -

Taxation -

Sundry payable 1,793,239

NET LIABILITIES 123,200,690

Paid-up Share Capital 35,000,000

Shares on allotment 1,465,357

Profit and Loss Account (4,693,962)

Unassigned Surplus (6,298,175)

TOTAL LIABILITIES 148,673,910

REPORT ON INSURANCE AND PENSIONS

109


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APPENDIX A

MOTOR AND GENERAL INSURANCE COMPANY LIMITED

INCORPORATED - 1959

Directors:

Secretary:

Auditors:

Countries other than Trinidad

and Tobago in which the

Company writes business:

M. BOODOOSINGH, I.T. INNISS, K SANOWAR

I.T. INNISS

BOB GOPEE AND COMPANY

GRAND CAYMAN

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

ASSETS $ $

Investments:

Trinidad and Tobago Government Securities 3,285,771

Other Caricom Government Securities –

Ordinary Shares in Trinidad and Tobago Companies 2,516,678

Fixed Deposits with Bank 5,189,905

10,992,354

Fixed Assets 9,918,055

Cash on Current Accounts and in hand 3,789

Accounts Receivable –

Loan on Mortgage –

Other Current Assets 116,812

TOTAL ASSETS 21,031,010

LIABILITIES LIABILITIES $ $

Insurance Funds –

Claims admitted or intimated but not paid 3,835,904

Premiums paid in advance 4,979,906

Accrued Expenses and Payables 2,770,094

Loans and Overdrafts 538,471

Other Liabilities 5,811,468

NET LIABILITIES 17,935,843

110 CENTRAL BANK OF TRINIDAD AND TOBAGO


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SUMMARY OF BALANCE SHEETS OF INCORPORATED COMPANIES

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

(continued)

LIABILITIES (cont’d) $ $

Paid-up Share Capital 13,374,880

Capital Reserve 6,450,773

Statutory Reserve –

Profit and Loss Account (16,730,486)

TOTAL LIABILITIES 21,031,010

REPORT ON INSURANCE AND PENSIONS

111


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APPENDIX A

MOTOR ONE INSURANCE COMPANY LIMITED

INCORPORATED - 1976

Directors:

Secretary:

Auditors:

Countries other than Trinidad

and Tobago in which the

Company writes business:

D RAMDLAL; S. RAMDATH; V. RAMLOGAN;

L. AYOUNG

R.HOSEIN

L. De NOBRIGA & COMPANY

NIL

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

ASSETS $ $

Investments:

Trinidad and Tobago Government Securities 1,169,572

Securities guaranteed by gov’t of T&T 75,000

Bonds and Debentures in T&T Companies 2,385,000

Fixed Deposits with Banks 312,750

Fixed Deposits in other Financial Institutions 841,204

4,783,526

Fixed Assets 17,878,968

Cash on Current Account and in Hand 790,903

Mortgage Loans 1,812,687

Outstanding Premiums –

Interest, dividends and rents accruing outstanding 121,818

Sundry Debtors 3,340

Other Assets 7,205,433

TOTAL ASSETS 32,596,675

LIABILITIES $ $

Insurance Funds 5,609,045

Claims admitted or intimated but not paid 892,720

Bank Loans and Overdrafts 3,587,104

Other Liabilities 6,719,586

NET LIABILITIES 16,808,455

112 CENTRAL BANK OF TRINIDAD AND TOBAGO


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SUMMARY OF BALANCE SHEETS OF INCORPORATED COMPANIES

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

(continued)

LIABILITIES $ $

Paid-up Share Capital 4,509,200

Asset Valuation Adjustment 12,956,950

Share Premium Account 18,728

Retained Earnings (2,107,248)

Surplus 410,590

TOTAL LIABILITIES 32,596,675

REPORT ON INSURANCE AND PENSIONS

113


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APPENDIX A

NATIONWIDE INSURANCE COMPANY LIMITED

INCORPORATED - 1973

Directors:

Secretary:

Auditors:

Consulting Actuary:

Countries other than Trinidad

and Tobago in which the

Company writes business:

K. NARINESINGH; A. BETHELL; D. O'BRIEN;

H. HAZELY

L. RAMPERSAD

PRICEWATERHOUSECOOPERS

A. LA FOND

NIL

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

ASSETS $ $

Investments:

Trinidad and Tobago Government Securities 13,003,290

Securities guaranteed by the Gov't of T&T 6,122,176

Ordinary shares in Trinidad and Tobago 13,963,689

Bonds and Debentures in T&T Companies 17,311,105

Fixed deposits with banks 1,591,066

51,991,326

Fixed Assets 7,185,055

Mortgage Loans 954,682

Loans on policies of the Company 6,077,426

Cash on Current Account and in Hand 396,720

Outstanding Premiums 286,829

Sundry Debtors 1,014,532

Interest, dividends and Rents accruing but not due 431,704

Amount due from Reinsurers –

TOTAL ASSETS 68,338,274

114 CENTRAL BANK OF TRINIDAD AND TOBAGO


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SUMMARY OF BALANCE SHEETS OF INCORPORATED COMPANIES

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

(continued)

LIABILITIES $ $

Insurance Funds 46,884,104

Claims admitted or intimated but not paid 1,571,729

Premiums paid in advance 331,637

Outstanding Commissions 45,338

Amounts due reinsurer 547,869

Amounts due Parent company 5,891,959

Other Current Liabilities 180,545

Deferred Tax 2,158,311

Dividends Payable 22,908

NET LIABILITIES 57,634,400

Share Premium 44,860

Paid-up Share Capital 3,394,587

Retained profits 7,264,427

TOTAL LIABILITIES 68,338,274

REPORT ON INSURANCE AND PENSIONS

115


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APPENDIX A

N.E.M. (WEST INDIES) INSURANCE LIMITED

INCORPORATED - 1960

Directors:

Secretary:

Auditors:

Countries other than Trinidad

and Tobago in which the

Company writes business:

G LEE-INNISS; P JULY; A. LOK JACK;

H.P. GANTEAUME; A. LANCASTER;

Fe LOPEZ-COLLYMORE; G. VOSS; J. GONZALES;

R. MARTINEAU; S. WILSON

Fe LOPEZ-COLLYMORE

PRICEWATERHOUSECOOPERS

ANTIGUA, ANGUILLA, BRITISH VIRGIN ISLANDS,

BAHAMAS, BARBADOS, CAYMAN ISLANDS,

BELIZE, MONSTERRAT, ST KITTS, ST. LUCIA,

ST VINCENT, U.S. VIRGIN ISLANDS

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

ASSETS $ $

Investments:

Trinidad and Tobago Government Securities 7,701,723

Other 1,107,535

Ordinary Shares in Trinidad and Tobago Companies 6,881,980

Bonds and Debentures in T&T Companies 6,769,014

Bonds and Debentures in non T&T Companies 25,094,200

Investments in dependent companies which are

Insurance Companies 23,791,482

Investments in dependent companies which are

not Insurance Companies 21,186,308

Other Investments 24,500,000

117,032,242

Fixed Assets 133,388

Mortgage Loans 1,867,375

Cash on Current Account and in Hand (1,260,933)

Outstanding Premiums 636,202

Amounts due from other Insurance Companies 78,248,895

Amounts due from reinsurers –

Sundry Debtors 563,564

Other Assets 13,078,013

TOTAL ASSETS 210,298,746

116 CENTRAL BANK OF TRINIDAD AND TOBAGO


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SUMMARY OF BALANCE SHEETS OF INCORPORATED COMPANIES

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

(continued)

LIABILITIES $ $

Insurance Funds 48,698

Amount due to reinsurerS 36,803,985

Other Liabilities 44,591,402

NET LIABILITIES 81,444,085

Reserves 15,219,332

Paid-up Share Capital 37,758,352

Retained Profits 75,876,977

TOTAL LIABILITIES 210,298,746

REPORT ON INSURANCE AND PENSIONS

117


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APPENDIX A

REINSURANCE COMPANY OF TRINIDAD AND TOBAGO LIMITED

INCORPORATED - 1975

Directors:

Secretary:

Auditors:

Countries other than Trinidad

and Tobago in which the

Company writes business:

R. LAKHAN–NARACE; D. LALOR; J. ASHENHEIM;

G. LAQUIS; L. LEE SING; F. AL RAWI; R. TIM KEE

M. GONSALVES

HYACINTH SIMMS

NIL

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

ASSETS $ $

Investments:

Trinidad and Tobago Government Securities 1,185,833

Securities guaranteed by the Gov’t of T&T –

US$ Securities –

Ordinary Shares in non Trinidad and Tobago Companies 5,415,575

Ordinary Shares in Trinidad and Tobago Companies 2,854,032

Bonds and Debentures in T&T Companies 1,500,000

Fixed Deposits in other Financial Institutions 6,639

Other Securities 6,822,260

17,784,339

Fixed Assets 620,702

Cash on Current accounts and in hand 9,910

Account due from Insurance companies 62,442

Taxation Recoverable 8,343,478

Sundry Debtors 4,857,816

Outstanding Premiums 3,781,860

Interest, Dividends and Rent accruing but not due 197,644

TOTAL ASSETS 35,658,191

118 CENTRAL BANK OF TRINIDAD AND TOBAGO


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SUMMARY OF BALANCE SHEETS OF INCORPORATED COMPANIES

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

(continued)

LIABILITIES $ $

Insurance Funds 3,735,327

Claims admitted or intimated but not due 6,029,037

Amount due to insurers 4,716,992

Creditors/Accruals –

Consortium Loan –

Other 5,751,797

Bank Loans & Overdrafts 758,391

NET LIABILITIES 20,991,544

Paid-up Share Capital 15,243,333

Share Premium Account 1,929,167

Retained Profits (Loss) (4,045,718)

Asset Valuation Adjustment (596,594)

Statutory Surplus Reserve 2,136,459

Deposit on Preference shares –

TOTAL LIABILITIES 35,658,191

REPORT ON INSURANCE AND PENSIONS

119


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APPENDIX A

ROYAL CARIBBEAN INSURANCE LIMITED

INCORPORATED - 1976

Directors:

Secretary:

Auditors:

Countries other than Trinidad

and Tobago in which the

Company writes business:

G.A.LEE INNISS; J. MONTANO; K. NARINESINGH

FE LOPEZ COLLYMORE

PRICEWATERHOUSE COOPERS

NIL

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

ASSETS $ $

Investments:

Trinidad and Tobago Government Securities 3,076,183

Ordinary shares in Trinidad and Tobago Companies 378,240

Bonds and Debentures in T&T Companies 2,557,901

6,012,324

Cash on Current Account and in Hand 1,097,013

Due from Other Insurance Companies 17,890,262

Other Assets 120,443

TOTAL ASSETS 25,120,042

LIABILITIES $ $

Insurance Funds –

Claims admitted or intimated but not paid 4,791,940

Other Current Liabilities 1,533,478

NET LIABILITIES 6,325,418

Paid-up Share Capital 3,000,000

Retained Profit 12,079,335

Reserve 3,715,289

TOTAL LIABILITIES 25,120,042

120 CENTRAL BANK OF TRINIDAD AND TOBAGO


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SUMMARY OF BALANCE SHEETS OF INCORPORATED COMPANIES

SAGICOR LIFE INCORPORATED

INCORPORATED – 2002

Directors:

Secretary:

Auditors:

Actuary:

Countries other than Trinidad

and Tobago in which the

Company writes business:

C.G. GODDARD, J.A. BETHELL, D.W. ALLAN,

A.L. GITTENS, O.W. JORDAN, D.R. Mc NAMARA,

K. NARINESINGH, M.A. FRASER, T.A. MARTINS,

D.D. MILLER

S. OSBORNE

PRICEWATERHOUSECOOPERS

A. LA FOND

BARBADOS, DOMINICA, ST. LUCIA,

CAYMAN ISLANDS

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

ASSETS $ $

Investments:

Trinidad and Tobago Government Securities 141,401,114

Securities guaranteed by the Gov't of T&T -

Securities guaranteed by Other Caricom Countries -

Ordinary shares in Trinidad and Tobago Companies 363,342,793

Ordinary shares in Non-T&T Companies 90,437,319

Bonds and Debentures in T&T Companies 266,758,086

Bonds and Debentures in non T&T Companies 192,425,759

Investment in dependent companies which are

Not Insurance Companies 56,024,613

Fixed Deposits in Banks 14,007,879

Fixed Deposits/Other Financial Institutions 8,758,764

1,133,156,327

Fixed Assets 169,944,618

Mortgage Loans 342,539,344

Policy Loans 6,479,380

Cash on Current Account and in Hand 91,701,619

Outstanding Premiums 7,391,236

Amounts due from other Insurance Companies 8,373,921

Interest, Dividends and Rents accruing but not due 13,041,212

Interests, Dividends and Rent outstanding 2,449,379

Sundry Debtors 42,392,424

Other Assets 15,957,012

TOTAL ASSETS 1,833,426,472

(continued)

REPORT ON INSURANCE AND PENSIONS

121


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APPENDIX A

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

(continued)

LIABILITIES $ $

Insurance Funds 1,406,302,577

Claims admitted or intimated but not paid 19,474,145

Amounts due to reinsurers 11,632,152

Banks and Loans Overdrafts 2,924,032

Outstanding Commissions 3,874,332

Other Liabilities 389,219,234

NET LIABILITIES 1,833,426,472


Paid up share capital –

Statutory Surplus –

Retained Profits –

Capital Reserves –

TOTAL LIABILITIES 1,833,426,472

122 CENTRAL BANK OF TRINIDAD AND TOBAGO


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SUMMARY OF BALANCE SHEETS OF INCORPORATED COMPANIES

SCOTIA LIFE INSURANCE LIMITED

INCORPORATED – 2003

Directors:

Secretary:

Auditors:

Consulting Actuary

Countries other than Trinidad

and Tobago in which the

Company writes business:

R. YOUNG; R. CHAN; B. JAMES

B. JAMES

KPMG CHARTERED ACCOUNTANTS

ECKLERS PARTNERS LIMITED

NIL

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

ASSETS $ $

Investments:

Trinidad and Tobago Government Securities 12,994,203

Securities guaranteed by the Gov't of T&T 49,485,485

Ordinary shares in Trinidad and Tobago Companies 707,601

Other Investments 6,620,870

69,808,159

Fixed Assets –

Mortgage Loans 21,098,149

Cash on Current Account and in Hand 4,468,775

Outstanding Premiums 21,931

Interest, Dividends and Rents accruing but not due 1,408,794

TOTAL ASSETS 96,805,808

LIABILITIES $ $

Insurance Funds 33,781,110

Claims admitted or intimated but not paid –

Premiums in advance 29,900

Other Liabilities 1,410,564

NET LIABILITIES 35,221,574

Paid up share capital 60,000,000

Retained Profits 1,584,234

TOTAL LIABILITIES 96,805,808

REPORT ON INSURANCE AND PENSIONS

123


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APPENDIX A

SUN LIFE ASSURANCE OF CANADA

INCORPORATED - 1952

Directors:

Secretary:

Auditors:

Countries other than Trinidad

and Tobago in which the

Company writes business:

D.A. STEWART, B.F. NADEAU, R.W. OSBORNE,

J. BAILLE, G.W. CARMANY, W.W. STINSON,

W.V. STOUGHTON, W.R. FATT, D.A. GANONG,

G. GIBARA, K.T. HOEG, D.W. KERR, I.F. KENSER,

M.M. PAQUIN, C.J. PRIEUR

G.W. GEE

DELOITTE & TOUCHE

CANADA, UNITED STATES, GREAT BRITAIN,

IRELAND, PHILLIPINES, INDONESIA, BERMUDA,

HONG KONG, BARBADOS, PUERTO RICO

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

ASSETS $ $

Investments:

Trinidad and Tobago Government Securities 297,000

Fixed Deposits with Banks 6,051,294

6,348,294

Fixed Assets –

Loans on Policies 186,001

Cash on Current Account and in Hand 49,844

Outstanding Premium 220

Interest, Dividends and Rent accruing but not due 10,100

TOTAL ASSETS 6,594,459

LIABILITIES $ $

Insurance Funds 439,540

Claims admitted or intimated but not paid 47,884

Other Liabilities 6,107,035

NET LIABILITIES 6,594,459

Paid-up Share Capital –

Statutory Surplus –

TOTAL LIABILITIES 6,594,459

124 CENTRAL BANK OF TRINIDAD AND TOBAGO


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SUMMARY OF BALANCE SHEETS OF INCORPORATED COMPANIES

TATIL LIFE ASSURANCE LIMITED

INCORPORATED - 1977

Directors:

Secretary:

Auditors:

Consulting Actuary:

Countries other than Trinidad

and Tobago in which the

Company writes business:

A. N. SABGA; G. BROOKS; M.MOSES;

R. SUMAIRSINGH; A SULTAN KHAN;

D. CLARKE; P TRABOULAY; V.P. HERDE

R. VIRE

ERNST AND YOUNG

ECKLER PARTNERS (T’DAD) LTD

NIL

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

ASSETS $ $

Investments:

Trinidad and Tobago Government Securities 87,807,997

Securities guaranteed by the Gov't of T&T 75,488,216

Other Caricom Gov't Securities 35,026,240

Ordinary shares in Trinidad and Tobago Companies 268,963,663

Ordinary Shares in non-Trinidad and Tobago Companies 101,738,948

Preference shares in T&T Companies 1,160,701

Preference shares in non T&T Companies –

Bonds and Debentures in T&T Companies 77,148,390

Bonds and Debentures in non T&T Companies 11,717,467

Fixed Deposits with Banks 26,195,156

Fixed Deposits with other Financial Institutions 215,154,964

900,401,742

Fixed Assets 20,700,000

Mortgage Loans 26,939,927

Loans on Policies of the Company 16,297,960

Cash on Current Account and in Hand 13,823,835

Outstanding Premium 670,753

Amounts due from other Insurance Companies 6,678,737

Sundry Debtors 1,570,798

Taxation Recoverable 90,000

Other Assets 8,267,000

TOTAL ASSETS 995,440,752

(continued)

REPORT ON INSURANCE AND PENSIONS

125


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APPENDIX A

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

(continued)

LIABILITIES $ $

Insurance Funds 567,441,405

Policyholder deposits 4,902,682

Claims admitted or intimated but not paid 10,789,306

Amounts due to reinsurer 373,876

Bank loans and Overdrafts –

Unapplied premiums 1,936,999

Amount due to Affiliated Companies 75,572

Taxation payable 373,644

Other Current Liabilities 7,480,900

Deferred Taxation 50,768,000

NET LIABILITIES 644,142,384

Retained Profit –

Paid-up Share Capital 3,000,000

Appropriated Surplus 340,009,458

Transfer from Unappropriated Surplus –

Gain/(Deficit) Revaluation of Investments 9,848,192

Asset Valuation Adjustment (1,559,282)

Unappropriated Surplus –

TOTAL LIABILITIES 995,440,752

126 CENTRAL BANK OF TRINIDAD AND TOBAGO


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SUMMARY OF BALANCE SHEETS OF INCORPORATED COMPANIES

THE BEACON INSURANCE COMPANY LIMITED

INCORPORATED – 1970

Directors:

Secretary:

Auditors:

Consulting Actuary:

Countries other than Trinidad

and Tobago in which the

Company writes business:

G.S.HADEED; C.A.JACELON; P.R. BRYAN;

RICHARD LEWIS; L. GONSALVES; F. DE NORBRIGA

D. GONZALEZ

PRICEWATERHOUSECOOPERS

ECKLER AND PARTNERS LIMITED

ST VINCENT; GRENADA; DOMINICA,

ST LUCIA, BARBADOS

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 30TH JUNE, 2004

ASSETS $ $

Investments:

Securities guaranteed by T&T Government –

U.K. Government Securities 3,710,854

US Government Securities 1,331,838

Ordinary Shares in T&T Companies 8,119,190

Ordinary Shares in non T&T Companies 3,422,679

Bonds and Debentures in T&T Companies 7,297,460

Fixed Deposits with Banks 11,214,742

35,096,763

Fixed Assets 1,977,872

Mortgage Loans 319,654

Other Loans 850,000

Amounts due from Reinsurer 2,106,481

Cash on Current Account and in Hand 4,614,829

Outstanding Premiums 9,169,109

Pension Fund Assets 1,963,481

Overseas Branch Current Account (18,364)

Sundry Debtors 1,519,182

TOTAL ASSETS 57,599,007

(continued)

REPORT ON INSURANCE AND PENSIONS

127


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APPENDIX A

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

(continued)

LIABILITIES $ $

Insurance Funds 17,874,434

Claims admitted and intimated but not paid 13,511,570

Amounts due to Reinsurer 2,252,594

Accounts payable 2,506,796

Deferred Taxation 1,229,484

Taxation Payable 514,374

NET LIABILITIES 37,889,252

Paid-up Share Capital 10,000,000

Retained Profit 4,586,893

Capital Reserve 5,631,348

Asset Valuation Adjustment (4,066,072)

Statutory Surplus Reserve 3,557,586

TOTAL LIABILITIES 57,599,007

128 CENTRAL BANK OF TRINIDAD AND TOBAGO


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SUMMARY OF BALANCE SHEETS OF INCORPORATED COMPANIES

THE GREAT NORTHERN INSURANCE COMPANY LIMITED

INCORPORATED – 1969

Directors:

Secretary:

Auditors:

Countries other than Trinidad

and Tobago in which the

Company writes business:

W. ALEXANDER; C. SINGH,

G. MAHABIR-RAMSAHAI

D. PERSAD-NARINE

BERTRAM HADAWAY AND COMPANY

NIL

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 30TH SEPTEMBER, 2004

ASSETS $ $

Investments:

Trinidad and Tobago Government Securities 2,146,442

Ordinary shares in Trinidad and Tobago Companies 103,614

Fixed Deposits with Bank 4,593,670

6,843,726

Fixed Assets 578,473

Cash on Current Account and in Hand 731,359

Outstanding Premiums 205,182

Amounts due from other Insurance Companies 2,123,244

Interest, Dividends and Rents accruing but not due 19,851

Sundry Debtors 190,023

TOTAL ASSETS 10,691,858

LIABILITIES $ $

Insurance Funds 2,889,402

Claims admitted or Intimated but not paid 1,400,165

Amount due to Reinsurer 101,414

Bank loans and Overdrafts 1,173,386

Sundry Creditors 805,901

Taxation 368,822

NET LIABILITIES 6,739,090

Paid-up Share Capital 2,173,000

Retained Profit 1,338,273

Statutory Reserve 441,495

TOTAL LIABILITIES 10,691,858

REPORT ON INSURANCE AND PENSIONS

129


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APPENDIX A

THE NEW INDIA ASSURANCE COMPANY (TRINIDAD AND TOBAGO) LIMITED

INCORPORATED – 1976

Directors:

Secretary:

Auditors:

Countries other than Trinidad

and Tobago in which the

Company writes business:

A.V. PURUSHOTHAMAN; K. BAKRU; R. BERI;

S. GOPALAN; K.SIARJU; K. AVANI; G. CHATURUEDI;

J. SIEWRATTAN; H. BROOMES

H.S SERVICES LTD

ERNST AND YOUNG

ANTIGUA, DOMINICA, ST. LUCIA, ST. MARTEEN

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

ASSETS $ $

Investments:

Trinidad and Tobago Government Securities 8,191,197

Trinidad and Tobago Government Project Financing –

Securities guaranteed by the Gov't of T&T –

Ordinary Shares in Trinidad and Tobago Companies 11,672,602

Bonds and Debentures in T&T Companies 5,767,408

Fixed Deposits with Banks 5,037,055

30,668,262

Fixed Assets 6,760,604

Cash on Current Account and in Hand 27,062,447

Outstanding Premiums 4,016,924

Sundry Debtors 301,516

Deferred Taxation 3,548,990

Net Assets outside T&T 28,215,993

Amount due from Reinsurer 79,928

TOTAL ASSETS 100,654,664

LIABILITIES $ $

Insurance Funds 8,310,997

Claims admitted or Intimated but not paid 7,773,405

Amount due to Reinsurer 16,056,136

Sundry Creditors and Accruals 3,034,998

Taxation Payable 18,784

Deferred Taxation 3,030,669

Amounts due to associate companies 1,281,334

NET LIABILITIES 39,506,323

130 CENTRAL BANK OF TRINIDAD AND TOBAGO


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SUMMARY OF BALANCE SHEETS OF INCORPORATED COMPANIES

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

(continued)

LIABILITIES (cont’d) $ $

Paid-up Share Capital 17,418,945

Share Premium 199,242

Statutory Surplus Reserve 15,624,402

Retained Earnings 28,322,285

Asset Valuation Adjustment (416,533)

TOTAL LIABILITIES 100,654,664

REPORT ON INSURANCE AND PENSIONS

131


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APPENDIX A

THE PRESIDENTIAL INSURANCE COMPANY LIMITED

INCORPORATED – 1970

Directors:

Secretary:

Auditors:

Countries other than Trinidad

and Tobago in which the

Company writes business:

A. ALI; A. HALLIM; F. MOHAMMED

R. RAJCOOMAR

KRISHNA SEEGOBIN AND COMPANY

NIL

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST OCTOBER, 2004

ASSETS $ $

Investments:

Trinidad and Tobago Government Securities 506,639

Securities guaranteed by the Gov't of T&T 1,569,395

Ordinary shares in Trinidad and Tobago Companies 64,624

Bonds and Debentures in T&T Companies 3,969,629

Fixed Deposits with Bank 2,019,206

Fixed Deposits with other Financial Institutions 1,300,000

9,429,492

Fixed Assets 15,225,293

Other Loans 628,640

Cash on Current Account and in Hand 2,208,409

Outstanding Premiums 6,123,854

Amounts due from other Insurance Companies 5,061,483

Sundry Debtors –

TOTAL ASSETS 38,677,172

LIABILITIES $ $

Insurance Funds 6,998,110

Outstanding Claims 8,447,137

Mortgage Loan 2,364,022

Other Loans 678,520

Taxation 11,008

Sundry Creditors 5,015,335

Bank Overdraft 1,217,873

NET LIABILITIES 24,732,005

Paid-up Share Capital 6,000,000

Advance on Shares -

Retained profit 5,581,360

Statutory Surplus Reserve 2,363,807

TOTAL LIABILITIES 38,677,172

132 CENTRAL BANK OF TRINIDAD AND TOBAGO


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SUMMARY OF BALANCE SHEETS OF INCORPORATED COMPANIES

THE WESTERN GENERAL INSURANCE COMPANY LIMITED

INCORPORATED – 1959

Directors:

Secretary:

Auditors:

Countries other than Trinidad

and Tobago in which the

Company writes business:

M. MAHABIR; J. MAHABIR; S. MAHABIR; B. HARRY

D. PERSAD-NARINE

BERTRAM HADAWAY AND COMPANY

NIL

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

ASSETS $ $

Investments:

Trinidad and Tobago Government Securities 2,043,224

Bonds and Debentures in T&T Companies –

Ordinary shares in T&T Companies 40,000

Fixed Deposits with Bank 4,813,084

6,896,308

Fixed Assets 507,290

Cash on Hand and in current Accounts 159,391

Interest, Dividends and rent accrued 173,703

Sundry Debtors 3,297,505

TOTAL ASSETS 11,034,197

LIABILITIES $ $

Claims admitted or intimated but not paid 369,772

Creditors and Accruals 4,003,765

Provision for taxation 88,907

Bank Loans and Overdraft 75,863

NET LIABILITIES 4,538,307

Paid up Share Capital 5,083,700

Deposit on Shares 16,909

General Reserve 120,000

Retained Profits 667,089

Statutory Reserves 608,192

TOTAL LIABILITIES 11,034,197

REPORT ON INSURANCE AND PENSIONS

133


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APPENDIX A

TRINIDAD AND TOBAGO INSURANCE LIMITED

INCORPORATED – 1963

Directors:

Secretary:

Auditors:

Actuary:

Countries other than Trinidad

and Tobago in which the

Company writes business:

A. N. SABGA; G. BROOKS; M.MOSES;

R. SUMAIRSINGH; P. TRABOULAY;

A. SULTAN-KHAN; G. BROOKES; D. CLARKE;

V. HERDE

R. VIRE

ERNST AND YOUNG

ECKLER PARTNERS (T’DAD) LTD

ANTIGUA, BARBADOS, GRENADA, ST. LUCIA,

DOMINICA

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

ASSETS $ $

Investments:

Trinidad and Tobago Government Securities 1,522,500

Ordinary shares in Trinidad and Tobago Companies 64,390,994

Ordinary shares in non T&T Companies Non-Caricom 2,041,622

Bonds and Debentures in T&T Companies 31,162,611

Investments in dependent companies: Insurance

Companies 6,861,241

Investment in dependent Companies - non Insurance

Companies 8,621,427

Investment Property 49,494,946

Fixed Deposits with Banks 29,050,786

Fixed Deposits with other Financial Institutions 28,549,594

221,695,721

Fixed Assets 9,789,265

Cash on Current Account and in Hand 11,111,875

Outstanding Premiums 10,675,285

Amounts due from other Insurance Companies 150,918

Interest dividends and rents accruing but not due 3,830,741

Sundry Debtors 57,370,356

Employees Benefits 11,048,000

Amount due from reinsurance 1,903,209

Other Assets outside T&T 18,350,239

Cash Deposits with Supervisor of Insurance 9,298,265

TOTAL ASSETS 355,223,874

134 CENTRAL BANK OF TRINIDAD AND TOBAGO


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SUMMARY OF BALANCE SHEETS OF INCORPORATED COMPANIES

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 31ST DECEMBER, 2004

(continued)

LIABILITIES $ $

Insurance Funds 44,128,990

Claims admitted or intimated but not paid 50,931,464

Premiums Paid in advance 997,729

Amounts due to reinsurer 5,351,987

Other liabilities 20,458,526

Taxation 20,278,902

NET LIABILITIES 142,147,598

Paid-up Share Capital 19,069,596

Capital Reserve 38,963,288

Statutory Surplus 44,128,990

Share Premium Account 32,944

Retained Profits 117,484,186

Net Asset Valuation Adjustment (12,792,232)

Catastrophe Reserve Fund 6,189,504

TOTAL LIABILITIES 355,223,874

REPORT ON INSURANCE AND PENSIONS

135


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APPENDIX A

UNITED INSURANCE COMPANY LIMITED

INCORPORATED – 1976

Directors:

Secretary:

Auditors:

Countries other than Trinidad

and Tobago in which the

Company writes business:

H.A. TOPPIN, T.A. PEIRCE, A.C. FIELDS, R.G. CAVE,

D.A. BLACKMAN; D.W. BOYCE

A.R.S. MARSHALL

ERNST AND YOUNG

ARUBA, ANTIGUA, BELIZE, BAHAMAS, BARBADOS

CURACAO, DOMINICA, GRENADA, GUYANA,

MONSTERRAT, ST VINCENT AND THE GRENADINES,

ST LUCIA, TURKS AND CAICOS.

SUMMARY OF BALANCE SHEET

IN RESPECT OF TRINIDAD AND TOBAGO BUSINESS

AS AT 30TH SEPTEMBER, 2004

ASSETS $ $

Investments:

Trinidad and Tobago Government Securities 3,084,241

Ordinary shares in Trinidad and Tobago Companies 25,845,578

Fixed Deposits in Banks 6,598,497

35,528,316

Cash on Current Account and in Hand 1,422,192

Outstanding Premiums 6,904,368

TOTAL ASSETS 43,854,876

LIABILITIES $ $

Insurance Funds 2,636,824

Claims admitted or intimated but not paid 2,083,222

Outstanding Commissions 874,569

Other liabilities 27,738,122

NET LIABILITIES 33,332,737

Reserve to meet Solvency 6,500,000

Retained Earnings 4,022,139

TOTAL LIABILITIES 43,854,876

136 CENTRAL BANK OF TRINIDAD AND TOBAGO


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APPENDIX B

LIST OF REGISTERED AGENTS

LIST OF AGENTS REGISTERED UNDER THE INSURANCE ACT, CHAP 84:01

AS AT DECEMBER 31, 2004 AND THEIR ANNIVERSARY DATES

Agent Anniversary Agent for / Company

Date

(Month/Day)

1 A & S Insurance Company Limited 10/25 Maritime Life (Caribbean) Limited

2 A.B. Financial Solutions Ltd. 7/26 Colonial Life Insurance Company

(Trinidad) Limited

3 A.E.R. Investment Services Limited 8/16 Guardian Life of the Caribbean Limited

4 A.E.S. Enterprises Limited 11/25 Guardian Life of the Caribbean Limited

5 A.S. Bryden & Sons (Insurance) Ltd. 4/30 Guardian General Insurance Limited

6 Abco Insurance Services Limited 1/31 Maritime Life (Caribbean) Limited

7 Accident Insurance Marketing 9/1 Colonial Life Insurance Company

Limited

(Trinidad) Limited

Accident Insurance Marketing 9/1 Colonial Fire and General Insurance

Limited

Company Limited

8 Adla Services Limited 7/16 Guardian Life of the Caribbean Limited

9 Advanced Investments

Management Limited 2/28 Guardian Life of the Caribbean Limited

10 Aerie International Ltd. 3/4 Guardian Life of the Caribbean Limited

11 AFM Insurance Marketing

Services & Investments Limited 7/29 Guardian Life of the Caribbean Limited

12 AGN Insurance & Investments Ltd. 2/22 Guardian General Insurance Limited

13 Ajax Services Limited 6/9 Guardian General Insurance Limited

14 Akal Assets & Risk Management Ltd. 4/30 Guardian Life of the Caribbean Limited

15 Allan Anthony Tang Choon 11/9 Colonial Life Insurance Company

(Trinidad) Limited

16 ALM Insurance Services Limited 4/30 Guardian General Insurance Limited

ALM Insurance Services Limited 9/1 Guardian Life of the Caribbean Limited

17 Amada Investments

& Financial Services Limited 6/11 Guardian Life of the Caribbean Limited

18 Amity Insurance Agencies Limited 3/26 GTM Insurance Company Limited

REPORT ON INSURANCE AND PENSIONS

137


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APPENDIX B

LIST OF AGENTS REGISTERED UNDER THE INSURANCE ACT, CHAP 84:01

AS AT DECEMBER 31, 2004 AND THEIR ANNIVERSARY DATES (continued)

Agent Anniversary Agent for / Company

Date

(Month/Day)

19 Amritam Services Limited 11/18 Colonial Life Insurance Company

(Trinidad) Limited

Amritam Services Limited 11/18 Colonial Fire and General Insurance

Company Limited

20 Anand Rajkumar 6/7 Colonial Life Insurance Company

(Trinidad) Limited

21 Andrew Anthony Bates t/a Colonial Life Insurance Company

Andrew A. Bates Insurance Services 1/8 (Trinidad) Limited

22 Andrew Calcut t/a The New India Assurance Company

Calcut Insurance Services 6/14 (T'dad & T'go) Limited

23 Andrew Hackett Insurance

Services Ltd. 1/29 Guardian Life of the Caribbean Limited

24 Andy De Vert Insurance

Consultants Ltd. 2/27 Sagicor Life Incorporated

25 Andy Gopaul t/a

Andy Gopaul Insurance Agency 12/8 Citizen Insurance Company Limited

26 Angela Toussaint 9/1 Guardian Life of the Caribbean Limited

27 Anina Financial 11/25 Colonial Life Insurance Company

Services Limited

(Trinidad) Limited

28 Anlegro Insurance Services Ltd. 1/16 Guardian Life of the Caribbean Limited

29 Anna Gillian Mohammed 1/19 Trinidad and Tobago Insurance Limited

30 Anna Nunes 8/19 Guardian Life of the Caribbean Limited

Anna Nunes t/a Erna

Insurance Services Limited 9/14 Guardian General Insurance Limited

31 Annette Khan 6/7 Colonial Life Insurance Company

(Trinidad) Limited

32 Ansa Finance & Merchant

Bank Limited 10/11 Trinidad and Tobago Insurance Limited

33 Anthony Nagassar t/a FAN Services 6/4 Colonial Life Insurance Company

(Trinidad) Limited

138 CENTRAL BANK OF TRINIDAD AND TOBAGO


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LIST OF REGISTERED AGENTS

Agent Anniversary Agent for / Company

Date

(Month/Day)

34 Anthony Ramsingh t/a Anthony 12/22 Colonial Life Insurance Company

Ramsingh Insurance Services

(Trinidad) Limited

35 Anthony St. Lewis 9/10 Guardian Life of the Caribbean Limited

36 Arthur Bishop Insurance Services 7/1 Maritime Life (Caribbean) Limited

37 Asaama Insurance Services Ltd 9/30 Motor One Insurance Company Limited

38 Astad Investments Limited 2/25 American Life and General Insurance

Company Trinidad Limited

39 ATC's Insurance & 1/9 Guardian Life of the Caribbean Limited

Financial Services & Investments Ltd.

40 Atherly Services Ltd. 9/17 Colonial Life Insurance Company

(Trinidad) Limited

41 Authentic Insurance Services Ltd 9/1 Guardian Life of the Caribbean Limited

42 B K Insurance Agency Limited 9/14 Trinidad and Tobago Insurance Limited

43 B. Pedro Insurance Services Limited 12/22 Tatil Life Assurance Limited

44 B. Williams-Groome

Financial Services Ltd. 2/27 Tatil Life Assurance Limited

45 B.J. Financial Services Ltd. 2/20 Guardian Life of the Caribbean Limited

46 B.M.W. Professional Services Limited 6/11 Guardian Life of the Caribbean Limited

47 Barbara Kanhai t/a 11/2 Colonial Life Insurance Company

St. Clair Financial Services

(Trinidad) Limited

48 Basil Fraser t/a Basfra

Insurance Services 11/18 Sagicor Life Incorporated

49 Bates Asset Management

Company Limited 6/11 Guardian Life of the Caribbean Limited

50 Beatrice Investments Ltd. 12/28 Colonial Life Insurance Company

(Trinidad) Limited

Ben's Insurance & 11/21 Maritime Life (Caribbean) Limited

Financial Services Ltd.

51 Ben's Insurance & 11/21 Maritime General Insurance

Financial Services Ltd.

Company Limited

REPORT ON INSURANCE AND PENSIONS

139


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APPENDIX B

LIST OF AGENTS REGISTERED UNDER THE INSURANCE ACT, CHAP 84:01

AS AT DECEMBER 31, 2004 AND THEIR ANNIVERSARY DATES (continued)

Agent Anniversary Agent for / Company

Date

(Month/Day)

52 Betty De Roche t/a 2/27 Colonial Life Insurance Company

Elizabeth Enterprises

(Trinidad) Limited

53 Bisram Insurance Services Limited 11/25 Colonial Life Insurance Company

(Trinidad) Limited

54 Bissessar Gobin 4/27 Guardian Life of the Caribbean Limited

55 Biswah & Associates 9/15 American Life and General Insurance

Financial Services Limited

Company Trinidad Limited

Biswah & Associates Financial 9/15 American Life and General Insurance

Services Limited

Company Trinidad Limited

56 Boxil Charles Insurance Services Ltd. 1/29 American Life and General Insurance

Company Trinidad Limited

57 Brian Christopher Samlalsingh Ltd. 11/18 Colonial Life Insurance Company

(Trinidad) Limited

58 Brijesh Supersad t/a Brijesh Supersad 11/22 Motor & General Insurance Company Limited

Brijesh Supersad t/a Brijesh Supersad 11/22 Citizen Insurance Company Limited

59 C & S Moonah Financial Services Ltd. 1/29 Guardian Life of the Caribbean Limited

60 C & Y Dass Services Ltd. 2/27 Guardian Life of the Caribbean Limited

61 C. A. J. Limited 12/8 Tatil Life Assurance Limited

62 C.A.P. Services Limited 4/30 Colonial Life Insurance Company

(Trinidad) Limited

63 C.H. Financial Services Limited 10/6 Guardian Life of the Caribbean Limited

64 C.L.S. Insurance Advisory 4/27 British American Insurance Company

Services Ltd.

65 Camacon Limited 5/18 Guardian Life of the Caribbean Limited

66 Camwiil Financial Enterprises Ltd. 5/4 Tatil Life Assurance Limited

67 Capil's Insurance Services Limited 4/30 Guardian General Insurance Limited

68 Carew Investments 11/25 Colonial Life Insurance Company

Company Limited

(Trinidad) Limited

140 CENTRAL BANK OF TRINIDAD AND TOBAGO


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LIST OF REGISTERED AGENTS

Agent Anniversary Agent for / Company

Date

(Month/Day)

69 Carl A. Meyer (London Guarantee) 1/31 The Caribbean Home Insurance Company

Insurance Limited

70 Carl Dattadeen Insurance Limited 3/7 Capital Insurance Limited

71 Carlton Reis t/a 4/30 Colonial Life Insurance Company

C&C Reis Enterprises

(Trinidad) Limited

72 Carlton Wong 11/18 Guardian Life of the Caribbean Limited

73 Cecile Caesar 12/8 Guardian Life of the Caribbean Limited

74 CFJ Services Limited 1/21 Maritime Life (Caribbean) Limited

CFJ Services Limited 3/4 Maritime General Insurance

Company Limited

75 Charles Murray 2/20 Guardian Life of the Caribbean Limited

76 Charmaine Maharaj 12/28 Gulf Insurance Limited

77 Chase Financial Solutions Limited 7/9 Colonial Fire and General Insurance

Company Limited

Chase Financial Solutions Limited 11/9 Colonial Life Insurance Company

(Trinidad) Limited

78 Cheelan's Financial Advisory

Services Limited 12/28 Tatil Life Assurance Limited

79 Chelsea And Co. Ltd. 12/22 Guardian Life of the Caribbean Limited

80 Christian Hosang 8/19 Colonial Fire and General Insurance

Company Limited

81 Christopher Knaggs t/a

Kris K. Insurance 3/22 Sagicor Life Incorporated

82 Christopher Nancoo t/a

NAN Associates 1/22 Sagicor Life Incorporated

83 Claims Consultants &

Administrators Limited 12/22 Trinidad and Tobago Insurance Limited

84 Clifford Rachphaul

Enterprises Limited 12/8 Sagicor Life Incorporated

85 Conec Marketing & Financial

Services Ltd. 7/29 Guardian Life of the Caribbean Limited

REPORT ON INSURANCE AND PENSIONS

141


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APPENDIX B

LIST OF AGENTS REGISTERED UNDER THE INSURANCE ACT, CHAP 84:01

AS AT DECEMBER 31, 2004 AND THEIR ANNIVERSARY DATES (continued)

Agent Anniversary Agent for / Company

Date

(Month/Day)

86 Cuna Caribbean Insurance 12/28 Guardian Life of the Caribbean Limited

Services Limited

87 Czar Insurance Services Limited 6/22 Tatil Life Assurance Limited

88 D. Persad Insurance 6/9 Colonial Life Insurance Company

Services Limited

(Trinidad) Limited

89 D.R. Investment & Financial

Services Limited 4/28 Guardian Life of the Caribbean Limited

90 Dajatisachel & Company Limited 2/4 Guardian Life of the Caribbean Limited

91 Darryl Moreland 1/29 Guardian Life of the Caribbean Limited

92 Dave Morales t/a Dave 6/7 Colonial Life Insurance Company

Morales Insurance and

(Trinidad) Limited

Investment Services

93 David Antoine 9/1 GTM Insurance Company Limited

94 David Grainger t/a

Financial And Insurance Solutions 9/9 Sagicor Life Incorporated

95 David Namsoo t/a

DAN Insurance Services 9/10 Sagicor Life Incorporated

96 David Parasram 2/17 Guardian Life of the Caribbean Limited

97 Dayna Leigh Vieira

t/a Mayfair Insurance Services 4/18 Sagicor Life Incorporated

98 Delothmar Parray t/a Universal 8/18 Colonial Life Insurance Company

Financial and Advisory Services

(Trinidad) Limited

99 Demming Marketing Limited 6/22 Guardian Life of the Caribbean Limited

100 Deneco Limited 9/1 Trinidad and Tobago Insurance Limited

101 Dennis Ramdwar t/a

Dennis Ramdwar Agency 9/14 Guardian General Insurance Limited

102 Deodath Ramdathsingh Insurance

and Investment Services Ltd. 3/11 Maritime Life (Caribbean) Limited

Deodath Ramdathsingh Insurance 8/23 Maritime General Insurance

and Investment Services Ltd.

Company Limited

142 CENTRAL BANK OF TRINIDAD AND TOBAGO


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LIST OF REGISTERED AGENTS

Agent Anniversary Agent for / Company

Date

(Month/Day)

103 Deryck E.S. Kistow t/a

J & M Financial Services Insurance 9/9 Motor & General Company Limited

104 Dhanraj Maharaj 3/26 Colonial Life Insurance Company

t/a Dan Maharaj Financial Services

(Trinidad) Limited

105 Dianne Grell t/a

Financial and Insurance Solutions 9/9 Sagicor Life Incorporated

106 Dominic Gonzalez t/.a 9/9 Colonial Life Insurance Company (Trinidad)

Suretrade Investments Services

Limited

107 Doncabris Financial Planning

Associates Co. Ltd. 5/18 Sagicor Life Incorporated

108 Dove Financial Services Ltd. 6/21 Guardian Life of the Caribbean Limited

109 Duncan Financial Services Limited 6/18 Maritime Life (Caribbean) Limited

Duncan Financial Services Limited 6/18 Maritime General Insurance

Company Limited

110 Dyal Ramcharan t/a

Dyal Ramcharan Insurance Services 3/12 Sagicor Life Incorporated

111 E.C. Insurance Services 7/22 Colonial Life Insurance Company

(Trinidad) Limited

112 Eagle Potential Investment

& Marketing Limited 5/14 Guardian Life of the Caribbean Limited

113 Eaglestar Insurance Services Limited 10/14 American Life and General Insurance

Company Trinidad Limited

114 Eastern Credit Union Agency 2/27 Colonial Fire and General Insurance

Company Limited

115 ED Investments Limited 2/11 Guardian Life of the Caribbean Limited

116 Eddie's Financial Services Ltd. 12/10 Guardian Life of the Caribbean Limited

117 Edward Lewis Francois 7/12 Guardian Life of the Caribbean Limited

118 EKTA Consultants Company Limited 6/9 Guardian Life of the Caribbean Limited

EKTA Consultants

Company Limited 11/25 Guardian General Insurance Limited

119 Elite Investment Services Limited 5/24 Tatil Life Assurance Limited

REPORT ON INSURANCE AND PENSIONS

143


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APPENDIX B

LIST OF AGENTS REGISTERED UNDER THE INSURANCE ACT,CHAP 84:01

AS AT DECEMBER 31, 2004 AND THEIR ANNIVERSARY DATES (continued)

Agent Anniversary Agent for / Company

Date

(Month/Day)

120 Elizabeth G. Ganga 9/1 Colonial Life Insurance Company

Financial Services Limited

(Trinidad) Limited

121 Elizabeth Ramathally t/a

Frank Ramdeen Insurance Agency 2/25 Citizen Insurance Company Limited

122 Emile Joseph t/a 1/7 Colonial Life Insurance Company

Quick Services Enterprises

(Trinidad) Limited

123 Emmanuel Lawrence 7/22 Colonial Life Insurance Company

(Trinidad) Limited

124 Enrique Huggins Insurance

Services Limited 5/9 Sagicor Life Incorporated

125 Ephraim Thompson t/a Ephraim

Insurance Consultant Services 3/21 Sagicor Life Incorporated

126 Estee Enterprises Limited 4/25 Guardian Life of the Caribbean Limited

127 Eugene Nurse 12/28 Colonial Life Insurance Company

(Trinidad) Limited

128 Euodoo Financial Services Ltd. 12/22 Colonial Life Insurance Company

(Trinidad) Limited

129 Everard Cabral 9/14 Colonial Life Insurance Company

(Trinidad) Limited

130 Excelsior Innovations Limited 8/27 Guardian Life of the Caribbean Limited

131 F&G Enterprises Limited 9/1 Colonial Life Insurance Company

(Trinidad) Limited

132 Faith Financial Services 9/1 American Life and General Insurance

Company Trinidad Limited

133 FAM Investments Limited 2/2 Colonial Life Insurance Company

(Trinidad) Limited

134 Farrell's Insurance Services Limited 9/1 Colonial Life Insurance Company

(Trinidad) Limited

135 Ferdinand Gervais 11/9 Guardian Life of the Caribbean Limited

144 CENTRAL BANK OF TRINIDAD AND TOBAGO


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LIST OF REGISTERED AGENTS

Agent Anniversary Agent for / Company

Date

(Month/Day)

136 Ferm Insurance Services Limited 11/9 Guardian Life of the Caribbean Limited

137 FFS Limited 7/29 Guardian Life of the Caribbean Limited

138 Financial Advisory Services 11/25 Colonial Fire and General Insurance

Company Limited

139 Financial Evaluation Sales & 11/25 Maritime Life (Caribbean) Limited

Services Limited

Financial Evaluation Sales & 11/25 Maritime General Insurance

Services Limited

Company Limited

140 First National Credit Union 12/8 Maritime General Insurance

(Co-operative) Society Limited

Company Limited

141 Fitzroy Sirjuesingh t/a 2/28 Colonial Life Insurance Company

Sirjuesingh Insurance Services

(Trinidad) Limited

142 FLA Insurance Services Limited 10/8 Maritime General Insurance

Company Limited

143 Flemco Services Limited 11/9 Maritime Life (Caribbean) Limited

Flemco Services Limited 11/9 Maritime General Insurance

Company Limited

144 Frederick Maryuen 4/30 Guardian Life of the Caribbean Limited

145 Futuristic Insurance Services Ltd. 4/30 Guardian Life of the Caribbean Limited

146 FYC Limited 6/11 Guardian Life of the Caribbean Limited

147 G.E.T. Financial Services Limited 12/3 Guardian Life of the Caribbean Limited

148 G.V.L. Financial Solutions Limited 3/28 Maritime Life (Caribbean) Limited

G.V.L. Financial Solutions Limited 3/28 Maritime General Insurance Company

Limited

149 Garon Limited 3/8 Sagicor Life Incorporated

150 Gee Hee Tee Insurance

Services Limited 10/14 Trinidad and Tobago Insurance Limited

Gee Hee Tee Insurance

Services Limited 10/14 Tatil Life Assurance Limited

REPORT ON INSURANCE AND PENSIONS

145


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APPENDIX B

LIST OF AGENTS REGISTERED UNDER THE INSURANCE ACT,CHAP 84:01

AS AT DECEMBER 31, 2004 AND THEIR ANNIVERSARY DATES (continued)

Agent Anniversary Agent for / Company

Date

(Month/Day)

151 Geeta Manbodh-Lakhan 8/26 The Presidential Insurance Company Limited

152 General Financial Services Limited 4/10 Sagicor Life Incorporated

153 Gerard Ramroach 3/29 Guardian Life of the Caribbean Limited

154 Gerhard Akien Limited 9/2 Guardian Life of the Caribbean Limited

155 Gervase Hannays t/a

G.H. Insurance Services 7/8 Sagicor Life Incorporated

156 Glenford Samuel t/a 12/28 Colonial Life Insurance Company

GHOS Financial Consultant

(Trinidad) Limited

157 Glennrod Services Limited 4/30 Guardian General Insurance Limited

158 Golden Future Investments Limited 2/4 Colonial Life Insurance Company

(Trinidad) Limited

159 Gordon Grant & Company Limited 4/30 Guardian General Insurance Limited

160 Grandwheels Services Ltd. 9/2 Sagicor Life Incorporated

161 GRB Financial Services Ltd. 9/2 Colonial Life Insurance Company

(Trinidad) Limited

162 Gregory Joseph Farfan t/a

J.G.F. Insurance Services 10/25 Sagicor Life Incorporated

163 GTM Insurance Limited 6/25 B&L Insurance Company Limited

164 Guardian Life of the Caribbean Ltd. 12/8 NEM (West Indies) Insurance Limited

165 Guy A. Ottley 2/18 Guardian Life of the Caribbean Limited

166 H.H. Services Limited 3/18 Sagicor Life Incorporated

167 Habil Mohammed t/a

Habil Mohammed Agency 3/28 Trinidad and Tobago Insurance Limited

168 Hamilson's Automotive Centre Ltd. 4/22 Trinidad and Tobago Insurance Limited

169 Hansa Marketing Limited 7/21 Maritime Life (Caribbean) Limited

Hansa Marketing Limited 7/21 Maritime General Insurance

Company Limited

146 CENTRAL BANK OF TRINIDAD AND TOBAGO


central single aga 7/2/07 3:14 PM Page 147

LIST OF REGISTERED AGENTS

Agent Anniversary Agent for / Company

Date

(Month/Day)

170 Harrinath Seeram t/a 1/25 Colonial Life Insurance Company

Viva Insurance Services

(Trinidad) Limited

171 Health & Wealth Management 12/22 Colonial Life Insurance Company

Consultants Ltd.

(Trinidad) Limited

172 Helen Ache t/a

H. Ache Insurance Services 10/11 Sagicor Life Incorporated

173 Hugh Pollonais 9/1 Guardian Life of the Caribbean Limited

174 Ian Stone t/a

I.S. Insurance Consultant 12/8 Sagicor Life Incorporated

175 Ignatius and Company Limited 10/14 Guardian Life of the Caribbean Limited

176 Indarjit Ramkissoon 1/22 Guardian Life of the Caribbean Limited

177 Indira Mohammed 11/2 Motor & General Insurance Company

Limited

178 Insurance & Financial

Services Limited 11/9 Guardian Life of the Caribbean Limited

179 Insurenet 1/28 Colonial Fire and General Insurance

Company Limited

180 Intergritus Company Limited 11/25 Colonial Life Insurance Company

(Trinidad) Limited

181 J & C Agencies Ltd. 12/22 Guardian General Insurance Limited

182 J. Mohess & Co. Ltd. 4/17 Trinidad and Tobago Insurance Limited

J. Mohess & Co. Ltd. 4/17 Tatil Life Assurance Limited

183 J.S. Watson-Diaz Financial

Services Ltd. 3/31 Maritime Life (Caribbean) Limited

184 Jacqueline Bannett t/a

J. Bennett Insurance & Consultants 12/8 Sagicor Life Incorporated

185 JAPS Insurance Services Ltd. 4/10 Trinidad and Tobago Insurance Limited

186 JD's Enterprises Ltd. 2/27 Sagicor Life Incorporated

187 Jeewan Birbal t/a Jeewan Enterprises 1/13 Colonial Life Insurance Company

(Trinidad) Limited

REPORT ON INSURANCE AND PENSIONS

147


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APPENDIX B

LIST OF AGENTS REGISTERED UNDER THE INSURANCE ACT,CHAP 84:01

AS AT DECEMBER 31, 2004 AND THEIR ANNIVERSARY DATES (continued)

Agent Anniversary Agent for / Company

Date

(Month/Day)

188 Jemmot Manmohan t/a

Jemmot Manmohan Insurance 10/14 Colonial Life Insurance Company

and Investments

(Trinidad) Limited

189 Jenkha Ltd. 7/16 Colonial Life Insurance Company

(Trinidad) Limited

190 Jennifer Gonzalez t/a

Jennifer Gonzalez Insurance Services 6/21 Sagicor Life Incorporated

191 Jennifer Lessey-Jordan t/a

JLJ Consultants 3/31 Colonial Life Insurance Company (Trinidad)

(Trinidad) Limited

192 JKN Financial Services Ltd. 1/29 Colonial Life Insurance Company Limited

193 Joan Carr t/a

Joan Carr Insurance Services 3/28 Sagicor Life Incorporated

194 Joel Martinez & Associates Ltd. 1/28 Sagicor Life Incorporated

195 Jonathan Decle t/a

J.D. Insurance Services 11/2 Sagicor Life Incorporated

196 Jones Motors Limited 4/30 Guardian General Insurance Limited

197 Judy Weaver t/a 3/22 Colonial Life Insurance Company

J.V.W. Financial Services

(Trinidad) Limited

198 Jury Mohammed t/a Mohammed

Motor Insurance Agency 12/8 Capital Insurance Limited

199 K.C. Investment and

Financial Services Ltd. 12/22 Guardian Life of the Caribbean Limited

200 K.S.W. Financial Services Ltd. 4/25 Tatil Life Assurance Limited

201 Kalyaani Limited 9/2 Trinidad and Tobago Insurance Limited

202 Karlla Agency Limited 4/26 Maritime Life (Caribbean) Limited

Karlla Agency Limited 4/26 Maritime General Insurance

Company Limited

203 Karz Enterprises Company Limited 10/14 Maritime General Insurance Company Limited

148 CENTRAL BANK OF TRINIDAD AND TOBAGO


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LIST OF REGISTERED AGENTS

Agent Anniversary Agent for / Company

Date

(Month/Day)

204 Keith Charles Financial Services Ltd. 1/29 Tatil Life Assurance Limited

205 Keith's Financial Services 9/2 Colonial Life Insurance Company

Limited

(Trinidad) Limited

206 Kermit Khan t/a

Khan's Motor Insurance Agency 9/15 Capital Insurance Limited

207 Kerry Peter Ramjag 12/22 Colonial Life Insurance Company

(Trinidad) Limited

208 Kevin Davis t/a K. Davis Consultants 2/27 Colonial Life Insurance Company

(Trinidad) Limited

209 Keystone Investments Limited 3/26 Guardian Life of the Caribbean Limited

210 Kirby Panchoo t/a 8/19 Furness Anchorage General

E.R. Insurance Agency

Insurance Limited

211 Krat Investments Limited 9/15 Guardian Life of the Caribbean Limited

212 L.G.G. Investments Limited 10/14 Guardian Life of the Caribbean Limited

213 L.J. Pollonais (1989) Limited 4/30 Guardian General Insurance Limited

214 L.J. Williams Ltd. 2/11 American Life and General Insurance

Company Trinidad Limited

215 Lange Trinidad Limited 5/18 Guardian General Insurance Limited

216 Lawrence Enterprises Limited 1/28 Colonial Life Insurance Company

(Trinidad) Limited

217 Lever Brothers W.I.

Credit Union Co-operative 9/15 Colonial Fireand General Insurance

Society Limited

Company Limited

218 LG Consultancy & Associates Limited 6/23 Guardian Life of the Caribbean Limited

219 Logimex Group Limited 12/14 Colonial Fire and General Insurance

Company Limited

220 LR&J Investments Limited 3/10 Guardian Life of the Caribbean Limited

221 Lurson Financial & Investment Services 12/28 Guardian Life of the Caribbean Limited

222 Lutchman Agencies Limited 3/30 Citizen Insurance Company Limited

223 Lynchris Financial Services Ltd. 7/29 Guardian Life of the Caribbean Limited

REPORT ON INSURANCE AND PENSIONS

149


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APPENDIX B

LIST OF AGENTS REGISTERED UNDER THE INSURANCE ACT, CHAP 84:01

AS AT DECEMBER 31, 2004 AND THEIR ANNIVERSARY DATES (continued)

Agent Anniversary Agent for / Company

Date

(Month/Day)

224 M.S.C.D. Investments Limited 9/2 Guardian Life of the Caribbean Limited

225 Marius Advisory Services Ltd 9/2 Colonial Life Insurance Company

(Trinidad) Limited

226 Marjen Financial and Insurance 1/28 Colonial Life Insurance Company

Services Ltd.

(Trinidad) Limited

227 Martin Lashley t/a 1/7 Colonial Life Insurance Company

MMVL Financial Services

(Trinidad) Limited

228 Mary Rivas t/a Rivas Agency 9/1 The Great Northern Insurance

(Trinidad) Limited

229 Maxim Investments Limited 2/2 Guardian Life of the Caribbean Limited

230 Mazely Enterprises Limited 12/8 Guardian Life of the Caribbean Limited

231 Melvic Incorporation Limited 9/20 Guardian Life of the Caribbean Limited

232 Mervina Hosein 5/16 The Great Northern Insurance

(Trinidad) Limited

233 Michael Ibrahim Insurance and

Investments Ltd. 9/17 Guardian Life of the Caribbean Limited

234 Michael Jawahir Financial 4/27 Colonial Life Insurance Company

Services Ltd.

(Trinidad) Limited

235 Michelle Prashad t/a

M.A.P. Financial Services 12/9 Sagicor Life Incorporated

236 Mitoric Financial Services 2/15 Maritime Life (Caribbean) Limited

Mitoric Financial Services 2/15 Maritime General Insurance

Company Limited

237 Mohammed Khan t/a 12/28 Sagicor Life Incorporated

Makhanson's Enterprises

238 Myron Rudder t/a 9/17 Colonial Life Insurance Company

Myron Rudder Agency

(Trinidad) Limited

239 Naidu Powdhar t/a 9/15 Colonial Life Insurance Company

Naidu Powdhar Agency

(Trinidad) Limited

150 CENTRAL BANK OF TRINIDAD AND TOBAGO


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LIST OF REGISTERED AGENTS

Agent Anniversary Agent for / Company

Date

(Month/Day)

240 Nazia Ali-Azim 10/14 The New India Assurance Company

(T'dad & T'go) Limited

241 Nazir Mohammed Investments 10/22 Colonial Life Insurance Company

Limited

(Trinidad) Limited

242 Nelson Wong Sang 8/19 Guardian Life of the Caribbean Limited

243 New Creation Investment Limited 3/15 Guardian Life of the Caribbean Limited

244 NITIM Insurances Services 10/11 Sagicor Life Incorporated

245 Noel, Noel and Associates Ltd. 4/30 Guardian General Insurance Limited

246 O.F. Grey Insurance Services Limited 5/23 Maritime Life (Caribbean) Limited

O.F. Grey Insurance Services Limited 5/23 Maritime General Insurance

Company Limited

247 Online Financial Services Ltd. 1/28 Colonial Life Insurance Company

(Trinidad) Limited

248 Oodles Financial Services 3/15 Guardian Life of the Caribbean Limited

249 Oswald Alexis Joseph 6/11 Guardian Life of the Caribbean Limited

250 Padmawatee Maharaj-Despot 12/28 Trinidad and Tobago Insurance Limited

251 Palladium Financial Planning

Services Limited 6/11 Guardian Life of the Caribbean Limited

252 Palo Seco Credit Union 7/29 Colonial Fire and General Insurance

Co-operative Society Limited

Company Limited

253 Pamela Momen Rampersad 8/19 Capital Insurance Limited

254 Paramount Investments Limited 10/14 Colonial Life Insurance Company

(Trinidad) Limited

255 Patricia James-Wilson t/a

Semaj Consultancy Services 11/2 Maritime Life (Caribbean) Limited

256 Patrick Kam 3/15 Guardian Life of the Caribbean Limited

257 Paul Gerard Massiah 6/11 Colonial Life Insurance Company

(Trinidad) Limited

258 Paul Gyan t/a 2/4 Colonial Life Insurance Company

Paul Gyan Insurance Services

(Trinidad) Limited

REPORT ON INSURANCE AND PENSIONS

151


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APPENDIX B

LIST OF AGENTS REGISTERED UNDER THE INSURANCE ACT, CHAP 84:01

AS AT DECEMBER 31, 2004 AND THEIR ANNIVERSARY DATES (continued)

Agent Anniversary Agent for / Company

Date

(Month/Day)

259 Pauline De Souza t/a 3/12 Sagicor Life Incorporated

P.D. Insurance Services

260 Pegasus Financial Services Limited 2/19 Trinidad and Tobago Insurance Limited

261 Peter Roberts 1/29 Colonial Life Insurance Company

(Trinidad) Limited

262 Petra Eligon t/a

PE Financial Consultancy Services 12/28 Maritime Life (Caribbean) Limited

Petra Eligon t/a 12/28 Maritime General Insurance

PE Financial Consultancy Services

Company Limited

263 PGM Financial Services Limited 10/14 Guardian Life of the Caribbean Limited

264 Pierre Finance Investments Ltd. 9/2 Guardian Life of the Caribbean Limited

265 PK Management Services Limited 5/5 Sagicor Life Incorporated

266 Portfolio Serve Ltd. 10/14 Colonial Life Insurance Company

(Trinidad) Limited

267 Pranesh Maharaj 8/26 Guardian Life of the Caribbean Limited

268 Premdath Seegolam t/a

VIPS Financial Services 6/22 Sagicor Life Incorporated

269 Prime General Insurance Limited 10/11 Sagicor Life Incorporated

270 Prince Primus Investments Ltd. 3/22 Colonial Life Insurance Company (Trinidad)

271 Prophet Financial Services Ltd. 6/11 Guardian Life of the Caribbean Limited

272 R & S Enterprises Limited 10/25 Guardian Life of the Caribbean Limited

273 R & Z Electrical Sales &

Services Company Limited 9/2 Trinidad and Tobago Insurance Limited

274 R&N Insurance Services Limited 6/22 Maritime General Insurance Company Limited

275 R.A. Tim Kee Investments &

Insurance Services Ltd. 12/20 Guardian Life of the Caribbean Limited

276 Rae Henry-Francis t/a Investment 12/8 Colonial Life Insurance Company

& Financial Planning Solutions

(Trinidad) Limited

152 CENTRAL BANK OF TRINIDAD AND TOBAGO


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LIST OF REGISTERED AGENTS

Agent Anniversary

Date

Agent for / Company

(Month/Day)

277 Raffael Mouttet t/a

R.E.M. Financial Services 3/22 Sagicor Life Incorporated

278 Ragoonath Lochan 2/12 Guardian Life of the Caribbean Limited

Ragoonath Lochan 12/28 Gulf Insurance Limited

279 Rahamut & Company Limited 3/2 Capital Insurance Limited

280 Ralico Insurance Services Limited 10/14 Maritime Life (Caribbean) Limited

281 Ralph Coutain Insurance Service 2/20 Colonial Life Insurance Company

& Investments Ltd.

(Trinidad) Limited

282 Ramanan Jaikaran 9/1 Gulf Insurance Limited

283 Ramlogan Associates Limited 6/30 Capital Insurance Limited

284 Rasheed Ali t/a

Rasheed Ali Insurance Services 12/28 Sagicor Life Incorporated

285 RBTT Insurance Agency Limited 5/18 Guardian General Insurance Limited

RBTT Insurance Agency Limited 12/22 Guardian Life of the Caribbean Limited

286 RDA Financial Services Ltd 9/2 Guardian Life of the Caribbean Limited

287 Recover Insurance Services Ltd 5/2 Trinidad and Tobago Insurance Limited

288 Rhevol Insurance & Investment

Services Ltd. 2/20 Guardian Life of the Caribbean Limited

289 Riansel Financial Planning Services 7/29 Maritime Life (Caribbean) Limited

Riansel Financial Planning Services 7/29 Maritime General Insurance Company

Limited

290 Richard Daly t/a NRICH Enterprises 3/21 Sagicor Life Incorporated

291 RIIB Financial Services Limited 4/9 Guardian Life of the Caribbean Limited

292 Risk Protection Insurance

Company Limited 11/25 Trinidad and Tobago Insurance Limited

293 Road Transport Engineering Ltd. 4/30 Guardian General Insurance Limited

294 Robard Insurance Services Ltd. 3/15 The Caribbean Home Insurance Company

295 Ro-Je Management &

REPORT ON INSURANCE AND PENSIONS

153


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APPENDIX B

LIST OF AGENTS REGISTERED UNDER THE INSURANCE ACT, CHAP 84:01

AS AT DECEMBER 31, 2004 AND THEIR ANNIVERSARY DATES (continued)

Agent Anniversary Agent for / Company

Date

(Month/Day)

Investment Services Ltd. 3/21 Guardian Life of the Caribbean Limited

296 Rollox W. Barrow Insurance

Services Ltd. 9/21 Guardian Life of the Caribbean Limited

297 Ronald Barlay t/a Ronbaris 1/21 Colonial Life Insurance Company

(Trinidad) Limited

298 Royal Insurance Consultants Limited 1/31 The Caribbean Home Insurance Company

299 Rozana Gaffoor-Ali 6/3 Guardian Life of the Caribbean Limited

300 RSDF Finance and

Investments Limited 6/9 Guardian Life of the Caribbean Limited

301 Rudy Gaskin Insurance, Investments

& Financial Services Ltd. 12/3 Guardian Life of the Caribbean Limited

302 Rupert Clovis Insurance

Agency Limited 4/30 Guardian General Insurance Limited

303 Ruth Frazer-Munroe 10/22 Guardian Life of the Caribbean Limited

304 Rybre Services Limited 9/2 Colonial Life Insurance Company (Trinidad)

Limited

305 S&R Insurance & Advisory

Services Ltd. 2/15 Tatil Life Assurance Limited

306 S&S Insurance and Associated 7/29 Colonial Life Insurance Company

Services Ltd.

(Trinidad) Limited

307 S. Deonarine Insurance Services Ltd. 6/7 Colonial Life Insurance Company

(Trinidad) Limited

308 S.D.R. Nandlal Advisory Services Ltd. 3/17 Mega Insurance Company Limited

309 S.O.S. Agencies Limited 4/22 Colonial Life Insurance Company

(Trinidad) Limited

310 Sagicor Life Incorporated 7/8 Sagicor General

311 Satish Maharaj Agency Limited 9/15 Gulf Insurance Limited

312 Security Motor Insurance Agencies

Limited 11/9 Capital Insurance Limited

154 CENTRAL BANK OF TRINIDAD AND TOBAGO


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LIST OF REGISTERED AGENTS

Agent Anniversary Agent for / Company

Date

(Month/Day)

313 Seepersad Agencies Limited 9/2 Guardian General Insurance Limited

314 Selona Gransam 12/28 Trinidad and Tobago Insurance Limited

315 Serene Insurance Agencies Limited 12/22 The New India Assurance Company

(T'dad & T'go) Limited

316 Sharon Iton 1/28 Colonial Life Insurance Company

(Trinidad) Limited

317 Shaunte's Creations &

Investments Ltd. 2/20 Tatil Life Assurance Limited

318 Shawn Crooks t/a 6/4 Colonial Life Insurance Company

Shawn Crooks Consultancy Services

(Trinidad) Limited

319 Sheila Smith t/a

Shenkson Insurance Services 10/25 Maritime Life (Caribbean) Limited

Sheila Smith t/a Shenkson 10/25 Maritime General Insurance

Shenkson Insurance Services

Company Limited

320 Simon Harrilal Insurance

Services Limited 7/16 Guardian Life of the Caribbean Limited

321 Stanley Hospedales 3/12 Guardian Life of the Caribbean Limited

322 STGS Agencies Limited 9/2 Trinidad and Tobago Insurance Limited

323 Stokely Regis Insurance 1/29 Colonial Life Insurance Company

Services Limited

(Trinidad) Limited

324 Strategic Investment Company 12/18 Mega Insurance Company Limited

Limited

325 SW Financial Services Limited 1/31 Colonial Life Insurance Company

(Trinidad) Limited

326 T C & F Services Limited 11/2 Sagicor Life Incorporated

327 Tai Financial Limited 8/11 Maritime Life (Caribbean) Limited

Tai Financial Limited 8/11 Maritime General Insurance Company Limited

328 Telly Paul General Insurance 9/3 American Life and General Insurance

Services Limited

Company Trinidad Limited

329 Telly Paul Insurance & Financial 9/1 American Life and General

Services Limited

Insurance Company Trinidad Limited

REPORT ON INSURANCE AND PENSIONS

155


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APPENDIX B

LIST OF AGENTS REGISTERED UNDER THE INSURANCE ACT, CHAP 84:01

AS AT DECEMBER 31, 2004 AND THEIR ANNIVERSARY DATES (continued)

Agent Anniversary Agent for / Company

Date

(Month/Day)

330 The New Edition Insurance 2/18 American Life and General Insurance

Services Ltd.

Company Trinidad Limited

331 The Presidential Insurance

Company Limited 9/2 Trinidad and Tobago Insurance Limited

332 Thecla Enterprises Ltd. 9/2 Maritime General Insurance

Company Limited

333 Thomas and Sons Limited 9/2 Colonial Fire and General Insurance

Company Limited

334 Thomas Sosa Wanguemert 6/3 Guardian Life of the Caribbean Limited

335 Three Palms Services Limited 1/20 Citizen Insurance Company Limited

336 TIMCO Insurance Services Limited 2/25 Maritime General Insurance Company

Limited

TIMCO Insurance Services Limited 12/10 Maritime Life (Caribbean) Limited

337 Tobias & Tobias Insurance

Services Ltd. 2/19 Sagicor Life Incorporated

338 Tommy Elias Insurance Services Ltd. 4/14 Maritime General Insurance Company

Limited

Tommy Elias Insurance Services Ltd. 12/28 Maritime Life (Caribbean) Limited

339 Towheed Ali 2/2 Colonial Life Insurance Company

(Trinidad) Limited

340 Trevor Rex Baddaloo Enterprises

Limited 11/9 Guardian Life of the Caribbean Limited

341 Tri-Em International Limited 8/11 Colonial Life Insurance Company

(Trinidad) Limited

342 Trinidad Financial

Management Services Limited 6/21 Maritime Life (Caribbean) Limited

Trinidad Financial Management 11/9 Maritime General Insurance Company

Services Limited

Limited

343 Trinidad Insurance Centre Limited 9/9 Sagicor Life Incorporated

344 Trinmesh Limited 1/22 Trinidad and Tobago Insurance Limited

156 CENTRAL BANK OF TRINIDAD AND TOBAGO


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LIST OF REGISTERED AGENTS

Agent Anniversary Agent for / Company

Date

(Month/Day)

345 U4Ria Investments 3/28 Colonial Life Insurance Company

and Services Limited

(Trinidad) Limited

346 Usuff Abraham t/a

UMA Insurance Services 1/28 Sagicor Life Incorporated

347 V & A Services Ltd. 11/18 Colonial Life Insurance Company

(Trinidad) Limited

348 Vashti Balgaroo 2/27 GTM Insurance Company Limited

Vashti Balgaroo 11/18 Motor One Insurance Company Limited

349 Veda Consultants Company Limited 1/28 The New India Assurance Company

(T'dad & T'go) Limited

350 Vergo Enterprises Limited 8/13 Motor and General Insurance Co. Ltd.

351 Vernon Fingal Financial

Services Limited 12/28 Guardian Life of the Caribbean Limited

352 W & H Tire Supplies Limited 10/11 Trinidad and Tobago Insurance Limited

353 W. Lezama Insurance & 9/2 Colonial Life Insurance Company

Investment Co. Services Ltd.

(Trinidad) Limited

354 Wajeeda Bissoondath 3/30 The Caribbean Home Insurance Company

355 Wallum Insurance Services Limited 12/22 Motor One Insurance Company Limited

356 Walter H. Stewart Financial

Services Ltd. 4/7 Tatil Life Assurance Limited

357 Wayne Mohammed t/a

Waymo Financial Services 12/8 Sagicor Life Incorporated

358 Whibco Associates Limited 12/8 Sagicor Life Incorporated

359 William Rodriguez 8/19 Guardian Life of the Caribbean Limited

360 William St. Aubyn t/a

St. Aubyn Insurance Services 12/8 Sagicor Life Incorporated

361 Z.N. Mathura Investments Ltd. 12/28 Guardian Life of the Caribbean Limited

362 Zahida Ali Insurance Services Limited 5/11 Maritime General Insurance

Company Limited

Zahida Ali Insurance Services Limited 5/14 Maritime Life (Caribbean) Limited

363 Zai's Financial Services Limited 12/28 Guardian Life of the Caribbean Limited

364 Zenobia Baksh 8/19 Trinidad and Tobago Insurance Limited

REPORT ON INSURANCE AND PENSIONS

157


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APPENDIX C

LIST OF BROKERS REGISTERED

LIST OF BROKERS REGISTERED UNDER THE INSURANCE ACT, CHAP. 84:01

AS AT 31ST DECEMBER 2004 AND THEIR ANNIVERSARY DATES

Broker

Anniversary

Date

1 Risk Management Services Limited 1/12

2 Blaine Hosang 1/19

3 Gregory De Montrichard 1/24

4 Janice Roberts 1/24

5 Risk Research Limited

1/24

6 Mailbrol Insurance Brokers Limited 1/25

7 Consolidated Insurance Consultants Limited 1/28

8 Peter Gifford Charlett 1/28

9 Charlett & Gatcliffe Limited 1/28

10 Insurance Brokers West Indies Limited 1/28

11 Robert Gordon Charlett 1/29

12 Prakash H. Bhagan 2/13

13 Comprehensive Insurance Brokers Limited 2/18

14 M&M Insurance Services Limited 2/18

15 Stephen Castagne 2/18

16 Derek De Silva 3/7

17 Christian Low 3/11

18 3K’s Services Limited 3/18

19 Nazreen Deosingh 3/18

20 Specialists Insurance Brokers Limited 3/18

21 Surujdeo Mangaroo 3/22

22 Trinity Insurance Brokers Limited 3/22

23 Craig Millar 3/27

24 Millar Insurance Brokers Limited 3/27

25 Anthony David Farah 3/31

158 CENTRAL BANK OF TRINIDAD AND TOBAGO


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REGISTERED BROKERS

Broker

Anniversary

Date

26 Farah Insurance Brokers Limited 3/31

27 Ace Insurance Brokers Limited 4/29

28 Nizam Mohammed 4/29

29 Amalgamated Insurance Brokers 5/13

30 Ramnarine Maharaj 5/13

31 Dexter Ragoonanan 5/18

32 Emerald Insurance Services Limited 5/18

33 E.P. Insurance Services Limited 7/1

34 Errol Sooknanan 7/1

35 Sterling Insurance Services Limited 7/8

36 Winston Siriram 7/8

37 Solomon Austin Elder t/a Sasre Financial Services Ltd. 7/9

38 Fazal Imtiaz Ali 7/12

39 Fidelity Insurance Brokers (Fazal Ali) 7/12

40 21st Century Insurance and Reinsurance Brokers 7/13

41 Wayne Gosine 7/13

42 Merchants & General Insurance & Reinsurance Brokers (W.I.) Limited 7/14

43 Satchan Ramsaran 7/14

44 SDS Insurance Brokers Limited 7/29

45 Neil Colin Gosine 7/31

46 Nautilus Insurance Brokers Limited 8/10

47 Richard Ramdwar 8/10

48 Global Financial Brokers Limited 8/20

49 Sandra Chin Yuen Kee 8/20

50 Brian Lewis t/a Legacy Financial 9/22

51 Insurance Managers Limited 9/27

52 Jerry R. Narace 9/27

REPORT ON INSURANCE AND PENSIONS

159


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APPENDIX C – REGISTERED BROKERS

LIST OF BROKERS REGISTERED UNDER THE INSURANCE ACT, CHAP. 84:01

AS AT 31ST DECEMBER 2004 AND THEIR ANNIVERSARY DATES

Broker

Anniversary

Date

53 Anthony Nigel Vere Slinger 10/11

54 Trinidad & Tobago Insurance Consultants Limited 10/11

55 Garvin Anslem Manzano 10/19

56 Camacho De Bruin Insurance Brokers Limited 10/25

57 Walter E. Debruin 10/25

58 Michael Redhead t/a Pensurance Brokers 11/2

59 Dave Patterson 11/30

60 Lanson Julien 11/30

61 Millenium Insurance Brokers Limited 11/30

62 Erickson Ramkhelawan 12/3

63 Personalised Insurance Brokers & Reinsurance Limited 12/3

64 Guerero and Hubert Company Limited 12/10

65 Romano Martin 12/10

66 Hardath General Insurance Consultants Limited 12/16

67 Hardeo Hardath 12/16

68 Norman Gabriel Limited 12/23

69 Norman Gabriel 12/23

70 Peter Malcolm George Farah 12/28

71 PRFC Limited 12/28

72 Robert Lazzari 12/28

73 Agostini Insurance Brokers Limited 12/28

74 Insurance & Allied Services Limited 12/29

75 Omah Seetahal 12/29

160 CENTRAL BANK OF TRINIDAD AND TOBAGO


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APPENDIX D

LIST OF REGISTERED ADJUSTERS

LIST OF ADJUSTERS REGISTERED UNDER THE INSURANCE ACT, CHAP. 84:01

AS AT 31ST DECEMBER 2004 AND THEIR ANNIVERSARY DATES

Adjuster

Anniversary

Date

1. Bertrand Doyle 3/1

2. Ganesh Rampersad 3/1

3. Raphael’s Investigators Adjusters and Realtors Limited 25/1

4. Factfinders Business Investigators Limited 29/1

5. Twin-Isle Adjusters Limited 19/2

6. Adam Sangiunette Claim Consultants 16/3

7. Glen Mohammed 23/3

8. Armah Adjusting Services Limited 12/5

9. Pioneer Insurance Claims Services Company Limited 13/5

10. Cariclaims Investigators & Adjusters Limited 1/7

11. Commonwealth Claims Consultants Limited 10/7

12. Jacob Jules trading as Jules Investigators and Adjusters Services 18/7

13. General Adjusters Limited 27/8

14. Oliver Rosemin & Company Limited 30/8

15. Clevon Singh trading as Reliance Adjusters and Investigators 7/9

16. Accord Adjusting Company Limited 9/9

17. Mc Larens Young International (T&T) Limited 17/9

18. Peter Bowen 18/10

19. International Business Investigations Services Limited 12/11

20. Ezekiel Joseph 23/11

21. International Loss Adjusters Limited 23/11

22. Orion Adjusters Limited 31/12

REPORT ON INSURANCE AND PENSIONS

161


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APPENDIX E

LIST OF REGISTERED PENSION PLANS

LIST OF PENSION PLANS REGISTERED AS AT 31ST DECEMBER,2004

SELF-ADMINISTERED PENSION FUND PLANS

1. Agostini Insurance Brokers Limited Pension Fund Plan

2. Agostini's Limited Retirement Plan

3 Airports Authority of Trinidad and Tobago Pension Fund

4. Ansa Mc Al Limited Pension Fund Plan

5. Associated Brands Limited Group Pension Fund Plan

6. Atlantic LNG Pension Plan

7. Bank of Commerce Trinidad and Tobago Limited Retirement Plan

8. Bawodes Limited Pension Fund Plan

9. Berger Paints Trinidad Limited Pension Plan (Monthly Paid Employees)

10. BPTT LLC Pension Plan

11. British American Insurance Company (Trinidad) Limited Pension Fund Plan

12. British Gas Trinidad Limited Pension Plan

13. B.W.I.A. Pilots Pension Fund Plan

14. Caribbean Industrial Research Institute Pension Plan

15. Caribbean Ispat Employees Pension Fund Plan

16. Central Bank of Trinidad and Tobago Pension Fund Plan

17. Citibank (Trinidad and Tobago) Limited Pension Fund Plan

18. Coca Cola Bottling (Trinidad and Tobago) Limited Pension Fund Plan

19. Consolidated Insurance Consultants Limited Staff Pension Fund Plan

20. Coopers and Lybrand Pension Fund Plan

21. Courts (Trinidad) Limited Pension Fund Plan

22. Cuna Caribbean Insurance Society Limited Pension Fund Plan

23. Development Finance Limited Pension Plan

24. EOG Resources Trinidad Limited Pension Fund Plan

25. E&Y Services Limited Pension Scheme

26. Ferreira Optical Limited Pension Fund Plan

27. First Citizen Bank Pension Plan

28. Guyana and Trinidad Mutual Fire Insurance Company Limited Pension Plan

29. Hand Arnold (Trinidad) Limited Employees Pension Scheme

30. H.S. Services Limited Pension Fund Plan

31. Hydro Agri Trinidad Limited Hourly Paid Employees Pension Scheme

162 CENTRAL BANK OF TRINIDAD AND TOBAGO


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LIST OF REGISTERED PENSION PLANS

32. Hydro Agri Trinidad Limited Salaried Employees Pension Plan

33. Industrial Agencies Limited Pension Fund Plan

34. IBM Retirement Plan

35. Lever Brothers (West Indies) Limited Pension Plan

36. Mandev-Qualassure Pension Fund Plan

37. Mega Insurance Company Limited Pension Plan

38. MTS Pension FundPlan

39. National Gas Company Pension Fund Plan

40. National Insurance Board Pension Fund Plan

41. National Insurance Property Development Company Limited Pension Fund Plan

42. National Union of Government and Federated Workers Pension Fund Plan - Elected Officers

43. National Union of Government and Federated Workers Staff Pension Fund Plan

44. Neal and Massy Group Pension Plan

45. Nestle Trinidad and Tobago Limited Pension Fund Plan

46. Nestle Trinidad and Tobago Limited Unionised Employees’ Pension Plan

47. Niherst Pension Fund Plan

48. PCS Nitrogen Trinidad Limited Pension Fund Plan 1 (formerly Arcadian Trinidad )

49. PCS Nitrogen Trinidad Limited Pension Fund Plan 2 (formerly Trinidad and Tobago Urea)

50. Pheonix Park Gas Processors Limited Pension Plan

51. Port Authority of Trinidad and Tobago Pension Plan (Daily and Weekly)

52. Port Authority of Trinidad and Tobago Pension Plan (Monthly)

53. Price WaterhouseCoopers Limited Pension Plan

54. RBTT Pension Plan

55. Regional Health Authority Pension Plan

56. Republic Bank of Trinidad and Tobago Limited Pension Plan

57. Scotiabank Trinidad and Tobago Limited Pension Fund Plan

58. Servol Limited Pension Fund Plan

59. Telecommunications Services of Trinidad and Tobago Limited Pension Fund Plan

60. Texaco Trinidad Limited Staff Retirement Plan

61. The Demerara Life Assurance Company of Trinidad and Tobago Limited

Sales Staff Pension Plan

62. The Home Mortgage Bank Pension Fund Plan

63. The Mercantile Banking and Finance Corporation Limited Pension Fund Plan

REPORT ON INSURANCE AND PENSIONS

163


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APPENDIX E

LIST OF PENSION PLANS REGISTERED AS AT 31ST DECEMBER,2004

SELF-ADMINISTERED PENSION FUND PLANS (continued)

64. Thomas Peake and Company Limited Pension Plan

65. Trinidad Building and Loan Association Pension Fund Plan

66. Trinidad Cement Limited Employees Pension Fund Plan

67. Trinidad Hilton Limited Pension Fund Plan

68. Trinidad and Tobago Electricity Commission Pension Fund Plan

69. Trinidad and Tobago Electricity Commission Provident Fund

70. Trinidad and Tobago External Telecommunications Company Limited Pension Fund Plan

71. Trinidad and Tobago Methanol Company Limited Pension Fund Plan

72. Trinidad and Tobago National Petroleum Marketing Company Limited

Contributory Pension Plan I

73. Trinidad and Tobago National Petroleum Marketing Company Limited

Contributory Pension Plan II

74. Trinidad and Tobago Oil Company Limited Contributory Pension Fund "A"

75. Trinidad and Tobago Oil Company Limited Contributory Pension Fund "B"

76. The Trinidad and Tobago Oil Company Limited Non-Contributory Pension Fund

77. Trinidad and Tobago Oil Company Limited Employees' Benefit Plan

78. Trinidad and Tobago Oil Company Limited Staff Retirement Plan

79. Trinidad and Tobago Petroleum Company Limited Employees Pension Fund Plan

80. Trinidad and Tobago Petroleum Company Limited Staff Pension Fund Plan

81. Trinidad and Tobago Port Contractors Limited Pension Fund Plan

82. Trinidad and Tobago Telephone Company Limited Staff Pension Fund Plan

83. Trinidad and Tobago Unit Trust Corporation Pension Fund Plan

84. Trinmar Limited Employees Benefit Plan

85. Trintoplan Consultants Limited Staff Pension Plan

86. T. Geddes Grant Limited Pension Fund Plan

87. T. Geddes Grant (Trinidad) Staff Savings and Pension Fund Plan

88. Water and Sewerage Authority Pension Plan

89. West Indian Tobacco Company Pension Plan

90. Y. De Lima & Company Limited Staff Pension Fund Plan

164 CENTRAL BANK OF TRINIDAD AND TOBAGO


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LIST OF REGISTERED PENSION PLANS

INSURED PENSION FUND PLANS

1. Albrosco Limited Staff Pension Plan

2. All Trinidad Sugar and General Workers Trade Union Staff Pension Fund Plan

3. Alstons Limited Pension Fund Plan

4. Anthony N. Sabga Limited Pension Fund Plan

5 Angostura Bitters (Dr. J. G. B. Siegert & Sons) Limited Pension Fund Plan

6. Armour's Funeral Homes Limited Pension Fund Plan

7. ASA Wright Nature Centre Pension Fund Plan

8. Barbados Mutual Life Assurance Society Employees Pension Plan

9. Bel Air International Airport Hotel Limited Pension Plan

10. Berger Paints Trinidad Limited Pension Fund Plan for Weekly-Paid Employees

11. Bermudez Biscuit Company Limited Pension Plan

12. British High Commission Pension Fund

13. Bristol Myers (West Indies) Limited Pension Fund Plan

14. BWIA General Staff Pension Plan

15. Caribbean Bulk Storage and Trading Company Limited Pension Fund Plan

16. Caribbean Packaging Industries Limited Fund Pension Plan for Senior Staff Employees

17. Caribbean Packaging Industries Limited Pension Fund Plan for Junior Staff Employees

18. CBP Limited Pension Plan

19. Century Eslon Limited Pension Plan

20. Clark & Battoo Limited Pension Plan

21. Clico Investment Bank Limited Staff Pension Fund Plan

22. C.M.B. Packaging Trinidad Limited Pension Fund Plan

23. Coates Brothers (Caribbean) Limited Pension Plan

24. Colonial Fire and General Insurance Company Limited Pension Plan

25. Colonial Life Insurance Company (Trinidad) Limited Staff Pension Plan

26. Diego Martin Credit Union Co-operative Society Limited Staff Pension Fund Plan

27. Eric Solis Marketing Limited Staff Pension Plan

28. F.T.Farfan and Sons Limited Pension Plan

29. Furness Trinidad Limited Pension Fund Plan

30. Fujitsu ICL Caribbean Trinidad Limited (formerly International Computers Limited)

Pension Fund Plan

REPORT ON INSURANCE AND PENSIONS

165


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APPENDIX E

INSURED PENSION FUND PLANS (continued)

31. Grace Kennedy (Trinidad and Tobago) Limited Pension Fund Plan

32. Group Pension Plan for the Managerial Employees of American Life and General

Insurance Company (Trinidad) Limited

33. Group Pension Plan for the Non-Managerial Employees of American Life and General

Insurance Company (Trinidad) Limited

34. Gulf Engineering Services Limited Pension Fund Plan

35. Gulf Insurance Limited Pension Fund Plan

36. Halliburton Trinidad Limited Pension Plan

37. Home Construction Limited Staff Pension Fund Plan

38. Inglefield/Ogilvy Mather Pension Fund Plan

39. Insurance Brokers West Indies Limited Pension Fund Plan

40. J. N. Harriman & Company Limited Pension Plan

41. Johnson and Johnson (Trinidad) Limited Staff Pension Plan

42. Joseph Charles Bottling Works and Investments Limited Pension Fund Plan

43. J.T.A. Supermarkets Limited Pension Fund Plan

44. Junior Schools Limited Pension Fund Plan

45. Lake Asphalt of Trinidad and Tobago (1978) Limited (Monthly) Pension Plan

46. Lake Asphalt of Trinidad and Tobago (1978) Limited Employees (Weekly) Pension Plan

47. Lange Trinidad Limited Pension Fund Plan

48. Lazzari and Sampson Limited Pension Plan

49 Life of Barbados Limited Pension Plan

50. L. J. Williams Limited Pension Fund Plan

51. Lonsdale/Saatchi & Saatchi Advertising Limited Staff Pension Plan

52. Maritime Life (Caribbean) Limited Pension Fund Plan

53. Master Mix of Trinidad & Tobago Limited Staff Pension Fund Plan

54. Mc Cann-Erickson (Trinidad) Limited Pension Fund Plan

55. Medianet Limited Monthly Paid Staff Pension Plan

56. 3M Interamerica Inc. Trinidad and Tobago Division Pension Fund Plan

57. National Agro Chemicals Limited Pension Fund Plan

58. National Flour Mills Limited Pension Fund Plan for Employees of the Company

59. National Helicopter Services Limited Pension Fund Plan

60. Navarro’s Shipping Limited Pension Plan

166 CENTRAL BANK OF TRINIDAD AND TOBAGO


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LIST OF REGISTERED PENSION PLANS

61. N.E.M. (West Indies) Limited Pension Fund Plan

62. Oilfields Workers Trade Union Staff Pension Fund Plan

63. Pepsi –Cola Trinidad Bottling Company Ltd. Pension Plan

64. Perreira & Company Limited Staff Pension Fund Plan

65. Point Lisas Industrial Development Corporation Limited Pension Plan

66. Prestige Holdings Limited Pension Fund Plan

67. Print - A - Pak Limited Pension Plan

68. R. B. P. Elevator and Escalator Limited Pension Plan

69. Rentokil (Trinidad) Limited Pension Fund Plan

70. Rhand Credit Union Co-operative Society Limited Pension Plan

71. Royal Caribbean Insurance Company Limited Group Pension Fund Plan

72. Sealand Service Inc. Pension Plan

73. Selco Limited Pension Fund Plan

74. Stellar Distributors (Trinidad) Staff Pension Plan

75. Small Business Development Company Limited Staff Pension Fund Plan

76. Southern Medical Clinic Limited Pension Fund Plan

77. Southern Sales and Services Company Limited Pension Plan

78. TECU Credit Union Co-operative Society Limited Pension Fund Plan

79. Tatil Life Sales Representatives Pension Plan

80. The Agents of American Life and General Insurance Company (Trinidad) Limited

Pension Scheme

81. The Beacon Insurance Company Limited Pension Plan for Monthly and

Weekly Paid Employees

82. The Group Pension Plan for the Non-Professional Employees of Fitzstone Ltd.

83. The Institute of Marine Affairs Pension Plan

84. The Myerson Tooth Company Limited Pension Fund Plan

85. The Synod of the Presbyterian Church in Trinidad Pension Plan

86. The Trinidad Pilots and Berthing Masters Association Limited Pension Fund Plan

87. The University of the West Indies (St. Augustine) Staff Pension Fund Plan

88. Tourism and Industrial Development Company of Trinidad And Tobago Pension Plan

89. Toyota Trinidad and Tobago Staff Pension Plan

90. Trinidad Concrete Products Company Limited Pension Fund Plan

91. Trinidad Contractors Limited Pension Plan

REPORT ON INSURANCE AND PENSIONS

167


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APPENDIX E

INSURED PENSION FUND PLANS (continued)

92. Trinidad Express Newspapers Limited Pension Plan

93. Trinidad Nitrogen Company Limited Staff Pension Fund Plan

94. Trinidad Ropeworks Limited Retirement Plan

95. Trinidad Systems Limited Pension Fund Plan

96. Trinidad and Tobago Chamber of Commerce Pension Plan

97. Trinidad and Tobago Forest Products Limited Staff Pension Fund Plan

98. Trinidad and Tobago Mortgage Finance Company Limited Pension Plan

99. Trinidad and Tobago Solid Waste Management Company Limited Pension Fund Plan

100. United States of America Embassy in Trinidad and Tobago Pension Fund Plan

101. Victoria Nursing Home Pension Fund Plan

102. Waste Disposals Limited Pension Fund Plan

103. Western Scientific Company Pension Plan

104. William H. Scott Limited Pension Fund Plan

105. Youth Training Employment Partnership Programme Pension Plan

168 CENTRAL BANK OF TRINIDAD AND TOBAGO


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LIST OF REGISTERED PENSION PLANS

ANNUITIES

1. A.S. Bryden and Sons (Trinidad) Limited Pension Fund Plan

2. Baroid Trinidad Services Limited Staff Pension Fund Plan

3. Coconut Growers Association Pension Fund Plan

4. Laughlin and De Gannes and its Associated Companies Staff Pension Fund Plan

5. Penta Paints (Caribbean) Limited Pension Plan

6. The Incorporated Trustees of the Anglican Church in the Diocese of

Trinidad and Tobago PensionPlan

WINDING UP PENSION FUND PLANS

1. Aviation Services Trinidad and Tobago Limited Pension Fund Plan

2. Associated Battery and Metal Industries Trinidad Limited Pension Fund Plan

3. B.H.Rose Limited Pension Fund Plan

4. Bottlers Limited Pension Fund Plan

5. British Airways Staff Pension Plan

6. C. Lloyd Trestrail & Company Limited Pension Plan

7. Cliffs and Associates Limited Pension Plan

8. CTC Electronics Limited Pension Plan

9. Caroni (1975) Limited Employees Pension Plan

10. Caroni (1975) Limited Daily Paid Employees Contributory Pension Plan

11. Caroni (1967) Limited Pension Plan

12. Colgate Palmolive (Caribbean) Inc. Pension Fund Plan

13. Colonial Life Insurance Company (Trinidad) Limited Agents Pension Plan

14. Corbin Compton Limited Staff Pension Plan

15. Crown Life Caribbean Limited Employees Pension Fund Plan

16. Employers Consultative Association Pension Fund Plan

17. Electrotec Services Limited Pension Fund Plan

18. F.W. Woolworth Limited Pension Fund Plan

19. George Wimpey Caribbean Limited Pension Plan

20. General Building and Loan Association Staff Pension Fund Plan

21. Goellnicht and Stollmeyer (Marketing) Limited Pension Fund Plan

REPORT ON INSURANCE AND PENSIONS

169


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APPENDIX E

WINDING UP PENSION FUND PLANS (continued)

22. Gordon Grant Staff Pension Plan

23. Guardian Life of the Caribbean Limited Pension Fund Plan

24. Industrial Development Corporation Pension Plan

25. Insurance Consultants Ltd. (Antilles Insurance Limited)

26. International Loss Adjusters Limited Pension Plan

27. KLM (Trinidad and Tobago) Pension Fund Plan

28. Label House Limited Staff Pension Plan

29. Metal Industries Company Pension Plan

30. National Broadcasting Services of Trinidad and Tobago Pension Fund Plan

31. Nationwide Staff "A" Pension Plan

32. Nationwide Staff "B" Pension Plan

33. Nationwide Staff "C" Pension Plan

34. Orange Grove National Company Limited Pension Fund Plan

35. Premier Consolidated Oilfields Limited Pension Plan

36. Rediffusion (Trinidad) Limited Pension Plan

37. Reinsurance Company of Trinidad and Tobago Limited Pension Fund Plan

38. Santana Services Limited Pension Fund Plan

39. Sissons Paints Limited Staff Pension Fund Plan

40. Smith International Inc. Pension Fund Plan

41. Stephen and Ross Limited Pension Fund Plan

42. Super Chem Pension Fund Plan

43. Sherwin Williams (Caribbean) N.V. Pension Plan

44. The National Commercial Bank of Trinidad and Tobago Pension Plan

45. The Shipping Corporation of Trinidad and Tobago Limited Pension Fund Plan

46. Trinidad Broadcasting Company Limited Pension Fund Plan

47. Trinidad and Tobago Oil Company Limited Provident Fund

48 Trinidad and Tobago Television Company Limited Pension Fund Plan

49. Trinidad Shipping Company Limited Pension Fund Plan

50. Trinidad Textile Manufacturing Company Limited Pension Fund Plan

51. Trinidad and Tobago Export Development Corporation Pension Fund Plan

52. Trinidad and Tobago Printing and Packaging Company Pension Fund

53. Van Leer Containers Trinidad Limited Pension Fund Plan

54. Workers Bank of Trinidad and Tobago Limited Pension Fund Plan

170 CENTRAL BANK OF TRINIDAD AND TOBAGO


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LIST OF REGISTERED PENSION PLANS

JUDICIAL MANAGEMENT

1. West Indian National Insurance Company Pension Fund Plan

REPORT ON INSURANCE AND PENSIONS

171


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172 CENTRAL BANK OF TRINIDAD AND TOBAGO

TABLE 1

LOCAL

COMPANIES

FUNDS AT THE

BEGINNING OF

THE YEAR

SINGLE

PREMIUMS

OTHER

CONSIDERATION FOR

ANNUITIES AND OTHER

DEPOSITS

SINGLE OTHER

TOTAL

PREMIUMS

COMMISSION

RECEIVED

INTEREST

DIVIDENDS AND

RENTS

LESS TAXES AND

INTEREST

THERON

OTHER

TRANSFER

FROM

RESERVES

$ $ $ $ $ $ $ $ $ $ $

1 American Life and General Insurance

Company (T&T) Ltd. 781,248,430 (4,864) 67,879,420 - 29,224,730 97,099,286 - 59,524,428 (33,199) - 937,838,945

2. Bancassurance Caribbean Ltd 88,317,951 1,639,535 3,931,377 92,306 139,714 5,802,932 - 54,888,413 592,817 - 149,602,113

3. British-American Insurance Company (Trinidad) Ltd. 211,076,070 - 15,721,830 - 137,360,493 153,082,323 - 14,898,213 34,059,220 - 413,115,826

4. Caribbean Atlantic Life Insurance Company (T&T) Ltd. 6,706,474 - 256,206 - 13,712 269,918 - 1,160,630 - - 8,137,022

5. Colonial Life Insurance Company (Trinidad) Ltd. 6,847,329,459 - 3,362,862,955 - - 3,362,862,955 - 1,150,592,070 88,181,139 - 11,448,965,623

6. Cuna Caribbean Insurance Society Ltd. 8,328,476 - 40,725,500 - - 40,725,500 - 3,088,062 - - 52,142,038

7. Demerara Life Assurance Company of T&T Ltd. NO ACCOUNTS SUBMITTED -

8. Guardian Life of the Caribbean Ltd. 2,054,846,713 7,805,699 86,648,479 38,591,201 386,220,656 519,266,035 - 353,850,694 63,880,855 - 2,991,844,297

9. Maritime Life (Caribbean) Ltd. 810,621,523 - 52,885,738 2,970,829 15,533,881 71,390,448 120,000 44,024,237 28,991,447 955,147,655

10. MEGA Insurance Company Ltd. 111,695,243 - 19,440,682 - 8,932,707 28,373,389 80,209 6,154,305 (3,558,550) - 142,744,596

11. Nationwide Insurance Company Ltd. 41,481,782 - 1,732,161 - 729,119 2,461,280 - 4,211,433 951,803 - 49,106,298

12. Reinsurance Company of Trinidad and Tobago Ltd. 548,138 217,192 - - 217,192 - 34,890 - - 800,220

13 Scotia Life Trinidad and Tobago Ltd. - 32,386,740 2,516,157 337,467 212,033 35,452,397 - - - - 35,452,397

14. Tatil Life Assurance Ltd. 833,297,984 3,860,965 46,385,953 2,302,580 19,585,315 72,134,813 - 52,862,603 75,382,568 - 1,033,677,968

15. The Beacon Insurance Company Ltd. 70,000 - 48,781 - - 48,781 22,667 5,094 - - 146,542

16. Guardian General Insurance Ltd. 605,321 (1,366) - - (1,366) (20) 81,895 39 - 685,869

17 The Caribbean Insurance Company Ltd. - - - - - - - - - - -

18 United Security Life Insurance Company Ltd 16,510,280 249,125 - - - 249,125 - 801,836 5,575 - 17,566,816

TOTAL 11,812,683,844 45,937,200 3,701,251,065 44,294,383 597,952,360 4,389,435,008 222,856 1,746,178,803 288,453,714 - 18,236,974,225

REGIONAL

1. Life of Barbados Ltd. 93,069,095 - 12,141,653 456,615 4,401,809 17,000,077 - 9,962,556 1,039,384 - 121,071,112

2. Sagicor Life Inc. 1,265,025,629 91,725,751 91,318,363 183,044,114 6,334,161 122,300,511 135,129,916 - 1,711,834,331

TOTAL 1,358,094,724 - 103,867,404 456,615 95,720,172 200,044,191 6,334,161 132,263,067 136,169,300 - 1,832,905,443

EXTRA REGIONAL

REVENUE ACCOUNT IN RESPECT OF LONG-TERM INSURANCE – 2004

(INCOME)

1. Cuna Mutual Insurance Society NO ACCOUNTS SUBMITTED - - - - - - - - -

2. Lincoln Assurance Ltd. NO ACCOUNTS SUBMITTED NO LONGER WRITING BUSINESS -

3. Sun Life Assurance Company of Canada 419,404 - 40,038 - - 40,038 - 379,897 (104,822) - 734,517

TOTAL 419,404 - 40,038 - - 40,038 - 379,897 (104,822) - 734,517

GRAND TOTAL 13,171,197,972 45,937,200 3,805,158,507 44,750,998 693,672,532 4,589,519,237 6,557,017 1,878,821,767 424,518,192 - 20,070,614,185

TOTAL


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REPORT ON INSURANCE AND PENSIONS

173

TABLE 1(cont’d)

LOCAL

$ $ $ $ $ $ $ $ $ $ $ $

1 American Life and General Insurance

Company (T&T) Ltd. 12,098,051 2,370,934 5,723,411 28,869,110 7,614,244 56,675,750 8,052,152 37,933,951 2,788,535 831,493,957 894,600 937,838,945

2 Bancassurance Caribbean Ltd 3,911,204 1,390,633 2,774,478 4,515,301 151,849 12,743,465 (46,655) 3,763,960 45,659,020 87,482,323 - 149,602,113

3 British-American Insurance Company

(Trinidad) Ltd. 15,501,523 24,445,770 351,810 52,669,053 - 92,968,156 9,391,695 13,072,796 - 256,317,677 41,365,502 413,115,826

4 Caribbean Atlantic Life Insurance

Company (T&T) Ltd. 80,000 46,981 - 139,429 63,897 330,307 (103) 120,616 1,170,387 6,515,815 - 8,137,022

5 Colonial Life Insurance Company

(Trinidad) Ltd. 22,305,924 3,622,516 2,803,568,039 11,159,831 785,512 2,841,441,822 89,316,239 453,479,938 10,652,689 7,993,599,842 60,475,093 11,448,965,623

6 Cuna Caribbean Insurance Society Ltd. 25,280,781 321,179 150,126 - - 25,752,086 134,143 10,126,420 7,326,798 8,802,591 - 52,142,038

7 Demerara Life Assurance Company of

T&T Ltd. NO ACCOUNTS SUBMITTED -

8 Guardian Life of the Caribbean Ltd. 22,131,817 1,939,046 1,126,305 21,933,023 47,580,567 94,710,758 75,593,639 181,834,917 142,157,359 2,473,321,937 24,225,687 2,991,844,297

9 Maritime Life (Caribbean) Ltd. 2,467,827 6,361,660 93,406,757 22,872,275 11,159,665 136,268,184 4,489,617 44,455,577 1,149,589 766,507,197 2,277,491 955,147,655

10 Mega Insurance Company Ltd. 2,090,243 864,679 106,506 8,049,642 555,568 11,666,638 2,490,961 12,547,902 - 116,039,095 - 142,744,596

11 Nationwide Insurance Company Ltd. 645,713 432,853 240,693 4,735,602 544,284 6,599,145 24,734 1,257,917 - 46,884,104 (5,659,602) 49,106,298

12 Reinsurance Company of Trinidad

and Tobago Ltd. 88,885 - - - - 88,885 34,952 67,200 - 548,138 61,045 800,220

13 Scotia Life Trinidad and Tobago Ltd. 271,883 - - - - 271,883 - 2,636,911 - 33,781,110 (1,237,507) 35,452,397

14 Tatil Life Assurance Ltd. 3,568,647 12,189,527 - 20,381,799 3,043,242 39,183,215 7,566,391 15,963,000 2,898,308 968,067,054 - 1,033,677,968

15 The Beacon Insurance Company Ltd. 33,500 - - - - 33,500 4,096 39,932 188 50,000 18,826 146,542

16 Guardian General Insurance Ltd 408,926 - - - - 408,926 4,622 51,557 - - 220,764 685,869

17 The Caribbean Insurance Company Ltd. 5,000 - - - - 5,000 - - - - (5,000) -

18 United Security Life Insurance

Company Ltd 465,050 - - - - 465,050 - 360,009 - 16,741,757 - 17,566,816

REGIONAL

TOTAL 111,354,974 53,985,778 2,907,448,125 175,325,065 71,498,828 3,319,612,770 197,056,483 777,712,603 213,802,873 13,606,152,597 122,636,899 18,236,974,225

1. Life of Barbados Ltd. 1,431,833 493,094 511,722 3,572,578 1,311,821 7,321,048 1,208,750 4,365,300 6,196,723 101,979,290 - 121,071,112

2. Sagicor Life Inc. 9,609,888 1,439,009 37,188 42,320,177 86,650,419 139,887,202 22,219,916 44,978,588 109,064,547 1,395,684,078 - 1,711,834,331

TOTAL 11,041,721 1,932,103 548,910 45,892,755 87,962,240 147,208,250 23,428,666 49,343,888 115,261,270 1,497,663,368 - 1,832,905,443

EXTRA REGIONAL

COMPANIES

REVENUE ACCOUNT IN RESPECT OF LONG-TERM INSURANCE – 2004

CLAIMS

DEATH MATURITIES OTHER

SURRENDER

(INCLUDING

SURRENDER

OF BONUSES

ANNUITIES

OTHER EXPENSES OTHER FUNDS AT

THE END OF

SALARIES AND

OTHER

THE YEAR

COMMISSIONS EXPENSES OF

MANAGEMENT

1. Cuna Mutual Insurance Society NO ACCOUNTS SUBMITTED - - - - - - - - - -

2. Lincoln Assurance Ltd. NO ACCOUNTS SUBMITTED NO LONGER WRITING BUSINESS -

3. Sun Life Assurance Company of Canada 62,541 - 46,017 - 42,384 150,942 - 41,788 102,247 439,540 - 734,517

TOTAL 62,541 - 46,017 - 42,384 150,942 - 41,788 102,247 439,540 - 734,517

TOTAL

POLICY

PAYMENTS

(EXPENDITURE)

GRAND TOTAL 122,459,236 55,917,881 2,908,043,052 221,217,820 159,503,452 3,466,971,962 220,485,149 827,098,279 329,166,390 15,104,255,505 122,636,899 20,070,614,185

TRANSFERS

TO PROFIT

AND LOSS

TOTAL


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174 CENTRAL BANK OF TRINIDAD AND TOBAGO

TABLE II

LOCAL

COMPANIES

FUNDS AT THE

BEGINNING OF

THE YEAR

SINGLE

PREMIUMS

OTHER

CONSIDERATION FOR

ANNUITIES

SINGLE

OTHER

TOTAL

PREMIUMS

COMMISSION

RECEIVED

NET

INTEREST

OTHER

TRANSFERS

FROM

RESERVES

$ $ $ $ $ $ $ $ $ $ $

1 American Life and General Insurance Company (T&T) Ltd 602,965,326 (4,864) 54,888,949 - 19,590,823 74,474,908 - 45,034,888 (33,199) - 722,441,923

2 Bancassurance Caribbean Ltd 79,878,980 280,828 3,931,377 92,306 139,714 4,444,225 - 48,264,015 529,429 - 133,116,649

3 British-American Insurance Company Trinidad Ltd. 208,317,166 - 15,468,900 - 137,360,493 152,829,393 - 14,698,698 33,603,103 - 409,448,360

4 Caribbean Atlantic Life Insurance Company (T&T) Ltd. 6,706,474 - 256,206 - 13,712 269,918 - 1,160,630 - - 8,137,022

5 Colonial Life Insurance Company (Trinidad) Ltd. 1,142,617,002 - 91,401,470 - - 91,401,470 - 172,690,927 88,181,139 - 1,494,890,538

6 Cuna Caribbean Insurance Society Ltd. 8,328,476 - 773,066 - - 773,066 - 1,201,226 - - 10,302,768

7 Demerara Life Assurance Company of T&T Ltd. NO ACCOUNTS SUBMITTED - - NO ACCOUNTS SUBMITTED

8. Guardian Life of the Caribbean Ltd. 571,816,611 757,647 86,648,479 38,591,201 76,644 126,073,971 - 103,515,110 65,919,333 - 867,325,025

9 Maritime Life (Caribbean) Ltd. 692,598,332 - 44,465,888 2,970,829 15,533,881 62,970,598 120,000 39,931,191 28,991,447 - 824,611,568

10 Mega Insurance Company Ltd. 111,695,243 - 19,440,682 - 8,932,707 28,373,389 80,209 6,154,305 (3,558,550) 142,744,596

11 Nationwide Insurance Company Ltd. 41,481,782 - 1,732,161 - 729,119 2,461,280 - 4,211,433 951,803 - 49,106,298

12 Reinsurance Company of Trinidad and Tobago Ltd. 548,138 - 217,192 - - 217,192 - 34,890 - - 800,220

13 Scotia Life Trinidad and Tobago Ltd. - 32,386,740 2,516,157 337,467 212,033 35,452,397 - - - - 35,452,397

14 Tatil Life Assurance Ltd. 517,809,800 - 38,028,673 2,302,580 19,585,315 59,916,568 - 31,961,750 45,006,452 (184,419) 654,510,151

15 Guardian General Insurance Ltd. - - - - - - - - - - -

16 United Security Life Insurance Company Ltd 16,510,280 249,125 - - - 249,125 - 801,836 5,575 - 17,566,816

TOTAL 4,001,273,610 33,669,476 359,769,200 44,294,383 202,174,441 639,907,500 200,209 469,660,899 259,596,532 (184,419) 5,370,454,331

REGIONAL

1 Life of Barbados Ltd. 93,069,095 - 12,141,653 456,615 4,401,809 17,000,077 - 9,962,556 1,039,384 - 121,071,112

2 Sagicor Life Inc. 1,265,025,629 - 91,725,751 - 91,318,363 183,044,114 6,334,161 122,300,511 135,129,916 - 1,711,834,331

TOTAL 1,358,094,724 - 103,867,404 456,615 95,720,172 200,044,191 6,334,161 132,263,067 136,169,300 - 1,832,905,443

EXTRA REGIONAL

REVENUE ACCOUNT IN RESPECT OF ORDINARY LIFE, PENSION AND ANNUITY INSURANCE – 2004 (INCOME)

1 Cuna Mutual Insurance Society NO ACCOUNTS SUBMITTED - - - - - - - - -

2 Lincoln Assurance Ltd. NO LONGER WRITING BUSINESS ACCOUNTS NOT SUBMITTED -

3. Sun Life Assurance Company of Canada 419,404 - 40,038 - - 40,038 - 379,897 (104,822) - 734,517

TOTAL 419,404 - 40,038 - - 40,038 - 379,897 (104,822) - 734,517

TOTAL

GRAND TOTAL 5,359,787,738 33,669,476 463,676,642 44,750,998 297,894,613 839,991,729 6,534,370 602,303,863 395,661,010 (184,419) 7,204,094,291


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REPORT ON INSURANCE AND PENSIONS

TABLE II (cont’d)

LOCAL

COMPANIES

REVENUE ACCOUNT IN RESPECT OF ORDINARY LIFE, PENSION AND ANNUITY INSURANCE - 2004

CLAIMS

DEATH MATURITIES OTHER

SURRENDER

(INCLUDING

SURRENDER

OF BONUSES

BONUSES

PAID

IN CASH

ANNUITIES

OTHER EXPENSES OTHER FUNDS AT

THE END OF

SALARIES AND

THE YEAR

OTHER

EXPENSES OF

COMMISSIONS MANAGEMENT

(EXPENDITURE)

TRANSFERS

TO PROFIT

AND LOSS

$ $ $ $ $ $ $ $ $ $ $ $ $

1. American Life and General Insurance

Company (T&T) Ltd. 6,597,276 2,370,934 - 22,535,972 5,723,411 4,729,570 41,957,163 10,068,129 29,240,369 2,677,146 639,090,283 (591,167) 722,441,923

2. Bancassurance Caribbean Ltd. 2,368,365 1,390,633 2,774,478 4,515,301 - 151,849 11,200,626 (46,655) 2,882,661 41,956,421 77,123,596 - 133,116,649

3. British-American Insurance Company Ltd. 15,435,702 52,610,195 - 24,665,141 236,174 - 92,947,212 9,157,170 13,049,779 - 252,928,697 41,365,502 409,448,360

4. Caribbean Atlantic Life Insurance

Company (T&T) Ltd. 80,000 46,981 - 139,429 63,897 330,307 (103) 120,616 1,170,387 6,515,815 - 8,137,022

5. Colonial Life Insurance Company

(Trinidad) Ltd. 9,165,542 3,622,516 18,624,342 11,159,831 785,512 - 43,357,743 11,067,033 83,655,335 9,650,539 1,347,159,888 - 1,494,890,538

6. Cuna Caribbean Insurance Society Ltd. 211,403 321,179 8,875 - 41,251 - 582,708 134,143 903,943 (120,617) 8,802,591 - 10,302,768

7. Demerara Life Assurance Company

of T&T Ltd. NO ACCOUNTS SUBMITTED - -

8. Guardian Life of the Caribbean Ltd. 15,406,476 1,939,046 394,390 21,767,719 731,915 27,270,664 67,510,210 74,725,432 98,527,108 - 597,700,874 28,861,401 867,325,025

9. Maritime Life (Caribbean) Ltd. 2,467,827 6,361,660 6,670,812 22,872,275 - 11,159,665 49,532,239 4,279,520 43,678,811 1,149,589 722,898,332 3,073,077 824,611,568

10. Mega Insurance Company Ltd. 2,090,243 864,679 106,506 7,781,382 268,260 555,568 11,666,638 2,490,961 12,547,902 - 116,039,095 - 142,744,596

11. Nationwide Insurance Company Ltd. 645,713 432,853 240,693 4,735,602 - 544,284 6,599,145 24,734 1,257,917 - 46,884,104 (5,659,602) 49,106,298

12. Reinsurance Company of Trinidad

and Tobago Ltd. 88,885 - - - - - 88,885 34,952 67,200 - 548,138 61,045 800,220

13. Scotia Life Trinidad and Tobago Ltd. 271,883 - - - - - 271,883 - 2,636,911 - 33,781,110 (1,237,507) 35,452,397

14 Tatil Life Assurance Ltd. 3,095,537 5,464,405 - 20,381,799 - - 28,941,741 7,507,378 15,223,986 2,886,503 599,950,543 - 654,510,151

15. Guardian General Insurance Ltd. - - - - - - - - - - - - -

16 United Security Life Insurance

Company Ltd. 465,050 - - - - - 465,050 360,009 - - 16,741,757 - 17,566,816

REGIONAL

TOTAL 58,389,902 75,425,081 28,820,096 140,554,451 7,786,523 44,475,497 355,451,550 119,802,703 303,792,538 59,369,968 4,466,164,823 65,872,749 5,370,454,331

1. Life of Barbados Ltd. 1,431,833 493,094 511,722 3,572,578 - 1,311,821 7,321,048 1,208,750 4,365,300 6,196,723 101,979,290 - 121,071,112

2. Sagicor Life Inc. 9,609,888 1,439,009 37,188 42,320,177 - 86,650,419 139,887,202 22,219,916 44,978,588 109,064,547 1,395,684,078 - 1,711,834,331

TOTAL 11,041,721 1,932,103 548,910 45,892,755 - 87,962,240 147,208,250 23,428,666 49,343,888 115,261,270 1,497,663,368 - 1,832,905,443

EXTRA REGIONAL

1. Cuna Mutual Insurance Society NO ACCOUNTS SUBMITTED - - - - - - - - - - -

2. Lincoln Assurance Ltd. NO ACCOUNTS SUBMITTED ACCOUNTS NOT SUBMITTED -

3 Sun Life Assurance Company of Canada 62,541 - 46,017 - - - 150,942 - 41,788 102,247 439,540 - 734,517

TOTAL

POLICY

PAYMENTS

TOTAL 62,541 - 46,017 - - - 150,942 - 41,788 102,247 439,540 - 734,517

TOTAL

175

GRAND TOTAL 69,494,164 77,357,184 29,415,023 186,447,206 7,786,523 132,437,737 502,810,742 143,231,369 231,977,002 174,733,485 5,964,267,731 65,872,749 7,204,094,291


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176 CENTRAL BANK OF TRINIDAD AND TOBAGO

TABLE III

LOCAL

COMPANIES

REVENUE ACCOUNT IN RESPECT OF INDUSTRIAL LIFE INSURANCE – 2004

FUNDS AT THE

BEGINNING OF

THE YEAR

SINGLE

PREMIUMS

OTHER

CONSIDERATION FOR

ANNUITIES

SINGLE

OTHER

TOTAL

PREMIUMS

COMMISSION

RECEIVED

(INCOME)

NET

INTEREST

OTHER

TRANSFER

FROM

RESERVES

$ $ $ $ $ $ $ $ $ $ $

1 British-American Insurance Company Trinidad Ltd 2,758,904 - 252,930 - - 252,930 - 199,515 456,117 - 3,667,466

2. Colonial Life Insurance Company (Trinidad) Ltd. - - - - - - - - - - -

3. The Goodwill General Insurance Company Ltd. NO ACCOUNTS SUBMITTED

4. The Western General Insurance Company Ltd. - - - - - - 35,104 - - 35,104

LOCAL

TOTAL 2,758,904.00 - 252,930.00 - - 252,930.00 - 234,619 456,117.00 - 3,702,570

COMPANIES

REVENUE ACCOUNT IN RESPECT OF INDUSTRIAL LIFE INSURANCE – 2004

CLAIMS

DEATH MATURITIES OTHER

SURRENDER

(INCLUDING

SURRENDER

OF BONUSES

BONUSES

PAID

IN CASH

ANNUITIES

OTHER EXPENSES

(EXPENDITURE)

OTHER

FUNDS AT

THE END OF

THE YEAR

TRANSFERS

TO PROFIT

AND LOSS

$ $ $ $ $ $ $ $ $ $ $ $ $

1. British-American Insurance

Company Trinidad Ltd 65,821 (219,371) - 58,858 115,636 - 20,944 234,525 23,017 - 3,503,450 (114,470) 3,667,466

2. Colonial Life Insurance Company

(Trinidad) Ltd. - - - - - - - - - - - -

3. The Goodwill General Insurance

Company Ltd. NO ACCOUNTS SUBMITTED

4. The Western General Insurance

Company Ltd. - - - - - - - - 22,911 - - 12,193.00 35,104

TOTAL 65,821 (219,371) - 58,858 115,636 - 20,944 234,525 45,928 - 3,503,450 (102,277) 3,702,570

TOTAL

POLICY

PAYMENTS

COMMISSIONS

SALARIES AND

OTHER

EXPENSES OF

MANAGEMENT

TOTAL

TOTAL


Central Bankt Acs wide 2004 7/2/07 3:17 PM Page 177

TABLE IV

REVENUE ACCOUNT IN RESPECT OF NON-CANCELLABLE, SICKNESS AND ACCIDENT INSURANCE - 2004 (INCOME)

COMPANIES

FUNDS AT THE

BEGINNING OF

THE YEAR

SINGLE

PREMIUMS TOTAL

COMMISSION NET INTEREST OTHER TOTAL

PREMIUMS

RECEIVED

OTHER

$ $ $ $ $ $ $

LOCAL

1. American Life and General Insurance Company (T&T) Ltd. 1,386,434 - 4,542,340 4,542,340 - 115,501 - 6,044,275

2. Maritime Life (Caribbean) Ltd. - - 4,285,912 4,285,912 - - - 4,285,912

TOTAL 1,386,434 0 8,828,252 8,828,252 - 115,501 - 10,330,187

REVENUE ACCOUNT IN RESPECT OF NON-CANCELLABLE, SICKNESS AND ACCIDENT INSURANCE - 2004 (EXPENDITURE)

REPORT ON INSURANCE AND PENSIONS

LOCAL

COMPANIES

TOTAL

POLICY

PAYMENTS

COMMISSIONS

OTHER EXPENSES

EXPENSES OF

MANAGEMENT

FUNDS AT THE

END OF THE YEAR

$ $ $ $ $ $ $

1. American Life and General Insurance Company (T&T) Ltd. 1,651,789 (3,299,851) 5,009,574 - 1,786,052 896,711 6,044,275

2. Maritime Life (Caribbean) Ltd. 4,497,359 179,648 395,393 - - (786,488) 4,285,912

TOTAL 6,149,148 (3,120,203) 5,404,967 - 1,786,052 110,223 10,330,187

OTHER

TRANSFERS TO

PROFIT AND LOSS

TOTAL

177


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178 CENTRAL BANK OF TRINIDAD AND TOBAGO

TABLE V

LOCAL

COMPANIES

FUNDS AT THE

BEGINNING OF

THE YEAR

SINGLE

PREMIUMS

OTHER

CONSIDERATION FOR

ANNUITIES

SINGLE

OTHER

TOTAL

PREMIUMS

COMMISSION

RECEIVED

NET

INTEREST

$ $ $ $ $ $ $ $ $ $ $

1. American Life and General Insurance Company (T&T) Ltd. (50,756) - 8,448,131 - - 8,448,131 - (292) - - 8,397,083

2. Bancassurance Caribbean Ltd. 8,438,971 1,358,707 - - - 1,358,707 - 6,624,398 - 63,388 16,485,464

3. Colonial Life Insurance Company (Trinidad) Ltd. 16,005,534 - 24,683,610 - - 24,683,610 - 3,682,909 - - 44,372,053

4. Cuna Caribbean Insurance Society Ltd. - - 22,160,358 - - 22,160,358 - 1,685,216 - - 23,845,574

5. Guardian Life of the Caribbean Ltd. 5,035,994 7,048,052 0 - - 7,048,052 - 961,827 - (117,076) 12,928,797

6. Maritime Life (Caribbean) Ltd. - - 280,056 - - 280,056 - - - - 280,056

7. Tatil Life Assurance Ltd. 91,272,883 - 2,971,054 - - 2,971,054 - 5,718,003 184,419 8,805,310 108,951,669

8. The Beacon Insurance Company Ltd. 70,000 - 48,781 - - 48,781 22,667 5,094 - - 146,542

9. Guardian General Insurance Ltd. 605,321 - (1,366) - - (1,366) (20) 81,895 39.00 - 685,869

TOTAL 121,377,947 - 58,590,624 - - 66,997,383 22,647 18,759,050 184,458 8,751,622 216,093,107

REGIONAL

1. Sagicor Life Inc. 5,218,517 - 10,100,156 - - 10,100,156 2,381,616 456,179 - 1,446,917 19,603,385

TOTAL 5,218,517 - 10,100,156 - - 10,100,156 2,381,616 456,179 - 1,446,917 19,603,385

EXTRA REGIONAL

REVENUE ACCOUNT IN RESPECT OF GROUP LIFE INSURANCE - 2004 (INCOME)

1. Sun Life Assurance Company of Canada - - 20,404 - - 20,404 - - - - 20,404

TOTAL - - 20,404 - - 20,404 - - - - 20,404

GRAND TOTAL 126,596,464 - 68,711,184 - - 77,117,943 2,404,263 19,215,229 184,458 10,198,539 235,716,896

TRANSFERS

FROM

RESERVES

OTHER

TOTAL


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REPORT ON INSURANCE AND PENSIONS

TABLE V (cont’d)

LOCAL

COMPANIES

REVENUE ACCOUNT IN RESPECT OF GROUP LIFE INSURANCE - 2004

CLAIMS

DEATH MATURITIES OTHER

SURRENDER

(INCLUDING

SURRENDER

OF BONUSES

BONUSES

PAID

IN CASH

ANNUITIES

(EXPENDITURE)

OTHER EXPENSES OTHER FUNDS AT

THE END OF

THE YEAR

EXPENSES OF

COMMISSIONS

MANAGEMENT

TRANSFERS

TO PROFIT

AND LOSS

$ $ $ $ $ $ $ $ $ $ $ $ $

1. American Life and General Insurance

Company (T&T) Ltd 3,848,986 - - - - - 3,848,986 1,255,173 2,229,689 111,389 43,183 908,663 8,397,083

2. Bancassurance Caribbean Ltd. 1,542,839 - - - - 1,542,839 - 881,299 3,702,599 10,358,727 - 16,485,464

3. Colonial Life Insurance Company

(Trinidad) Ltd. 13,140,382 - - - - - 13,140,382 1,068,411 9,416,691 1,002,150 18,030,666 1,713,753 44,372,053

4. Cuna Caribbean Insurance Society Ltd. 14,947,411 - - - 100,000 - 15,047,411 - 5,315,636 3,482,527 - - 23,845,574

5. Guardian Life of the Caribbean Ltd. 4,546,486 - - - - - 4,546,486 868,207 2,144,753 - 6,621,986 (1,252,635) 12,928,797

6. Maritime Life (Caribbean) Ltd. 90,000 - - - - 90,000 30,449 25,836 - - 133,771 280,056

7. Tatil Life Assurance Ltd. 473,110 - - - - - 473,110 57,978 295,605 11,805 108,113,171 - 108,951,669

8. The Beacon Insurance Company Ltd. 33,500 - - - - - 33,500 4,096 39,932 188 50,000 18,826 146,542

9. Guardian General Insurance Ltd. 408,926 - - - - - 408,926.00 4,622.00 51,557 - - 220,764 685,869

TOTAL 39,031,640 - - - 100,000 - 39,131,640 3,288,936 20,400,998 8,310,658 143,217,733 1,743,142 216,093,107

REGIONAL

1. Sagicor Life Inc. 2,826,104 - - - - - 2,826,104 3,511,350 1,438,970 6,978,360 4,848,601 - 19,603,385

TOTAL 2,826,104 - - - - - 2,826,104 3,511,350 1,438,970 6,978,360 4,848,601 - 19,603,385

EXTRA REGIONAL

1. Sun Life Assurance Company of Canada 63,809 - 569 - - 64,378 - - (43,974.00) - - 20,404

TOTAL 63,809 - 569 - - 64,378 - - (43,974.00) - - 20,404

GRAND TOTAL 41,921,553 - - - 100,000 - 42,022,122 6,800,286 21,839,968 15,245,044 148,066,334 1,743,142 235,716,896

TOTAL

POLICY

PAYMENTS

TOTAL

179


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180 CENTRAL BANK OF TRINIDAD AND TOBAGO

TABLE VI

LOCAL

COMPANIES

REVENUE ACCOUNT IN RESPECT OF GROUP PENSION INSURANCE - 2004 (INCOME)

FUNDS AT

THE BEGINNING

OF THE YEAR

NET

PREMIUM

TOTAL

PREMIUMS

COMMISSION

RECEIVED

NET INTEREST OTHER TOTAL

$ $ $ $ $ $ $

1. American Life and General Insurance Company (T&T) Ltd 176,947,426 9,633,907 9,633,907 - 14,374,331 - 200,955,664

2. Colonial Life Insurance Company (Trinidad) Ltd. 5,344,633,537 3,240,472,944 3,240,472,944 - 855,904,792 - 9,441,011,273

3. Guardian Life of the Caribbean Ltd. 91,159,764 - - - 21,972,794 (1,940,044) 111,192,514

4. Maritime Life (Caribbean) Ltd. 118,023,191 3,853,882 3,853,882 - 4,093,046 - 125,970,119

5. Tatil Life Assurance Ltd. 224,215,301 9,247,191 9,247,191 - 15,182,850 21,570,806 270,216,148

TOTAL 5,954,979,219 3,263,207,924 3,263,207,924 - 911,527,813 19,630,762 10,149,345,718

LOCAL

COMPANIES

REVENUE ACCOUNT IN RESPECT OF GROUP PENSION INSURANCE - 2004 (EXPENDITURE)

DEATH

CLAIMS

OTHER

SURRENDER

(INCLUDING

OF BONUSES)

ANNUITIES

EXPENSES

OF

MANAGEMENT

$ $ $ $ $ $ $ $ $ $ $

1. American Life and General Insurance Company (T&T) Ltd - - 6,333,138 2,884,674 9,217,812 28,701 1,454,319 - (319,607) 190,574,439 200,955,664

2. Colonial Life Insurance Company (Trinidad) Ltd. - 2,721,951,870 - - 2,721,951,870 77,780,795 320,975,709 - - 6,320,302,899 9,441,011,273

3. Guardian Life of the Caribbean Ltd. 2,040,937 - 165,304 20,309,903 22,516,144 - 1,377,753 - (3,383,079) 90,681,696 111,192,514

4. Maritime Life (Caribbean) Ltd. - 80,484,098 - 1,664,488 82,148,586 355,537 - (142,869) 43,608,865 125,970,119

5. Tatil Life Assurance Ltd. - 6,725,122 - 3,043,242 9,768,364 1,035 443,409 - - 260,003,340 270,216,148

TOTAL 2,040,937 2,809,161,090 6,498,442 27,902,307 2,845,602,776 77,810,531 324,606,727 - (3,845,555) 6,905,171,239 10,149,345,718

TOTAL

POLICY

PAYMENTS

COMMISSIONS

OTHER EXPENSES

OTHER

TRANSFERS

TO PROFIT

AND

LOSS

FUNDS AT

THE END OF

THE YEAR

TOTAL


Central Bankt Acs wide 2004 7/2/07 3:17 PM Page 181

TABLE VII

REVENUE ACCOUNT IN RESPECT OF DEPOSIT ADMINISTRATION CONTRACTS/UNIT LINKED FUNDS - 2004 (INCOME)

COMPANIES

FUNDS BROUGHT

FORWARD

CONTRIBUTIONS

INTEREST OTHER TOTAL

LOCAL

$ $ $ $ $

1. Colonial Life Insurance Company (Trinidad) Ltd. 344,073,386 6,304,931 118,313,442 - 468,691,759

2. Guardian Life of the Caribbean Ltd. 1,386,834,344 386,144,012 227,400,970 18,635.00 2,000,397,961

TOTAL 1,730,907,730 392,448,943 345,714,412 18,635 2,469,089,720

REVENUE ACCOUNT IN RESPECT OF DEPOSIT ADMINISTRATION CONTRACTS/UNIT LINKED FUNDS - 2004 (EXPENDITURE)

COMPANIES

ANNUITY

PURCHASED

SURRENDER

OF

UNITS

CLAIMS

ADMINISTRATION

FEES

COMMISSIONS

PAID

OTHER

MANAGEMENT

EXPENSES

FUNDS

CARRIED

FORWARD

TOTAL

REPORT ON INSURANCE AND PENSIONS

$ $ $ $ $ $ $ $ $

LOCAL

1. Colonial Life Insurance Company (Trinidad) Ltd 27,377,097 35,614,730 - - (600,000) 58,761,340 39,432,203 308,106,389 468,691,759

2. Guardian Life of the Caribbean Ltd. 38,652,158 101,090,357 137,918 - - 2,414,844 79,785,303 1,778,317,381 2,000,397,961

TOTAL 66,029,255 136,705,087 137,918 - (600,000) 61,176,184 119,217,506 2,086,423,770 2,469,089,720

181


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182 CENTRAL BANK OF TRINIDAD AND TOBAGO

TABLE VIII

LOCAL

COMPANIES

LONG-TERM INSURANCE BUSINESS - INSURANCE DISCONTINUED OR REDEEMED DURING 2004

NUMBER OF POLICIES

FORFEITURE

MATURITIES

1. American Life and General

Insurance Company (T&T) Ltd 131 1,371 1,904 1,237 317 266 5,226 6,268,219 74,033,455 153,274,057 407,068,810 3,048,873 21,871,957 665,565,371

2. Bancassurance Caribbean Ltd. 62 222 86 154 22 22 568 3,117,304 112,026,339 4,536,556 17,307,079 1,376,356 7,336,792 145,700,426

3. British-American Insurance

Company Trinidad Ltd. 32 784 - 521 76 1,678 3,091 1,168,000 12,019,500 - 107,700,000 621,300 212,613,534 334,122,334

4. Caribbean Atlantic Life Insurance

Company (T&T) Ltd. 4 10 12 9 2 1 38 78,380 143,043 183,328 484,975 23,479 - 913,205

5. Colonial Life Insurance Company

(Trinidad) Ltd. 461 9,716 - 3,544 739 783 15,243 9,025,394 316,326,619 - 408,224,350 13,754,064 16,650,367 763,980,794

6. Cuna Caribbean Insurance

Society Ltd. 5 35 - 40 - 24 104 27,555,290 1,325,985 - 2,840,345 - 4,868,845 36,590,465

7. Demerara Life Assurance Company

of T&T Ltd. NO ACCOUNTS SUBMITTED - -

8. Guardian Life of the Caribbean Ltd. 266 2,016 5,165 1,617 445 1,451 10,960 212,911,398 326,002,349 934,064,913 582,115,503 2,307,758 998,212,088 3,055,614,009

9. Maritime Life (Caribbean) Ltd. 101 1,056 411 922 431 23 2,944 3,388,945 52,762,357 26,594,637 108,409,654 4,095,444 9,629,019 204,880,056

10. Mega Insurance Company Ltd. 46 167 131 643 82 6 1,075 2,036,625 5,659,893 4,145,891 150,714,778 1,129,679 1,135,958 164,822,824

11. Nationwide Insurance Company Ltd. 12 248 - 89 39 2 390 689,375 10,524,448 - 7,065,212 406,889 375,166 19,061,090

12. Tatil Life Assurance Ltd. 73 793 - 1,200 104 66 2,236 2,598,123 11,039,228 - 37,546,256 3,565,786 6,861,432 61,610,825

13 Scotia Life Trinidad and Tobago Ltd. - 3 33 7 - - 43 - 180,000 423,000 168,000 - 312,000 1,083,000

14. Reinsurance Company of T&T Ltd. 4 - - 1,361 - - 1,365 88,300 - - 1,711,936 - 3,090,500 4,890,736

15. The Beacon Insurance Company Ltd. - - - - - - - - - - - - - -

16. General Guardian Insurance Ltd. - - - - - - - 408,926 - - - - 485,711,184 486,120,110

17. The Caribbean Insurance

Company Ltd. - - - - - - - - - - - - - -

REGIONAL

TOTAL 1,197 16,421 7,742 11,344 2,257 4,322 43,283 269,334,279 922,043,216 1,123,222,382 1,831,356,898 30,329,628 1,768,668,842 5,944,955,245

1. Life of Barbados Ltd 26 180 - 369 26 80 681 1,912,840 10,991,938 - 39,538,183 290,167 59,369,774 112,102,902

2. Sagicor Life Inc. 222 350 - 2,183 321 355 3,431 12,960,053 49,548,910 - 310,299,885 1,297,940 196,054,209 570,160,997

EXTRA REGIONAL

DEATH

SURRENDER

LAPSED

MISCELLANEOUS TOTAL DEATH SURRENDER FORFEITURE LAPSED MATURITIES MISCELLANEOUS TOTAL

$ $ $ $ $ $ $ $ $ $ $ $ $ $

TOTAL 248 530 - 2,552 347 435 4,112 14,872,893 60,540,848 - 349,838,068 1,588,107 255,423,983 682,263,899

1. Sun Life Assurance Company

of Canada - - - - - - - 13,344 - - - - 331,353 344,697

TOTAL - - - - - - - 13,344 - - - - 331,353 344,697

SUM

ASSURED

GRAND TOTAL 1,445 16,951 7,742 13,896 2,604 4,757 47,395 284,220,516 982,584,064 1,123,222,382 2,181,194,966 31,917,735 2,024,424,178 6,627,563,841


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TABLE IX

INSURANCE IN FORCE – 2004

REPORT ON INSURANCE AND PENSIONS

LOCAL

COMPANIES

NEW INSURANCE ISSUED DURING THE YEAR

$ $ $ $ $ $

1. American Life and General Insurance Company (T&T) Ltd. 7,944 787,632,044 - - 48,918 5,383,585,686

2. Bancassurance Caribbean Ltd. 80 189,948,265 39,569 577,365 5,853 1,462,532,774

3. British-American Insurance Company Trinidad Ltd. 4,581 256,667,000 124,824,787 - 31,368 1,890,435,696

4. Caribbean Atlantic Life Insurance Company (T&T) Ltd. - - - - 449 14,594,012

5. Colonial Life Insurance Company (Trinidad) Ltd. 19,613 986,199,176 46,355,518 150,885,982 136,114 8,585,601,357

6. Cuna Caribbean Insurance Society Ltd. 131 17,268,910 636,833 - 1,501 5,664,433,928

7. Demerara Life Assurance Company of T&T Ltd. NO ACCOUNTS SUBMITTED - -

8. Guardian General Insurance Ltd. - 1,350,000 - - - -

9. Guardian Life of the Caribbean Ltd. 18,688 3,636,682,892 92,576,824 2,584,293 105,726 11,343,911,298

10. Maritime Life (Caribbean) Ltd. 1,509 175,720,975 3,645,668 2,133,964 33,330 3,189,054,036

11. Mega Insurance Company Ltd. 1,718 120,411,612 1,773,227 - 20,375 1,366,796,205

12. Nationwide Insurance Company - - - - 3,738 141,041,589

13. Reinsurance Company of Trinidad and Tobago Ltd. - - - - 8,271 53,719,500

14. Scotia Life Trinidad and Tobago Ltd. 1,260 28,718,000 5,851,786 32,513,983 1,260 28,718,000

15. Tatil Life Assurance Ltd. 2,856 204,963,800 4,419,997 - 36,396 2,635,665,017

16. The Beacon Insurance Company Ltd. - - - - 15 34,147,352

TOTAL 58,380 6,405,562,674 280,124,209 188,695,587 433,314 41,794,236,450

REGIONAL

1. Life of Barbados Ltd. - - - - 7,625 739,608,657

2. Sagicor Life Inc. 5,221 631,547,399 21,572,695 39,663,246 37,297 5,391,536,388

TOTAL 5,221 631,547,399 21,572,695 39,663,246 44,922 6,131,145,045

EXTRA REGIONAL

SUM ASSURED OR

SINGLE PREMIUMS

NUMBER OF POLICIES AMOUNTS OF ANNUITY ANNUAL PREMIUMS NUMBER OF POLICIES

AND CONSIDERATION

PER ANNUM

INSURANCE EXISTING

SUM ASSURED OR

AMOUNTS OF ANNUITY

PER ANNUM

1. Lincoln Assurance Ltd. ACCOUNTS NOT SUBMITTED

2. Sun Life Assurance Company of Canada - - - - 31 1,826,553

TOTAL - - - - 31 1,826,553

GRAND TOTAL 63,601 7,037,110,073 301,696,904 228,358,833 478,267 47,927,208,048

183


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184 CENTRAL BANK OF TRINIDAD AND TOBAGO

TABLE X

LOCAL

COMPANIES

GENERAL ANNUITIES

IMMEDIATE

LONG TERM INSURANCE – ANNUITY BUSINESS 2004

DEFERRED

NUMBER OF POLICIES

APPROVED

PENSION

ANNUITIES

(IMMEDIATE)

APPROVED

PENSION

ANNUITIES

(DEFERRED)

OTHER

APPROVED

PENSION

ANNUITIES

(IMMEDIATE)

APPROVED

PENSION

ANNUITIES

(DEFERRED)

$ $ $ $ $ $ $ $ $ $ $ $

1 American Life and General Insurance

Company (T&T) Ltd. - 16 - - 34 - - - - - - 2,884,674

2 Bancassurance Caribbean Ltd. - 231 - - 34 265 - - - - 154,181 154,181

3 British-American Insurance Company Trinidad Ltd. - 12,126 - - 8 12,134 - - - - 15,990 15,990

4 Caribbean Atlantic Life Insurance Company Ltd. - 21 - - 25 46 - - - - 64,970 64,970

5 Colonial Life Insurance Company (Trinidad) Ltd. - 80,956 - - 9,902 87,874 - 1,068,741,897 - - 90,755,529 1,159,497,426

6 Demerara Life Assurance Company of T&T Ltd. N O A C C O U N T S S U B M I T T E D -

7 Guardian Life of the Caribbean Ltd. - 32,300 - - 4,824 37,124 - 8,448,564 - - 50,581,420 59,029,984

8 Maritime Life (Caribbean) Ltd. - 6,575 - - 1,386 7,961 - 801,653,833 - - 8,370,318 810,024,151

9 Mega Insurance Company Ltd. - 6,287 - - - 6,287 - - - - - -

10 Nationwide Insurance Company - 1,344 - - 264 1,608 - - - - 656,318 656,318

11 Scotia Life Trinidad and Tobago Ltd. - 232 - - - 232 - 1,594,000 - - - 1,594,000

12 Tatil Life Assurance Ltd. - 9,523 - 12 616 10,151 - 277,764,605 - 700,745 3,315,923 281,781,273

TOTAL - 149,611 - 12 17,093 163,682 - 2,158,202,899 - 700,745 153,914,649 2,315,702,967

TOTAL

GENERAL ANNUITIES

IMMEDIATE

DEFERRED

ANNUITY PER ANNUM

OTHER

TOTAL

REGIONAL

1. Life of Barbados Ltd. - - 1,434 1 176 1,611 - - 9,689,412 7,182 758,813 10,455,407

2. Sagicor Life Inc. - 12,195 - - 1,367 13,562 - 14,674,207 - - 12,561,559 27,235,766

TOTAL - 12,195 1,434 1 1,543 15,173 - 14,674,207 9,689,412 7,182 13,320,372 37,691,173

GRAND TOTAL - 161,806 1,434 13 18,636 178,855 - 2,172,877,106 9,689,412 707,927 167,235,021 2,353,394,140


Central Bankt Acs wide 2004 7/2/07 3:18 PM Page 185

REPORT ON INSURANCE AND PENSIONS

TABLE XI

COMPANIES

ORDINARY

LIFE

STATEMENT OF STATUTORY FUND 2004 - LIABILITIES TO POLICY HOLDERS (LONG-TERM BUSINESS)

INDUSTRIAL

LIFE

GROUP

LIFE

GROUP

PENSION

POLICY RESERVES

NON-

CANCELLABLE

SICKNESS AND

ACCIDENT

OTHER

CLAIMS

ADMITTED OR

INTIMATED BUT

NOT PAID

LOCAL

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $

1. American Life and General

Insurance Company (T&T) Ltd.

1

423,488,828 - 43,183 190,574,439 1,786,052 215,601,455 831,493,957 23,145,020 23,096,641 877,735,618 10,182,307 86,185,976 - 96,368,283 781,367,335

2. Bancassurance Caribbean Ltd. 87,482,323 - - - - 302,087,035 389,569,358 6,106,788 400,000 396,076,146 (1,076,447) 15,747,262 779,277 15,450,092 380,626,054

3. British-American Insurance

Company Trinidad Ltd. 252,928,697 3,503,450 - - - - 256,432,147 3,243,442 3,931,476 263,607,065 2,503,111 12,847,904 - 15,351,015 248,256,050

4 Caribbean Atlantic Life

Insurance Company (T&T) Ltd. 6,515,815 - - - - - 6,515,815 239,185 7,340,148 14,095,148 5,106 949,882 - 954,988 13,140,160

5. Caribbean Insurance

Company Ltd - - - - - - - - - - - - - -

6. Colonial Life Insurance

Company (Trinidad) Ltd. 811,540,305 - 18,030,666 6,320,302,900 - 828,059,469 7,977,933,340 28,444,529 563,691,989 8,570,069,858 1,518,633 84,896,813 - 86,415,446 8,483,654,412

7. Cuna Caribbean Insurance

Society Ltd. 8,802,591 - - - - 16,203,044 25,005,635 13,609,030 1,939,064 40,553,729 4,673,876 3,127,800 182,583 7,984,259 32,569,470

8. Demerara Life Assurance

Company of T&T Ltd. N O A C C O U N T S S U B M I T T E D - - - -

9 Guardian General Insurance Ltd. - - - - - - - 538,694 - 538,694 290,836 - - 290,836 247,858

10. Guardian Life of the

Caribbean Ltd. 597,700,874 - 6,621,986 90,681,696 - 1,778,317,381 2,473,321,937 46,471,700 525,702,679 3,045,496,316 10,961,602 23,118,457 - 34,080,059 3,011,416,257

11. Maritime Life (Caribbean) Ltd. 722,898,332 - - - - 43,608,865 766,507,197 7,826,219 15,977,137 790,310,553 11,009,324 39,622,337 - 50,631,661 739,678,892

12. Mega Insurance Company Ltd. 116,039,095 - - - - - 116,039,095 4,405,650 428,411 120,873,156 50,969 9,441,392 - 9,492,361 111,380,795

13. Nationwide Insurance

Company Ltd. 46,884,104 - - - - 349,835 47,233,939 1,553,531 - 48,787,470 - - - - 48,787,470

14. Reinsurance Company of

Trinidad & Tobago Ltd. 548,138 - - - - - 548,138 - - 548,138 - - - - 548,138

15. Scotia Life Trinidad and

Tobago Ltd. 33,781,110 - - - - - 33,781,110 - 108,831 33,889,941 21,931 - - 21,931 33,868,010

16. United Security Life Insurance

Company Ltd. 452,071,822 - 1,151,227 114,218,356 - 400,625,649 968,067,054 10,789,306 6,839,681 985,696,041 670,753 16,297,960 - 16,968,713 968,727,328

17. Tatil Life Assurance Ltd. 408,678,315 - 1,080,701 103,746,499 - 315,089,784 828,595,299 8,583,928 6,789,129 843,968,356 711,928 16,096,728 - 16,808,656 827,159,700

18. The Beacon Insurance

Company Ltd. - - 20,000 - - 30,000 50,000 219,591 - 269,591 - - - - 269,591

19. United Security Life Insurance

Company Ltd. 16,741,757 - - - - 213,051 16,954,808 1,143,921 - 18,098,729 - - - - 18,098,729

TOTAL 3,577,423,791 3,503,450 25,867,062 6,715,777,391 1,786,052 3,585,095,784 13,909,453,530 147,736,606 1,149,456,057 15,206,646,193 40,812,001 292,235,783 961,860 334,009,644 14,872,636,549

REGIONAL

1. Life of Barbados Ltd. 101,979,290 - - - - 2,846,259 104,825,549 2,615,287 - 107,440,836 249,461 14,116,384 214,748 14,580,593 92,860,243

2. Sagicor Life Incorporated 296,734,270 - 4,848,601 1,094,970,444 - 5,092,782 1,401,646,097 19,474,144 - 1,421,120,241 3,699,020 6,479,380 - 10,178,400 1,410,941,841

TOTAL 398,713,560 - 4,848,601 1,094,970,444 - 7,939,041 1,506,471,646 22,089,431 - 1,528,561,077 3,948,481 20,595,764 214,748 24,758,993 1,503,802,084

EXTRA REGIONAL

1. Lincoln Assurance Ltd. NOT WRITING NEW BUSINESS

2 Sun Life Assurance Company of

Canada 425,125 - - 14,415 - - 439,540 47,884 331,654 819,078 246 194,864 - 195,110 623,968

TOTAL

TOTAL 425,125 - - 14,415 - - 439,540 47,884 331,654 819,078 246 194,864 - 195,110 623,968

OTHER

RESERVES

TOTAL

RESERVES

OUTSTANDING

PREMIUMS

DEDUCTIONS

POLICY

LOANS

OTHER

DEDUCTIONS

TOTAL

FUND

REQUIREMENT

185

GRAND TOTAL 3,976,562,476 3,503,450 30,715,663 7,810,762,250 1,786,052 3,593,034,825 15,416,364,716 169,873,921 1,149,787,711 16,736,026,348 44,760,728 313,026,411 1,176,608 358,963,747 16,377,062,601

1 Statutory Fund Position for Mega Insurance Limited not finalised


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186 CENTRAL BANK OF TRINIDAD AND TOBAGO

TABLE XIA

COMPANIES

TRINIDAD

AND TOBAGO

GOVERNMENT

SECURITIES

STATEMENT OF STATUTORY FUND 2004 – SECURITIES HELD IN TRUST (LONG-TERM BUSINESS)

MORTGAGES

REAL

ESTATE

TRINIDAD

AND TOBAGO

EQUITIES

FIXED

DEPOSITS

OTHER

TRINIDAD

AND TOBAGO

“LOCAL”

ASSETS

TOTAL

TRINIDAD

AND TOBAGO

“LOCAL”

ASSETS

LOCAL

$ $ $ $ $ $ $ $ $ $ % $ $ $ $ $

1. American Life and General

Insurance Company (T&T) Ltd. 182,827,114 - 85,700,000 50,454 41,349,063 286,750,505 596,677,135 9,820,410 - 606,497,545 83 124,283,101 - 124,283,101 730,780,646 (50,586,689)

2. Bancassurance Caribbean Ltd. 13,843,592 1,229,613 15,500,000 190,313,027 844,754 102,071,605 323,802,591 - - 323,802,591 82 - 72,451,833 72,451,833 396,254,424 15,628,370

3. British-American Insurance

Company Trinidad Ltd. - 27,741,999 30,275,000 124,128,025 20,166,233 15,519,298 217,830,555 - 18,291,169 236,121,724 93 - 17,459,743 17,459,743 253,581,467 5,325,417

4. Caribbean Atlantic Life

Insurance Company (T&T) Ltd. 4,722,251 69,262 - - - 6,259,788 11,051,301 - - 11,051,301 100 - - - 11,051,301 (2,088,859)

5. Caribbean Insurance

Company Ltd. - - - - - - - - - - - - - - -

6. Colonial Life Insurance

Company (Trinidad) Ltd. 499,518,114 85,740,863 215,650,000 4,508,294,072 507,137,748 1,504,173,107 7,320,513,904 1,627,119,017 - 8,947,632,921 99 - 69,611,866 69,611,866 9,017,244,786 533,590,374

7. Cuna Caribbean Insurance

Society Ltd. 4,145,276 - - - 4,600,000 20,785,734 29,531,010 3,302,409 - 32,833,419 100 - - - 32,833,419 263,949

8. Demerara Life Assurance

Company of Trinidad and

Tobago Ltd. NO ACCOUNTS SUBMITTED - - - - - - - - -

9. Mega Insurance Company Ltd.1 6,353,644 2,934,586 - 8,718,329 1,650,000 54,805,774 74,462,333 - - 74,462,333 - - - - 74,462,333 (36,918,462)

10. Guardian Life of the

Caribbean Ltd. 223,016,495 121,870,332 39,250,000 1,176,164,933 53,149,474 572,699,857 2,186,151,091 - - 2,186,151,091 78 - 600,054,192 600,054,192 2,786,205,283 (225,210,974)

11. Maritime Life (Caribbean) Ltd. 154,356,377 30,674,018 147,935,778 61,946,825 37,362,000 216,794,600 649,069,598 - - 649,069,598 87 - 97,832,756 97,832,756 746,902,354 7,223,462

12. Nationwide Insurance

Company Ltd. 19,125,466 954,682 7,000,000 13,963,691 1,591,061 17,311,105 59,946,005 - - 59,946,005 100 - - - 59,946,005 11,158,535

13. Guardian General Insurance Ltd. - - - - - 500,000 500,000 - - 500,000 100 - - - 500,000 252,142

14. Reinsurance Company of

Trinidad & Tobago Ltd. - - - - 728,823 728,823 - - 728,823 100 - - - 728,823 180,685

15. Scotia Life Trinidad and

Tobago Ltd. 27,991,874 11,656,902 - 707,601 - - 40,356,377 - - 40,356,377 100 - - - 40,356,377 6,488,367

16. Tatil Life Assurance Ltd. 129,818,032 26,444,927 10,700,000 310,528,452 120,753,358 172,518,969 770,763,738 981,000 14,969,040 786,713,778 96 - 34,804,280 34,804,282 821,518,060 (147,209,268)

17. The Beacon Insurance

Company Ltd. - - - - 512,000 - 512,000 - - 512,000 100 - - - 512,000 242,409

18. United Security Life Insurance

Company Ltd. 5,500,000 - - - - 13,285,733 18,785,733 - - 18,785,733 100 - - - 18,785,733 687,004

CARICOM

ASSETS

OTHER

CARICOM

ASSETS

DENOTED

IN FOREIGN

CURRENCY

TOTAL

“LOCAL”

ASSETS

“LOCAL”

ASSETS

RATIO

FOREIGN

GOVERNMENT

SECURITIES

OTHER

FOREIGN

ASSETS

TOTAL

FOREIGN

ASSETS

TOTAL

ASSETS IN

FUND

MORE

OR LESS

THAN

REQUIREMENT

TOTAL 1,271,218,234 309,317,184 552,010,778 6,394,815,409 789,115,691 2,984,204,898 12,300,682,195 1,641,222,836 33,260,209 13,975,165,240 93 124,283,101 892,214,670 1,016,497,773 14,991,663,013 119,026,463

REGIONAL

1. Life of Barbados Ltd. 41,923,967 - - - 40,059,107 61,396,231 143,379,305 6,300,000 - 149,679,305 100 - - - 149,679,305 56,819,062

2. Sagicor Life Incorporated 189,193,711 339,400,560 110,625,000 38,829,455 115,883,377 951,761,494 1,745,693,597 - - 1,745,693,597 100 - - - 1,745,693,597 334,751,756

TOTAL 231,117,678 339,400,560 110,625,000 38,829,455 155,942,484 1,013,157,725 1,889,072,902 6,300,000 - 1,895,372,902 100 - - - 1,895,372,902 391,570,818

EXTRA REGIONAL

1. Lincoln Assurance Ltd. NOT WRITING BUSINESS - - - -

2. Sun Life Assurance Company

of Canada - - - - - - - - - - - 6,353,758 6,353,758 6,353,758 5,729,790

TOTAL - - - - - - - - - - - - 6,353,758 6,353,758 6,353,758 5,729,790

GRAND TOTAL 1,502,335,912 648,717,744 662,635,778 6,433,644,864 945,058,175 3,997,362,623 14,189,755,097 1,647,522,836 33,260,209 15,870,538,142 94 124,283,101 898,568,428 1,022,851,531 16,893,389,673 516,327,071

1 Statutory Fund Position for Mega Insurance Limited not finalised


Central Bankt Acs wide 2004 7/2/07 3:18 PM Page 187

REPORT ON INSURANCE AND PENSIONS

187

TABLE XII

COMPANIES

AMOUNT OF FUND AT

BEGINNING OF THE YEAR

UNEARNED

PREMIUM

RESERVE

OUTSTANDING

CLAIMS

RESERVE

COMMISSIONS

RECEIVED

REVENUE ACCOUNT IN RESPECT OF MOTOR INSURANCE – 2004

PREMIUMS

REVENUE

INTEREST

DIVIDENDS

AND RENTS

OTHER

PROFIT

AND LOSS

ADJUSTMENTS

TOTAL

PAYMENTS

OF CLAIMS

INCLUDING COMMISSIONS

LEGAL AND

MEDICAL

EXPENSES

EXPENSES

OF MANAGE-

MENT

EXPENDITURE

LOCAL

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

1. American Life and General

Insurance Company (T&T) Ltd. 4,046,931 2,686,464 (67,615) 8,257,827 305,699 - - 15,229,306 5,518,944 1,281,924 959,630 87,573 200,355 4,120,878 3,060,000 15,229,306

2 Anchorage General Insurance Ltd. 1,026,273 1,445,881 4,956 2,744,498 295,817 - - 5,517,425 1,821,498 279,602 703,388 - 718,138 973,515 1,021,285 5,517,425

3. Bankers Insurance Company

(T&T) Ltd. 5,669,232 2,771,123 - 14,731,456 - - 2,807,177 25,978,988 5,918,159 2,571,412 3,546,608 - - 8,724,856 5,217,953 25,978,988

4. Capital Insurance Ltd. 23,484,460 13,500,000 - 45,247,963 4,037,012 - - 86,269,435 36,299,444 2,915,549 6,808,923 - 4,412,575 23,032,944 12,800,000 86,269,435

5. Caribbean Insurance

Company Ltd. - - - - 1,152,240 663,814 537,969 2,354,023 (52,808) - 1,671,409 71,608 - - 663,814 2,354,023

6. Citizen Insurance Company Ltd. 6,445,572 2,301,900 - 17,038,222 405,615 - - 26,191,309 6,717,561 3,432,459 3,333,568 - 3,422,217 7,094,804 2,190,700 26,191,309

7. Colonial Fire & General

Insurance Company Ltd. 10,299,786 13,876,108 11,871,929 26,713,588 2,179,178 - - 64,940,590 13,002,923 6,111,504 14,067,190 - 4,580,180 12,958,525 14,220,268 64,940,590

8. GTM Insurance Company Ltd 2,663,755 2,523,823 1,192,644 6,644,102 2,063,423 - - 15,087,747 2,834,447 1,207,650 2,172,075 - 2,409,496 3,873,526 2,590,553 15,087,747

9. Guardian General Insurance Ltd. 18,175,500 29,554,136 14,104 97,664,279 4,420,980 30,789,334 - 180,618,333 61,211,772 14,650,375 11,433,084 (35,085,485) 14,871,803 46,535,652 67,001,132 180,618,333

10. Gulf Insurance Ltd. 4,576,257 5,504,814 116,532 8,457,246 1,064,852 744,272 - 20,463,973 6,048,526 812,491 953,813 - 2,405,062 4,831,948 5,412,134 20,463,973

11. Maritime General Insurance

Company Ltd. 18,930,262 27,368,929 4,675,463 48,292,924 7,356,247 - - 106,623,825 29,924,582 11,209,180 5,546,638 - 10,590,161 19,451,451 29,901,813 106,623,825

12 Motor & General Insurance

Company Ltd. 4,664,383 3,496,203 - 11,437,269 2,132,697 - - 21,730,552 9,482,755 997,639 3,710,257 - (1,275,909) 4,979,906 3,835,904 21,730,552

13 Motor One Insurance Co. Ltd. 4,460,303 529,311 - 10,930,991 483,274 - - 16,403,879 5,849,551 378,913 3,082,317 - 591,334 5,609,045 892,720 16,403,879

14 Nationwide Insurance

(Casualty & General) Co. Ltd. UNDER JUDICIAL MANAGEMENT - - - - - - - - - - - - - -

15 N.E.M. (West Indies)

Insurance Ltd. 29,326,044 35,141,918 - 12,549,958 11,797,714 (30,788,082) - 58,027,552 8,420,032 1,775,946 2,436,514 35,085,485 10,309,575 - - 58,027,552

16 Reinsurance Company of T&T Ltd. 2,556,690 2,570,878 - 7,605,436 - - 2,506,638 15,239,642 3,989,144 966,543 3,305,886 - - 2,773,312 4,204,757 15,239,642

17 Royal Caribbean Insurance Ltd. - 4,431,325 - - - - - 4,431,325 467,440 - - - 349,170 - 3,614,716 4,431,325

18 Sagicor General Incorporated NO ACCOUNTS SUBMITTED

19 The Beacon Insurance

Company Ltd 6,337,958 9,099,742 1,667 12,363,815 921,628 - 150,195 28,875,006 4,991,474 1,277,620 5,683,658 34,090 - 6,793,350 10,094,814 28,875,006

20 The Goodwill General Insurance

Company Ltd. NO ACCOUNTS SUBMITTED - - - - - - - - - - - - - -

21 The Great Northern Insurance

Company Ltd. 2,767,717 2,258,502 - 6,378,992 312,743 - 89,524 11,807,478 4,235,189 407,071 2,949,140 - - 2,872,163 1,343,915 11,807,478

22 The Mountain General

Insurance Company Ltd. NO ACCOUNTS SUBMITTED - - - - - - - - - - - -

23 The New India Assurance

Company (T&) Ltd. 5,215,709 6,597,724 25,099 10,555,733 - - - 22,394,265 4,716,909 1,630,724 1,792,734 - 1,037,601 6,583,683 6,632,614 22,394,265

24 The Presidential Insurance

Company Ltd. 6,664,133 8,058,152 - 17,847,071 805,713 5,099,730 - 38,474,799 10,479,461 802,804 6,660,286 274,599 4,812,403 6,998,109 8,447,137 38,474,799

25 The Western General Insurance

Company Ltd. 451,309 - - - 397,852 - - 849,161 - - 259,660 - 220,129 - 369,372 849,161

26 Trinidad & Tobago Insurance Ltd. 25,727,669 20,592,930 8,248 55,530,217 6,681,954 - - 108,541,018 24,308,204 7,289,492 5,726,859 - 11,285,492 31,987,392 27,943,579 108,541,018

TRANSFERS

TO PROFIT

AND LOSS

ACCOUNT

UNEARNED

PREMIUM

RESERVE

OUTSTAND-

ING CLAIMS

RESERVE

GRAND TOTAL 183,489,943 194,309,863 17,843,027 420,991,587 46,814,638 6,509,068 6,091,503 876,049,631 246,185,207 59,998,898 86,803,637 467,870 70,939,782 200,195,059 211,459,180 876,049,631

OTHER

AMOUNT OF FUND AT

BEGINNING OF THE YEAR

TOTAL


Central Bankt Acs wide 2004 7/2/07 3:18 PM Page 188

188 CENTRAL BANK OF TRINIDAD AND TOBAGO

TABLE XIII

COMPANIES

FUNDS AT END OF YEAR

UNEARNED

PREMIUM

RESERVE

STATEMENT OF STATUTORY FUND -

LIABILITY OF POLICYHOLDERS AND ASSETS HELD IN TRUST – MOTOR INSURANCE – 2004

ESTIMATED

LIABILITY IN

RESPECT OF

OUTSTANDING

CLAIMS

OTHER

TOTAL

LIABILITY

AMOUNT

HELD ON

DEPOSIT

OTHER

DEDUCTIONS

FUNDS

REQUIREMENTS

TRINIDAD AND

TOBAGO

GOVERNMENT

SECURITIES

ASSETS HELD IN FUND

LOCAL

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

1. American Life and General

Insurance Company (T&T) Ltd. 4,120,878 3,060,000 - 7,180,878 15,807,165 445,650 - 3,152,700 - 1,770,540 4,923,240 - 4,923,240 - 4,923,240 4,923,240

2 Bankers Insurance Company

(T&T) Ltd. 8,724,856 5,217,953 - 13,942,809 3,708,382 3,380,142 6,854,285 - - 1,652,292 1,652,292 - 1,652,292 - 1,652,292 (5,201,993)

3 Capital insurance Ltd. 23,032,944 12,800,000 - 35,832,944 17,577,090 1,240,726 17,015,128 1,622,880 - 18,673,664 20,296,544 - 20,296,544 - 20,296,544 3,281,416

4 Caribbean Insurance

Company Ltd. - 663,814 - 663,814 700,000 - - - - - - - - - - -

5 Citizen Insurance Company Ltd. 7,094,804 2,190,700 9,146,826 18,432,330 4,362,279 1,464,390 12,605,661 - 919,361 - 919,361 - 919,361 - 919,361 (11,686,300)

6 Colonial Fire & General

Insurance Company Ltd. 12,958,525 14,220,268 - 27,178,793 18,176,254 4,652,397 4,350,142 2,669,200 - 5,596,288 8,265,488 - 8,265,488 - 8,265,488 3,915,347

7 GTM Insurance Company Ltd. 3,873,528 2,590,553 - 6,464,079 1,632,905 1,022,765 3,808,409 - 2,100,000 420,000 2,520,000 - 2,520,000 - 2,520,000 (1,288,409)

8 Furness Anchorage General

Insurance Ltd. 973,515 1,021,285 - 1,994,800 2,234,646 481,700 - - - 4,407,215 4,407,215 - 4,407,215 - 4,407,215 4,407,215

8 Guardian General Insurance Ltd. 46,535,652 67,001,132 - 113,536,784 65,448,456 18,595,899 29,610,729 5,796,700 10,300,000 17,755,114 33,851,814 - 33,851,814 8,210,004 42,061,818 12,451,089

9 Gulf Insurance Ltd. 4,831,948 5,412,134 - 10,244,082 236,275 1,958,675 8,049,132 - 2,208,235 3,272,240 5,480,475 - 5,480,475 - 5,480,475 (2,568,657)

10 Maritime General Insurance

Company Ltd. 19,451,451 29,901,813 - 49,353,264 22,758,543 1,188,726 25,405,995 - 2,520,000 24,070,458 26,590,458 - 26,590,458 5,081,199 31,671,657 6,265,662

11 Motor and General Insurance

Company Ltd. 4,979,906 3,835,904 - 8,815,810 2,103,742 - 6,712,068 - 450,000 3,356,034 3,806,034 - 3,806,034 - 3,806,034 (2,906,034)

12 Motor One Insurance Ltd. 5,609,045 892,720 - 6,501,765 3,362,187 - 3,139,578 - - 1,168,554 1,168,554 - 1,168,554 - 1,168,554 (1,971,024)

13 Nationwide Insurance

(Casualty & General) Co. Ltd. UNDER JUDICIAL MANAGEMENT - - - - - - - - - - - - - -

14 N.E.M. (West Indies)

Insurance Ltd. - - - - - - - - - - - - - - - -

15 Reinsurance Company of

Trinidad & Tobago Ltd. 2,773,312 4,204,757 - 6,978,069 862,496 1,474,925 4,640,648 950,000 - 5,736,992 6,686,992 - 6,686,992 - 6,686,992 2,046,344

16 Royal Caribbean Insurance Ltd. - 3,614,714 - 3,614,714 608,000 - 3,006,714 3,832,815 - 855,612 4,688,427 - 4,688,427 - 4,688,427 1,681,713

17 Sagicor General Incorporated INCOMPLETE ACCOUNTS SUBMITTED - - - - - - - - - - - - - -

18 The Beacon Insurance

Company Ltd. 6,793,350 10,094,813 - 16,888,163 7,657 1,609,721 15,270,785 - 1,000,000 6,881,176 7,881,176 - 7,881,176 1,667,023 9,548,199 (5,722,586)

19 The Goodwill General

Insurance Company Ltd. NO ACCOUNTS SUBMITTED - - - - - - - - - - - - - -

20 The Great Northern Insurance

Company Ltd. 2,872,163 1,343,915 - 4,216,078 1,567,129 147,220 2,501,729 - 2,775,110 - 2,775,110 - 2,775,110 - 2,775,110 273,381

21 The Mountain General

Insurance Company Ltd. NO ACCOUNTS SUBMITTED - - - - - - - - - - - - - -

22 The New India Assurance

Company (T&T) Ltd. 6,583,683 6,632,614 - 13,216,297 3,026,537 2,180,386 8,009,374 5,000,000 - 4,396,120 9,396,120 - 9,396,120 - 9,396,120 1,386,746

23 The Presidential Insurance

Company Ltd. 6,999,399 8,447,137 - 15,446,536 7,942,355 6,123,854 1,380,327 - 1,100,116 478,545 1,578,661 - 1,578,661 - 1,578,661 198,334

24 The Western General Insurance

Company Ltd. - 369,772 - 369,772 2,245,261 - - - - - - - - - - -

25 Trinidad and Tobago

Insurance Ltd. 31,987,392 27,943,579 465,562 60,396,533 12,737,373 5,920,774 41,738,386 - - 33,030,330 33,030,330 - 33,030,330 - 33,030,330 (8,708,056)

GRAND TOTAL 200,196,351 211,459,577 9,612,388 421,268,314 187,104,732 51,887,950 194,099,090 23,024,295 23,372,822 133,521,174 179,918,291 - 179,918,291 14,958,226 194,876,517 777,428

1 Statutory Fund Position for Capital Insurance Limited not finalised

DEDUCTIONS

FIXED

DEPOSITS

OTHER

TRINIDAD AND

TOBAGO

ASSETS

TOTAL

TRINIDAD

AND

TOBAGO

ASSETS

CARICOM

ASSETS

TOTAL

“LOCAL”

ASSETS

FOREIGN

ASSETS

“TOTAL”

ASSETS

MORE

OR (LESS)

THAN FUND

REQUIREMENT


Central Bankt Acs wide 2004 7/2/07 3:18 PM Page 189

REPORT ON INSURANCE AND PENSIONS

189

TABLE XIV

COMPANIES

UNDERWRITING RESULTS IN RESPECT OF MOTOR INSURANCE – 2004

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)

UNEARNED

PREMIUM

(BEGINNING

OF YEAR)

NET

PREMIUM

WRITTEN

UNEARNED

PREMIUM

(END OF YEAR)

NET

PREMIUMS

EARNED

(1+2)-3

NET CLAIMS

PAID DURING

THE YEAR

CLAIMS

OUTSTANDING

(END OF YEAR)

CLAIMS

OUTSTANDING

(BEGINNING

OF YEAR)

EXPENSES OF

MANAGEMENT

AND NET

COMMISSIONS

LOCAL

$ $ $ $ $ $ $ $ % $ % $ % $ %

1 American Life and General

Insurance Company (T&T) Ltd. 4,046,931 8,257,827 4,120,878 8,183,880 5,518,944 3,060,000 2,686,464 5,892,480 72.00 2,309,169 28.22 8,201,649 100.22 (17,769) (0.22)

2 Anchorage General

Insurance Ltd. 1,026,273 2,744,498 973,515 2,797,256 1,821,498 1,021,285 1,445,881 1,396,902 49.94 978,034 34.96 2,374,936 84.90 422,320 15.10

3 Bankers Insurance Company

(T&T) Ltd. 5,669,232 14,731,456 8,724,856 11,675,832 5,918,159 5,217,953 2,771,123 8,364,989 71.64 6,118,020 52.40 14,483,009 124.04 (2,807,177) (24.04)

4 Capital Insurance Ltd. 23,484,460 45,247,963 23,032,944 45,699,479 36,299,444 12,800,000 13,500,000 35,599,444 77.90 9,724,472 21.28 45,323,916 99.18 375,563 0.82

5 Caribbean Insurance

Company Ltd. - - - - (52,808) 663,814 - 611,006 - 1,671,409 - 2,282,415 - (2,282,415) -

6 Citizen Insurance Ltd. 6,445,572 17,038,222 7,094,804 16,388,990 6,717,561 2,190,700 2,301,900 6,606,361 40.31 6,766,027 41.28 13,372,388 81.59 3,016,602 18.41

7 Colonial Fire General Insurance

Company Ltd. 10,299,786 26,713,588 12,958,525 24,054,849 13,002,923 14,220,268 13,876,108 13,347,083 55.49 8,306,765 34.53 21,653,848 90.02 2,401,001 9.98

8 GTM Insurance Co. Ltd. 2,663,755 6,644,102 3,873,526 5,434,331 2,834,447 2,590,553 2,523,823 2,901,177 53.39 3,379,725 62.19 6,280,902 115.58 (846,571) (15.58)

9 Guardian General Insurance Ltd. 18,175,500 97,664,279 46,535,652 69,304,127 22,655,277 29,554,136 28,145,168 24,064,245 34.72 9,773,095 14.10 33,837,340 48.82 35,466,787 51.18

10 Gulf Insurance Ltd. 4,576,257 8,457,246 4,831,948 8,201,555 6,048,526 5,412,134 5,504,814 5,955,846 72.62 1,766,304 21.54 7,722,150 94.15 479,405 5.85

11 Maritime General Insurance

Company Ltd. 18,930,262 48,292,924 19,451,451 47,771,735 29,924,582 29,901,813 27,368,929 32,457,466 67.94 16,755,818 35.07 49,213,284 103.02 (1,441,549) (3.02)

12 Motor & General Insurance

Company Ltd. 4,664,383 11,437,269 4,979,906 11,121,746 9,482,755 3,835,904 3,496,203 9,822,456 88.32 4,707,896 42.33 14,530,352 130.65 (3,408,606) (30.65)

13 Motor One Insurance

Company Ltd. 4,460,303 10,930,991 5,609,045 9,782,249 5,849,551 892,720 529,311 6,212,960 63.51 3,461,230 35.38 9,674,190 98.90 108,059 1.10

14 Nationwide Insurance (Casualty

& General) Company Ltd. UNDER JUDICIAL MANAGEMENT - - - - - - - - - - - - -

15 N.E.M. (West Indies)

Insurance Ltd. 29,326,044 12,549,958 - 41,876,002 8,420,032 - 35,141,918 (26,721,886) (63.81) 4,212,460 10.06 (22,509,426) (53.75) 64,385,428 153.75

16 Reinsurance Company of

T&T Ltd. 2,556,690 7,605,436 2,773,312 7,388,814 3,989,144 4,204,757 2,570,878 5,623,023 76.10 4,272,429 57.82 9,895,452 133.92 (2,506,638) (33.92)

17 Royal Caribbean Insurance Ltd. - - - - 467,440 3,614,716 4,431,325 (349,169) - - - (349,169) - 349,169 -

18 Sagicor General Incorporated NO ACCOUNTS SUBMITTED

19 The Beacon Insurance

Company Ltd 6,337,958 12,363,815 6,793,350 11,908,423 4,991,474 10,094,814 9,099,742 5,986,546 50.27 6,961,278 58.46 12,947,824 108.73 (1,039,401) (8.73)

20 The Goodwill General Insurance

Company Ltd.

NO ACCOUNTS SUBMITTED

21 The Great Northern Insurance

Company Ltd. 2,767,717 6,378,992 2,872,163 6,274,546 4,235,189 1,343,915 2,258,502 3,320,602 52.92 3,356,211 53.49 6,676,813 106.41 (402,267) (6.41)

22 The Mountain General

Insurance Company Ltd.

NO ACCOUNTS SUBMITTED

23 The New India Assurance

Company (T&T) Ltd. 5,215,709 10,555,733 6,583,683 9,187,759 4,716,909 6,632,614 6,597,724 4,751,799 51.72 3,423,458 37.26 8,175,257 88.98 1,012,502 11.02

24 The Presidential Insurance

Company Ltd. 6,664,133 17,847,071 6,998,109 17,513,095 10,479,461 8,447,137 8,058,152 10,868,446 62.06 7,463,090 42.61 18,331,536 104.67 (818,441) (4.67)

25 The Western General Insurance

Company Ltd. 451,309 - - - - 369,372 - - - 259,660 - 259,660 - (259,660) -

26 Trinidad & Tobago Insurance Ltd. 25,727,669 55,530,217 31,987,392 49,270,494 24,308,204 27,943,579 20,592,930 31,658,853 64.26 13,016,351 26.42 44,675,204 90.67 4,595,290 9.33

GRAND TOTAL 183,489,943 420,991,587 200,195,059 404,286,472 207,628,712 174,012,184 192,900,895 188,740,001 46.68 118,682,901 29.36 307,053,530 75.95 97,232,942 24.05

NET

CLAIMS

INCURRED

(5+6)-7

8 AS A

PERCENT

OF 4

10 AS A

PERCENT

OF 4

TOTAL

PREMIUM

PAYMENTS

(8+10)

12 AS A

PERCENT

OF 4

PROFIT

OR

(LOSS)

(4-12)

PROFIT

OR

(LOSS)

PERCENT


Central Bankt Acs wide 2004 7/2/07 3:18 PM Page 190

190 CENTRAL BANK OF TRINIDAD AND TOBAGO

TABLE XV

COMPANIES

REVENUE ACCOUNT IN RESPECT OF OTHER THAN LONG-TERM OR MOTOR INSURANCE – 2004

COMMISSIONS

RECEIVED

REVENUE

NET

INTEREST

EXPENDITURE

LOCAL

$ $ $ $ $ $ $ $ $ $ $ $ $ $

1. American Life and General Insurance

Company (T&T) Ltd. 19,067,062 15,583,555 11,942,264 56,483,717 7,050,375 (182,662) 109,944,311 25,132,868 11,967,515 10,211,836 27,220,203 19,287,872 16,124,018 109,944,311

2 Anchorage General Insurance Ltd. 439,980 118,005 893,944 750,429 66,748 454,026 2,723,132 261,981 647,107 1,080,050 64,060 523,676 146,258 2,723,132

3 Bankers Insurance Company (T&T) Ltd. 1,830,936 520,621 818,615 2,099,271 - - 5,269,443 322,954 795,237 1,171,267 1,381,659 1,108,465 489,861 5,269,443

4 British-American Insurance Company

Trinidad Ltd. 253,734 - - 1,931,562 16,440 37,582 2,239,318 1,271,159 146,566 163,956 395,373 262,264 - 2,239,318

5 Capital Insurance Ltd. 21,466 25,000 60,829 75,861 - - 183,156 1,480 362 30,000 122,142 29,172 - 183,156

6 Citizen Insurance Company Ltd. 40,681 20,000 - 96,193 2,290 - 159,165 101,443 1,813 18,841 (22,402) 59,470 - 159,165

7 Colonial Fire & General Insurance

Company Ltd. 12,306,072 2,832,636 12,503,065 63,132,217 1,658,644 1,277,157 93,709,790 49,223,734 9,683,967 14,288,318 1,782,893 13,300,395 5,430,483 93,709,790

8 GTM Insurance Company Ltd 3,114,653 3,087,979 3,284,934 5,556,082 2,467,173 41,863 17,552,684 2,468,259 2,247,695 3,698,397 2,113,818 3,731,130 3,293,384 17,552,684

9 Guardian General Insurance Ltd. 7,927,501 24,826,705 20,814,612 53,399,301 3,032,885 15,151,675 125,152,679 10,363,749 18,790,199 19,852,971 8,212,910 19,238,497 48,694,354 125,152,679

9 Gulf Insurance Ltd. 2,980,909 8,555,780 655,534 4,639,980 584,292 408,387 17,824,882 2,622,419 2,086,332 523,364 3,246,979 2,120,903 7,224,882 17,824,882

10 Maritime General Insurance

Company Ltd. 4,027,660 6,700,923 7,131,233 6,134,071 934,376 1,548,066 26,476,329 2,375,824 5,133,429 5,425,313 1,541,018 4,351,907 7,648,837 26,476,329

11 Mega Insurance Company Ltd 7,778 - - - - - 7,778 - - - 7,778 - - 7,778

12 Nationwide Insurance (Casualty &

General) Co. Ltd. UNDER JUDICIAL MANAGEMENT - - - - - - - - - - - -

13 N.E.M. (West Indies) Insurance Ltd. 13,824,866 19,237,536 5,766,168 1,158,299 6,155,031 (14,415,103) 31,726,797 (3,020,760) 2,185,869 3,961,408 28,551,582 48,698 - 31,726,797

14 Reinsurance Company of T&T Ltd. 411,088 1,839,810 2,844,748 1,593,951 - 654,077 7,343,674 1,457,812 918,172 1,929,387 800,146 413,877 1,824,280 7,343,674

15 Royal Caribbean Insurance Ltd. - 1,355,578 - - - 2,178,492 3,534,070 15,551 - 719 2,340,575 - 1,177,226 3,534,070

16 The Beacon Insurance Company Ltd 4,666,251 1,269,559 11,052,307 18,151,101 1,353,025 3,470,330 39,962,573 3,899,596 7,410,643 8,344,078 6,080,005 11,031,084 3,197,167 39,962,573

17 The Goodwill General Insurance

Company Ltd. NO ACCOUNTS SUBMITTED - - - - - - - - - - - -

18 The Mountain General Insurance

Company Ltd. NO ACCOUNTS SUBMITTED - - - - - - - - - - - -

19 The New India Assurance

Company (T&T) Ltd. 1,112,799 999,547 1,907,900 1,826,247 - - 5,846,493 220,609 1,226,765 1,509,921 621,092 1,127,313 1,140,791 5,846,493

20 The Western General Insurance

Company Ltd. - 400 - - - - 400 - - - - - 400 400

21 The Great Northern Insurance

Company Ltd. 17,577 42,018 18,087 46,314 3,159 - 127,155 (12,809) 3,471 29,789 33,215 17,239 56,250 127,155

22 Trinidad and Tobago Export Credit

Insurance Company Ltd. 10,347,751 19,430,512 7,450,120 32,033,199 9,728,641 - 78,990,223 12,640,639 5,043,853 8,338,062 17,838,186 12,141,598 22,987,885 78,990,223

23 Trinidad & Tobago Insurance Ltd. 9,966,651 18,894,193 7,280,285 31,185,893 41,116,828 - 108,443,850 14,223,815 4,725,003 8,959,590 50,757,179 10,347,751 19,430,512 108,443,850

TOTAL 84,184,828 106,446,164 87,144,360 251,633,706 33,277,743 10,720,014 573,406,815 109,281,906 68,288,995 82,322,718 105,220,868 88,856,248 119,436,076 573,406,815

REGIONAL

FUND AT BEGINNING

OF THE YEAR

UNEARNED

PREMIUM

RESERVE

OUTSTANDING

CLAIMS

RESERVE

PREMIUMS

OTHER

P&L

COMMISSIONS

EXPENSES OF

MANAGEMENT

1 Life of Barbados Ltd. - - - - - - - - - - - - - -

2 Sagicor General Incorporated NO ACCOUNTS SUBMITTED

2 Sagicor Inc. Ltd 2,361,104 4,654,293 141,957 32,567,359 - (1,531,005) 38,193,708 21,766,464 2,209,157 3,599,588 - 2,962,199 7,656,300 38,193,708

3 United Insurance Company Ltd 1,432,660 1,910,384 3,792,137 6,253,381 1,685,129 - 15,073,691 1,632,738 - 2,549,741 6,171,166 2,636,824 2,083,222 15,073,691

TOTAL 3,793,764 6,564,677 3,934,094 38,820,740 1,685,129 (1,531,005) 53,267,399 23,399,202 2,209,157 6,149,329 6,171,166 5,599,023 9,739,522 53,267,399

GRAND TOTAL 87,978,592 113,010,841 91,078,454 290,454,446 34,962,872 9,189,009 626,674,214 132,681,108 70,498,152 88,472,047 111,392,034 94,455,271 129,175,598 626,674,214

TOTAL

PAYMENT OF

CLAIMS IN-

CLUDING LEGAL

AND MEDICAL

EXPENSES

OTHER

P&L

FUND AT

END OF THE YEAR

RESERVE FOR

UNEARNED

PREMIUM

RESERVE FOR

OUTSTANDING

CLAIMS

TOTAL


Central Bankt Acs wide 2004 7/2/07 3:18 PM Page 191

REPORT ON INSURANCE AND PENSIONS

191

TABLE XVI

COMPANIES

PREMIUMS

REVENUE ACCOUNT IN RESPECT OF PROPERTY INSURANCE – 2004

COMMISSIONS

RECEIVED

NET

INTEREST

OTHER

TOTAL

PAYMENTS

OF CLAIMS

INCLUDING COMMISSIONS

LEGAL AND

MEDICAL

EXPENSES

EXPENSES

OF MANAGE-

MENT

LOCAL

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

1. American Life and General

Insurance Company (T&T) Ltd. 4,830,211 1,398,159 8,366,432 9,775,800 4,894,374 - - 29,264,976 3,051,730 5,062,407 2,830,233 3,213,105 7,850,929 4,124,819 3,131,753 29,264,976

2 Anchorage General Insurance Ltd. 224,460 52,445 274,628 884,390 33,139 - 454,026 1,923,088 62,648 573,203 955,566 - - 228,576 103,095 1,923,088

3 Bankers Insurance Company

(T&T) Ltd. 1,281,891 502,644 1,211,772 816,339 - - - 3,812,646 281,175 655,281 961,476 - 718,952 739,443 456,319 3,812,646

4 British-American Insurance

Co. Trinidad Ltd. 43,330 - 594,733 - 3,012 6,884 - 647,959 147,975 69,428 46,245 - 333,122 51,189 - 647,959

5 Capital Insurance Ltd. 45,674 - 73,221 60,829 - - - 179,724 1,480 362 29,000 - 120,700 28,182 - 179,724

6 Caribbean Insurance

Company Ltd. - - - - - - 2,317 2,317 2,317 - - - - - - 2,317

7 Citizen Insurance Company Ltd. 21,199 20,000 77,358 - 1,842 - - 120,399 101,443 1,813 15,119 - (48,814) 50,838 - 120,399

8 Colonial Fire & General Insurance

Company Ltd. 5,309,195 1,005,288 6,424,956 11,577,335 1,123,293 - - 25,440,067 1,371,059 6,982,721 7,251,166 - 1,550,731 5,550,955 2,733,435 25,440,067

9 GTM Insurance Co. Ltd. 2,083,060 470,617 3,172,417 2,903,014 1,015,756 - - 9,644,864 571,673 1,732,598 2,859,818 - 607,244 2,556,497 1,317,035 9,644,864

10 Guardian General Insurance Ltd.

10 Gulf Insurance Ltd. 1,639,397 8,034,118 3,419,582 159,676 430,591 300,959 - 13,984,323 2,562,273 1,824,413 385,691 - 789,295 3,392,876 5,029,775 13,984,323

11 Maritime General Insurance

Company Ltd. 1,536,553 3,899,313 3,488,162 6,355,431 531,336 - - 15,810,795 781,970 4,190,411 3,393,160 - 1,541,018 2,043,882 3,860,354 15,810,795

12 Nationwide Insurance (Casualty

& General) Co. Ltd. UNDER JUDICIAL MANAGEMENT - - - - - - - - - - - - -

13 N.E.M. (West Indies) Insurance Ltd. 8,068,673 2,090,466 (4,263,759) 4,431,505 1,962,824 (6,801,429) 2,635 5,490,916 (5,477,998) 1,148,481 1,649,996 1,456,048 6,714,388 - - 5,490,916

14 Reinsurance Company of T&T Ltd. 54,085 65,021 136,404 755,727 - - 19,923 1,031,160 69,210 510,683 387,786 - - (8,027) 71,508 1,031,160

15 The Great Northern Insurance

Company Ltd. 14,857 42,018 37,791 18,087 2,780 - - 115,533 (12,809) 3,471 26,215 - 27,344 15,062 56,250 115,533

16 Royal Caribbean Insurance Ltd. - 873,235 - - - - 1,925,207 2,798,442 - - 719 - 2,324,375 - 473,348 2,798,442

17 The Beacon Insurance Company Ltd 217,967 3,703,552 4,372,828 276,071 - - 9,134,207 309,141 2,546,319 1,702,526 10,211 1,638,073 2,276,127 651,810 9,134,207

18 The Goodwill General Insurance

Company Ltd. NO ACCOUNTS SUBMITTED - - - - - - - - - - - - - -

19 The Mountain General Insurance

Company Ltd. NO ACCOUNTS SUBMITTED - -

20 The New India Assurance

Company (T&T) Ltd. 982,114 179,933 1,496,008 1,903,399 - - - 4,561,454 183,446 1,193,599 1,454,095 - 527,989 919,654 282,671 4,561,454

21 Trinidad & Tobago Insurance Ltd. 3,902,082 3,893,418 6,189,504 5,313,735 5,054,565 - - 24,353,304 843,806 3,056,708 4,332,083 - 7,222,230 5,160,239 3,738,238 24,353,304

TOTAL 29,885,151 24,038,816 48,252,873 66,325,096 15,383,157 519,503 2,404,108 186,808,705 (1,323,218) 40,047,671 39,993,045 2,539,449 43,827,068 32,816,492 28,908,198 186,808,705

REGIONAL

FUND AT BEGINNING

OF YEAR

UNEARNED

PREMIUM

RESERVE

OUTSTAND-

ING CLAIMS

RESERVE

REVENUE

OTHER PROFIT

AND LOSS

ACCOUNT

EXPENDITURE

1 Sagicor General Incorporated NO ACCOUNTS SUBMITTED - -

2 United Insurance Company Limited 522,903 699,508 2,006,570 3,682,744 1,241,434 - - 8,153,159 700,003 - 1,878,394 - 4,013,484 789,329 771,949 8,153,159

TOTAL 522,903 699,508 2,006,570 3,682,744 1,241,434 - - 8,153,159 700,003 - 1,878,394 - 4,013,484 789,329 771,949 8,153,159

OTHER

PROFIT

AND LOSS

ACCOUNT

RESERVE

FOR

UNEARNED

PREMIUM

RESERVE FOR

OUT-

STANDING

CLAIMS

GRAND TOTAL 30,408,054 24,738,324 50,259,443 70,007,840 16,624,591 519,503 2,404,108 194,961,864 (623,215) 40,047,671 41,871,439 2,539,449 47,840,552 33,605,821 29,680,147 194,961,864

OTHER

FUND AT END OF YEAR

TOTAL


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192 CENTRAL BANK OF TRINIDAD AND TOBAGO

TABLE XVII

LOCAL

COMPANIES

REVENUE ACCOUNT IN RESPECT OF MISCELLANEOUS GENERAL INSURANCE - 2004

PREMIUMS

REVENUE

NET

INTEREST

DIVIDENDS &

RENT

EXPENDITURE

1. American Life and General Insurance

Company (T&T) Ltd. 12,286,467 3,307,488 23,219,553 1,373,078 1,302,590 29,588 41,518,764 2,889,203 3,932,066 3,939,640 14,930,713 13,258,121 2,569,022 41,518,764

2 Anchorage General Insurance Ltd. 14,259 27,600 22,443 - 5,003 - 69,305 93,727 994 4,994 (32,469) 859 1,200 69,305

3 Capital Insurance Ltd. 514 - 1,712 - - - 2,226 - - 800 784 642 - 2,226

4 Colonial Fire & General Insurance

Company Ltd 401,401 90,651 567,249 422,793 84,926 698,285 2,265,306 170,868 208,939 548,223 - 244,837 1,092,439 2,265,306

5 Caribbean Insurance Company Ltd. - - - - - - - - - - - - -

6 Gulf Insurance Ltd - - - - - - - - - - - - - -

7 Guardian General Insurance Ltd. 1,117,026 853,408 3,816,816 265,750 182,564 637,443 6,873,007 1,096,400 754,058 528,873 1,003,031 1,879,287 1,611,359 6,873,007

8 GTM Insurance Co. Ltd 40,802 47,509 56,286 74,439 35,127 - 254,163 11,793 33,175 64,183 48,627 29,591 66,794 254,163

9 Citizen Insurance Company Ltd. 19,482 - 18,835 - 448 - 38,765 - - 3,722 26,411 8,632 - 38,765

10 Maritime General Insurance

Company Ltd 1,732,266 158,076 147,089 170,502 22,405 291,555 2,521,893 10,185 76,920 50,152 - 1,462,212 922,424 2,521,893

11 Nationwide Insurance (Casualty &

General) Co. Ltd. UNDER JUDICIAL MANAGEMENT - - - - - - - - - - - -

12 N.E.M. (West Indies) Insurance Ltd. 328,538 315,692 846,872 1,166,979 117,895 (618,563) 2,157,413 303,084 168,660 1,289,978 346,993 48,698 - 2,157,413

13 Reinsurance Company of Trinidad &

Tobago Ltd. 357,003 1,709,984 1,449,492 668,049 - 634,154 4,818,682 1,388,599 407,489 920,440 - 414,184 1,687,970 4,818,682

14 Royal Caribbean Insurance Ltd. - 1,200 - - - - 1,200 - - - 1,200 - - 1,200

15 The Beacon Insurance Company Ltd. 183,918 22,007 3,549,280 3,914,544 264,572 - 7,934,321 24,381 2,666,010 1,631,607 1,971,991 1,625,308 15,024 7,934,321

16 The Great Northern Insurance

Company Ltd. 1,374 - 4,042 - 221 - 5,637 - - 2,085 2,384 1,168 - 5,637

17 The Mountain General Insurance

Company Ltd. NO ACCOUNTS SUBMITTED - -

18 The New India Assurance Company

(T&T) Ltd. 50 - - - - - 50 - - - - 50 - 50

19 Trinidad and Tobago Export Credit

Insurance Co. Ltd. 2,570 1,783,494 2,525,911 - 224,664 96,124 4,632,763 (64,602) - 1,745,041 2,889,636 62,688 - 4,632,763

20 Trinidad and Tobago Insurance Ltd. 335,670 131,865 2,308,168 - 267,247 - 3,042,950 775,795 247,789 229,047 1,240,901 368,359 181,059 3,042,950

TOTAL 16,821,340 8,448,974 38,533,748 8,056,134 2,507,662 1,768,586 76,136,445 6,699,433 8,496,100 10,958,785 22,430,202 19,404,636 8,147,291 76,136,445

REGIONAL

FUND AT BEGINNING

OF YEAR

UNEARNED

PREMIUM

RESERVE

OUTSTANDING

CLAIMS

RESERVE

COMMISSIONS

RECEIVED

PAYMENT OF

CLAIMS IN-

OTHER TOTAL

CLUDING LEGAL

COMMISSIONS EXPENSES OF

AND MEDICAL

MANAGEMENT

EXPENSES

$ $ $ $ $ $ $ $ $ $ $ $ $ $

1 Sagicor General Incorporated NO ACCOUNTS SUBMITTED

2 United Insurance Company Ltd. 34,515 70,074 144,131 105,246 63,024 - 416,990 850 - 95,360 216,929 42,663 61,188 416,990

TOTAL 34,515 70,074 144,131 105,246 63,024 - 416,990 850 - 95,360 216,929 42,663 61,188 416,990

GRAND TOTAL 16,855,855 8,519,048 38,677,879 8,161,380 2,570,686 1,768,586 76,553,435 6,700,283 8,496,100 11,054,145 22,647,131 19,447,299 8,208,479 76,553,435

OTHER

FUND AT

END OF THE YEAR

RESERVE FOR

UNEARNED

PREMIUM

RESERVE FOR

OUTSTANDING

CLAIMS

TOTAL


Central Bankt Acs wide 2004 7/2/07 3:18 PM Page 193

REPORT ON INSURANCE AND PENSIONS

TABLE XVIII

LOCAL

COMPANIES

REVENUE ACCOUNT IN RESPECT OF LIABILITY INSURANCE - 2004

PREMIUMS

REVENUE

NET

INTEREST

EXPENDITURE

1. American Life and General Insurance

Company (T&T) Ltd. 786,812 3,472,175 1,895,381 777,916 216,468 - 7,148,752 404,375 567,943 501,650 1,081,631 765,914 3,827,239 7,148,752

2 Anchorage General Insurance Ltd. 187,903 30,760 424,291 9,554 26,177 - 678,685 98,043 71,099 112,000 74,569 281,011 41,963 678,685

3 Bankers Insurance Company

(T&T) Ltd. 414,302 15,464 882,586 - - - 1,312,352 40,532 138,603 206,976 515,938 378,347 31,956 1,312,352

4 Capital Insurance Ltd. 278 - 928 - - - 1,206 - - 200 658 348 - 1,206

5 Colonial Fire & General Insurance

Company Ltd. 1,940,346 1,533,063 2,997,292 395,514 410,529 578,872 7,855,616 1,407,851 559,837 2,650,076 - 1,822,411 1,415,441 7,855,616

6 GTM Insurance Company Ltd. 932,650 2,563,853 2,265,596 293,686 1,390,777 - 7,446,561 1,821,054 468,139 748,460 1,440,778 1,105,449 1,862,681 7,446,561

7 Guardian General Insurance Ltd. 5,579,294 17,973,572 25,325,668 1,349,547 2,180,229 6,493,829 58,902,139 8,703,798 3,917,836 4,975,870 (7,240,768) 10,366,530 38,178,874 58,902,139

7 Gulf Insurance Ltd. 225,970 105,840 324,618 - 40,899 28,586 725,913 32,218 30,800 36,634 109,636 210,024 306,600 725,913

8 Maritime General Insurance

Company Ltd. 728,970 1,841,798 1,985,300 3,634 302,413 29,421 4,891,536 1,521,223 329,450 195,790 - 807,332 2,037,741 4,891,536

9 Nationwide Insurance (Casualty &

General) Co. Ltd. UNDER JUDICIAL MANAGEMENT - - - - - - - - - - - -

10 N.E.M. (West Indies) Insurance Ltd. 4,932,459 14,528,259 3,760,886 8,445 3,561,681 (6,495,414) 20,296,316 1,047,947 549,572 722,186 17,976,611 - - 20,296,316

11 Royal Caribbean Insurance Ltd. - 466,144 - - - 253,285 719,429 15,550 - - - - 703,878 719,429

12 The Beacon Insurance Company Ltd 2,460,037 607,661 4,380,514 252,478 326,533 762,602 8,789,825 855,451 554,506 2,013,727 739,882 3,024,904 1,601,355 8,789,825

13 The Great Northern Insurance

Company Ltd. 1,346 - 4,481 - 158 - 5,985 - - 1,489 3,487 1,009 - 5,985

14 The New India Assurance

Company (T&T) Ltd. 128,429 811,392 324,237 - - - 1,264,058 36,834 32,206 51,978 83,188 203,952 855,900 1,264,058

15 Trinidad & Tobago Insurance Ltd. 2,338,964 3,373,600 4,030,752 - 465,635 - 10,208,951 1,232,756 344,864 399,079 1,346,713 2,526,279 4,359,260 10,208,951

REGIONAL

FUND AT BEGINNING

OF YEAR

UNEARNED

PREMIUM

RESERVE

OUTSTANDING

CLAIMS

RESERVE

COMMISSIONS

RECEIVED

PAYMENT OF

CLAIMS IN-

OTHER TOTAL

CLUDING LEGAL

COMMISSIONS EXPENSES OF

AND MEDICAL

MANAGEMENT

EXPENSES

$ $ $ $ $ $ $ $ $ $ $ $ $ $

TOTAL 20,657,760 47,323,581 48,602,530 3,090,774 8,921,499 1,651,181 130,247,324 17,217,632 7,564,855 12,616,115 16,132,323 21,493,510 55,222,888 130,247,324

1 Sagicor General Incorporated NO ACCOUNTS SUBMITTED

2 United Insurance Company Ltd. 806,154 1,135,545 4,006,998 4,147 373,088 - 6,325,932 930,447 - 564,513 1,870,882 1,760,681 1,199,409 6,325,932

TOTAL 806,154 1,135,545 4,006,998 4,147 373,088 - 6,325,932 930,447 - 564,513 1,870,882 1,760,681 1,199,409 6,325,932

GRAND TOTAL 21,463,914 48,459,126 52,609,528 3,094,921 9,294,587 1,651,181 136,573,256 18,148,079 7,564,855 13,180,628 18,003,205 23,254,191 56,422,297 136,573,256

OTHER

FUND AT

END OF THE YEAR

RESERVE FOR

UNEARNED

PREMIUM

RESERVE FOR

OUTSTANDING

CLAIMS

TOTAL

193


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194 CENTRAL BANK OF TRINIDAD AND TOBAGO

TABLE XIX

LOCAL

COMPANIES

FUND AT BEGINNING

OF YEAR

UNEARNED

PREMIUM

RESERVE

REVENUE ACCOUNT IN RESPECT OF PERSONAL ACCIDENT INSURANCE - 2004

OUTSTANDING

CLAIMS

RESERVE

PREMIUMS

REVENUE

COMMISSIONS

RECEIVED

INTEREST

DIVIDENDS &

RENT

PAYMENT OF

CLAIMS IN-

OTHER TOTAL

CLUDING LEGAL

COMMISSIONS EXPENSES OF

AND MEDICAL

MANAGEMENT

EXPENSES

EXPENDITURE

$ $ $ $ $ $ $ $ $ $ $ $ $ $

1 Anchorage General Insurance Ltd. 1,056 - 2,031 - 109 - 3,196 - 305 535 2,117 239 - 3,196

2 British-American Insurance

Company (Trinidad) Ltd 210,404 - 1,336,829 - 13,428 30,698 1,591,359 1,123,184 77,138 117,711 62,251 211,075 - 1,591,359

3 Capital Insurance Ltd. - - - - - - - - - - - - -

4 Colonial Fire & General Insurance

Company Ltd. 103,865 26,067 279,332 - 21,975 - 431,239 24,124 97,885 141,856 60,847 89,360 17,167 431,239

5 GTM Insurance Company Ltd. 13,636 - 7,316 6,725 5,424 - 33,101 - 3,539 7,932 17,169 4,460 - 33,101

6 Guardian General Insurance Ltd. 227,571 488 826,069 222,197 73,507 17,386 1,367,218 121,302 31,520 157,008 1,013,765 12,137 31,486 1,367,218

7 Gulf Insurance Ltd. 1,099,786 235,966 720,263 158,480 90,703 63,396 2,368,594 1,397 109,249 81,245 2,498,524 (1,576,872) 1,255,051 2,368,594

8 Maritime General Insurance

Company Ltd. 2,432 - (8,731) 63,304 (1,330) 71,230 126,905 6,137 6,883 112,262 - 1,623 - 126,905

9 Mega Insurance Company Ltd. 7,778 - - - - - 7,778 - - - 7,778 - - 7,778

10 Nationwide Insurance (Casualty &

General) Co. Ltd. UNDER JUDICIAL MANAGEMENT - - - - - - - - - - - -

OTHER

FUND AT

END OF THE YEAR

RESERVE FOR

UNEARNED

PREMIUM

RESERVE FOR

OUTSTANDING

CLAIMS

TOTAL

11 N.E.M. (West Indies) Insurance Ltd. 92,344 1,657,629 (172,827) 23,165 320,247 (75,608) 1,844,950 982,261 16,202 20,886 825,601 - - 1,844,950

12 The Beacon Insurance Company Ltd 173,672 234,593 3,181,521 11 237,158 2,707,728 6,534,683 2,133,489 174,284 1,462,548 8,772 2,101,695 653,895 6,534,683

13 The New India Assurance

Company (T&T) Ltd. 118 - 375 281 - - 774 - 150 240 161 223 - 774

14 Trinidad and Tobago Insurance Ltd. 12,732 96,754 31,473 22,216 - 189,752 3,835 13,746 19,040 114,343 28,983 9,805 189,752

15 The Western General Insurance

Company Ltd. - 400 - - - - 400 - - - - - 400 400

REGIONAL

TOTAL 1,958,183 2,167,875 6,266,901 505,636 783,328 2,814,830 14,496,753 4,395,729 530,596 2,120,728 4,609,211 872,684 1,967,804 14,496,753

Sagicor General Incorporated N O A C C O U N T S S U B M I T T E D - - - - - - - - - - - -

1 United Insurance Company Ltd. 15,969 804 4,768 - 337 - 21,878 - - 510 17,527 3,002 839 21,878

TOTAL 15,969 804 4,768 - 337 - 21,878 - - 510 17,527 3,002 839 21,878

GRAND TOTAL 1,974,152 2,168,679 6,271,669 505,636 783,665 2,814,830 14,518,631 4,395,729 530,596 2,121,238 4,626,738 875,686 1,968,643 14,518,631


Central Bankt Acs wide 2004 7/2/07 3:18 PM Page 195

TABLE XIXA

REVENUE ACCOUNT IN RESPECT OF GROUP HEALTH INSURANCE - 2004 (INCOME)

LOCAL

1. American Life and General Insurance Company (T&T) Ltd. 1,161,989 7,336,016 22,997,019 - 634,888 (212,250) 31,917,661

2 Colonial Fire & General Insurance Company Ltd. 4,466,565 - 52,563,943 - - - 57,030,508

3 Guardian General Insurance Ltd. 1,268,045 3,444,355 208,871 - 384,307 60,530 5,366,108

4 Trinidad and Tobago Insurance Ltd. 582,994 1,844,447 9,601,483 173,167.00 1,193,978 - 13,396,069

TOTAL 7,479,593 12,624,818 85,371,316 173,167 2,213,173 (151,720.00) 107,710,346

REGIONAL

COMPANIES

FUND AT BEGINNING OF YEAR

UNEARNED

PREMIUM

RESERVE

OUTSTANDING

CLAIMS

RESERVE

COMMISSIONS

RECEIVED

NET INTEREST

$ $ $ $ $ $ $

1 Life of Barbados Ltd. - - - - - - -

2 Sagicor Life Inc. 2,361,104 4,654,293 32,567,359 141,957 - (1,531,005) 38,193,708

TOTAL 2,361,104 4,654,293 32,567,359 141,957 - (1,531,005) 38,193,708

GRAND TOTAL 9,840,697 17,279,111 117,938,675 315,124 2,213,173 (1,682,725) 145,904,054

PREMIUMS

OTHER

TOTAL

REVENUE ACCOUNT IN RESPECT OF GROUP HEALTH INSURANCE - 2004 (EXPENDITURE)

REPORT ON INSURANCE AND PENSIONS

LOCAL

COMPANIES

EXPENSES OF

MANAGEMENT

OTHER

FUND AT END OF YEAR

RESERVE FOR

OUTSTANDING

CLAIMS

$ $ $ $ $ $ $

1. American Life and General Insurance Company (T&T) Ltd. 18,795,373 2,395,167 2,922,083 70,282 1,138,752 6,596,004 31,917,661

2 Colonial Fire & General Insurance Company Ltd. 46,207,842 1,741,349 3,581,317 - 5,500,000 - 57,030,508

3 Guardian General Insurance Ltd. 4,532,357 203,609 39,700 135,357 147,808 307,277 5,366,108

4 Trinidad and Tobago Insurance Ltd 7,998,933 139,897 1,023,315 1,953,391 567,620 1,712,913 13,396,069

TOTAL 77,534,505 4,480,022 7,566,415 2,159,030 7,354,180 8,616,194 107,710,346

REGIONAL

PAYMENT OF CLAIMS

INCLUDING LEGAL

AND MEDICAL

EXPENSES

COMMISSIONS

1 Life of Barbados Ltd. - - - - - - -

2 Sagicor Life Inc. 21,766,464 2,209,157 2,712,760 886,828 2,962,199 7,656,300 38,193,708

TOTAL 21,766,464 2,209,157 2,712,760 886,828 2,962,199 7,656,300 38,193,708

GRAND TOTAL 99,300,969 6,689,179 10,279,175 3,045,858 10,316,379 16,272,494 145,904,054

RESERVE FOR

UNEARNED

PREMIUM

TOTAL

195


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196 CENTRAL BANK OF TRINIDAD AND TOBAGO

TABLE XX

LOCAL

COMPANIES

REVENUE ACCOUNT IN RESPECT OF MARINE AVIATION & TRANSPORT INSURANCE - 2004

FUND AT BEGINNING

OF YEAR

UNEARNED

PREMIUM

RESERVE

OUTSTANDING

CLAIMS

RESERVE

PREMIUMS

REVENUE

COMMISSIONS

RECEIVED

NET

INTEREST

PAYMENT OF

CLAIMS IN-

OTHER TOTAL

CLUDING LEGAL

COMMISSIONS EXPENSES OF

AND MEDICAL

MANAGEMENT

EXPENSES

EXPENDITURE

$ $ $ $ $ $ $ $ $ $ $ $ $ $

1 American Life and General Insurance

Company (T&T) Ltd. 1,583 69,717 5,332 15,470 2,056 - 94,159 (7,813) 9,932 18,230 73,544 267 - 94,159

2 Anchorage General Insurance Ltd 12,302 7,200 27,036 - 2,320 - 48,858 7,563 1,506 6,955 19,843 12,991 - 48,858

3 Bankers Insurance Company (T&T) Ltd. 134,743 2,513 4,913 2,276 - - 144,445 1,247 1,353 2,815 146,769 (9,325) 1,586 144,445

4 Colonial Fire & General Insurance

Company Ltd. 84,700 177,567 299,445 107,423 17,920 - 687,055 41,990 93,236 115,680 171,315 92,832 172,001 687,055

5 GTM Insurance Company Ltd. 44,505 6,000 54,468 7,071 20,089 41,863 173,996 63,739 10,245 18,003 - 35,134 46,874 173,996

1 Guardian General Insurance Ltd. 450,985 1,260,708 9,371,766 1,980,117 158,704 929,402 14,151,682 2,083,650 3,387,404 2,439,369 3,531,949 1,146,554 1,562,756 14,151,682

6 Gulf Insurance Ltd. 15,756 179,856 175,517 337,378 22,099 15,446 746,052 26,531 121,870 19,794 (150,476) 94,875 633,456 746,052

7 Maritime General Insurance

Company Ltd. 27,439 801,735 522,251 538,362 79,552 1,155,860 3,125,199 56,309 529,765 1,673,949 - 36,858 828,318 3,125,199

8 N.E.M. (West Indies) Insurance Ltd. 02,852 645,491 987,126 136,074 192,384 (426,726) 1,937,202 123,945 302,954 278,363 1,231,942 - - 1,937,202

-

9 Reinsurance Company of Trinidad

and Tobago Ltd - 64,805 8,055 1,420,972 - - 1,493,832 - - 621,161 800,146 7,720 64,802 1,493,832

OTHER

FUND AT

END OF THE YEAR

RESERVE FOR

UNEARNED

PREMIUM

RESERVE FOR

OUTSTANDING

CLAIMS

TOTAL

10 Royal Caribbean Insurance Ltd. - 15,000 - - - - 15,000 - - - 15,000 - - 15,000

11 The Beacon Insurance Company Ltd. 1,284,835 187,331 3,336,234 2,512,446 248,691 - 7,569,537 577,134 1,469,524 1,533,670 1,711,076 2,003,050 275,083 7,569,537

12 The New India Assurance

Company (T&T) Ltd. 2,188 8,222 5,627 4,220 - - 20,257 329 810 3,608 9,754 3,534 2,222 20,257

13 Trinidad & Tobago Insurance Ltd. 422,286 1,581,027 3,490,854 604,228 708,623 - 6,807,018 368,785 112,306 607,335 3,815,957 427,849 1,474,786 6,807,018

REGIONAL

TOTAL 2,884,174 5,007,172 18,288,624 7,666,037 1,452,438 1,715,845 37,014,292 3,343,409 6,040,905 7,338,932 11,376,819 3,852,339 5,061,884 37,014,292

1 Sagicor General Incorporated NO ACCOUNTS SUBMITTED

2 United Insurance Company Ltd. 53,119 4,453 90,914 - 7,246 - 155,732 1,438 - 10,964 52,344 41,149 49,837 155,732

TOTAL 53,119 4,453 90,914 - 7,246 - 155,732 1,438 - 10,964 52,344 41,149 49,837 155,732

-

GRAND TOTAL 2,937,293 5,011,625 18,379,538 7,666,037 1,459,684 1,715,845 37,170,024 3,344,847 6,040,905 7,349,896 11,429,163 3,893,488 5,111,721 37,170,024


Central Bankt Acs wide 2004 7/2/07 3:18 PM Page 197

TABLE XXI

COMPANIES

UNDERWRITING RESULTS IN RESPECT OF PROPERTY INSURANCE – 2004

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)

UNEARNED

PREMIUM

(BEGINNING

OF YEAR)

NET

PREMIUM

WRITTEN

UNEARNED

PREMIUM

(END OF YEAR)

NET

PREMIUMS

EARNED

(1+2)-3

NET CLAIMS

INCURRED

5 AS A

PERCENT

OF 4

EXPENSES OF

MANAGEMENT

AND NET

COMMISSIONS

7 AS A

PERCENT

OF 4

TOTAL

PREMIUM

PAYMENTS

(7+5)

9 AS A

PERCENT

OF 4

PROFIT

OR

(LOSS)

(4-9)

PROFIT

OR

(LOSS)

PERCENT

REPORT ON INSURANCE AND PENSIONS

197

LOCAL

$ $ $ $ $ $ $ $ $ $ $

1 American Life and General Insurance

Company (T&T) Ltd. 4,830,211 8,366,432 4,124,819 9,071,824 4,785,324 52.75 (1,883,160) (20.76) 2,902,164 31.99 6,169,660 68.01

2 Anchorage General Insurance Ltd. 224,460 274,628 228,576 270,512 113,298 41.88 644,379 238.21 757,677 280.09 (487,165) (180.09)

3 Bankers Insurance Company (T&T) Ltd. 1,281,891 1,211,772 739,443 1,754,220 234,850 13.39 800,418 45.63 1,035,268 59.02 718,952 40.98

4 British American Insurance Company

Trinidad Ltd 43,330 594,733 51,189 586,874 147,975 25.21 115,673 19.71 263,648 44.92 323,226 55.08

5 Capital Insurance Ltd. 45,674 73,221 28,182 90,713 1,480 1.63 (31,467) (34.69) (29,987) (33.06) 120,700 133.06

5 Caribbean Insurance Company Ltd. - - - - 2,317 - - - 2,317 - (2,317) -

6 Citizen Insurance Company Ltd 21,199 77,358 50,838 47,719 81,443 170.67 16,932 35.48 98,375 206.15 (50,656) (106.15)

7 Colonial Fire & General Insurance

Company Ltd. 5,309,195 6,424,956 5,550,955 6,183,196 3,099,206 50.12 2,656,552 42.96 5,755,758 93.09 427,438 6.91

8 Gulf Insurance Ltd. 1,639,397 3,419,582 3,392,876 1,666,103 (442,070) (26.53) 2,050,428 123.07 1,608,358 96.53 57,745 3.47

9 Guardian General Insurance Ltd. (715,419) 13,850,112 5,686,180 7,448,513 (465,324) (6.25) 5,210,923 69.96 4,745,599 63.71 2,702,914 36.29

9 GTM Insurance Company Ltd. 2,083,060 3,172,417 2,556,497 2,698,980 1,418,091 52.54 1,689,402 62.59 3,107,493 115.14 (408,513) (15.14)

10 Maritime General Insurance

Company Ltd. 1,536,553 3,488,162 2,043,882 2,980,833 743,011 24.93 1,228,140 41.20 1,971,151 66.13 1,009,682 33.87

11 Nationwide Insurance (Casualty

& General) Co. Ltd. U N D E R J U D I C I A L M A N A G E M E N T - - - - - - - - - -

12 N.E.M. (West Indies) Insurance Ltd. 8,068,673 (4,263,759) - 3,804,914 (7,568,464) (198.91) (1,633,028) (42.92) (9,201,492) (241.83) 13,006,406 341.83

13 Reinsurance Company of T&T Ltd. 54,085 136,404 (8,027) 198,516 75,697 38.13 142,742 71.90 218,439 110.04 (19,923) (10.04)

14 Royal Caribbean Insurance Ltd. - - - - (399,887) - 719 - (399,168) - 399,168 #DIV/0!

15 The Beacon Insurance Company Ltd 563,789 3,703,552 2,276,127 1,991,214 742,984 37.31 (123,983) (6.23) 619,001 31.09 1,372,213 68.91

16 The Goodwill General Insurance

Company Ltd. N O A C C O U N T S S U B M I T T E D - - - - - - - - -

17 The Great Northern Insurance

Company Ltd. 14,857 37,791 15,062 37,586 1,423 3.79 11,599 30.86 13,022 34.65 24,564 65.35

18 The Mountain General Insurance

Company Ltd. N O A C C O U N T S S U B M I T T E D - - - - - - - - -

19 The New India Assurance Company

(T&T) Ltd. 982,114 1,496,008 919,654 1,558,468 286,184 18.36 744,295 47.76 1,030,479 66.12 527,989 33.88

20 Trinidad & Tobago Insurance Ltd. 3,902,082 6,189,504 5,160,239 4,931,347 688,626 13.96 2,075,056 42.08 2,763,682 56.04 2,167,665 43.96

REGIONAL

TOTAL 29,885,151 48,252,873 32,816,492 45,321,532 3,546,164 7.82 13,715,620 30.26 17,261,784 38.09 28,059,748 61.91

1 Sagicor General Incorporated NO A CCOUNTS SUBMITTED - - - - - - - - - -

2 United Insurance Company Ltd. 522,903 2,006,570 789,329 1,740,144 772,444 44.39 (1,804,350) (103.69) (1,031,906) (59.30) 2,772,050 159.30

TOTAL 522,903 2,006,570 789,329 1,740,144 772,444 44.39 (1,804,350) (103.69) (1,031,906) (59.30) 2,772,050 159.30

GRAND TOTAL 30,408,054 50,259,443 33,605,821 47,061,676 4,318,608 9.18 11,911,270 25.31 16,229,878 34.49 30,831,798 65.51


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198 CENTRAL BANK OF TRINIDAD AND TOBAGO

TABLE XXII

INSURANCE POLICIES

SUMMARY AND VALUATION OF POLICIES OF AMERICAN LIFE & GENERAL INSURANCE COMPANY (T’dad & T’go) LIMITED

IN RESPECT OF LONG-TERM INSURANCE AS AT DECEMBER 31, 2004

DESCRIPTION OF TRANSACTIONS

NUMBER OF POLICIES

SUMS ASSURED

AND BONUSES

POLICIES REGISTERED IN TRINIDAD AND TOBAGO

OFFICE YEARLY

PREMIUMS

NET YEARLY

PREMIUMS

NET LIABILITY

$ $ $ $ $

Group 1- Total Assurances with Profits 11,766 550,788,245 13,111,660 8,607,180 127,070,034

Less Reinsurances - - - - -

TOTAL NET ASSURANCES WITH PROFITS 11,766 550,788,245 13,111,660 8,607,180 127,070,034

Group 2- Total Assurances without Profits 13,743 2,732,716,788 27,846,727 6,599,224 161,534,503

Less Reinsurances - - - - -

TOTAL NET ASSURANCES WITHOUT PROFITS 13,743 2,732,716,788 27,846,727 6,599,224 161,534,503

Group 3- Supplementary Benefits - - 6,051,178 3,848,005 1,795,146

Group 4- Group Assurance (Unearned Premium) 283 2,260,492,466 12,640,708 10,112,566 43,183.00

Group 5- Individual Annuities - Deferred 11,779 0 pa - - 62,097,836

In Payment - 0 pa - - -

TOTAL IND. ANNUITIES 11,779 - - - 62,097,836

Group 6 - Tax Qual. Ind. Annuities - Deferred 10,372 0 pa - - 123,775,980

In Payment 714 2,803,526 pa - - 29,727,640

TOTAL TAX QUAL. IND. ANNUITIES 11,086 2,803,526 pa - - 153,503,620

Group 7 - Group Annuities- Deferred 49 0 pa - - 156,848,350

In Payment - 2,884,674 pa - - 33,726,088

TOTAL GROUP ANNUITIES 48 2,601,012 - - 176,947,426

AIDS RESERVE - - - - 27,000,000

PERSONAL ACCIDENT BENEFITS - - - - 1,786,051

GRAND TOTAL - NET 48,706 5,543,997,499 59,650,273 29,166,975 725,404,810

5,688,200 pa

VALUATION BALANCE SHEET OF THE LONG-TERM LIFE INSURANCE OF ALGICO

AS AT DECEMBER 31, 2004

$ $

Net Liabilities under Policies on Register 725,404,811 Balance of Long Term Fund 831,493,957

in Trinidad and Tobago

per Revenue Account

Other -

Surplus (if any) 106,089,146 Deficiency (if any) -

TOTAL 831,493,957 TOTAL 831,493,957


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TABLE XXIII

SUMMARY AND VALUATION OF POLICIES OF BANCASSURANCE CARIBBEAN LIMITED

IN RESPECT OF LONG-TERM BUSINESS AS AT DECEMBER 31, 2004

DESCRIPTION OF TRANSACTIONS

POLICIES REGISTERED IN TRINIDAD AND TOBAGO

OTHER EXPENSES

NUMBER OF POLICIES SUMS ASSURED REVERSIONARY

BONUS

OFFICE YEARLY

PREMIUMS

NET YEARLY

PREMIUMS

NET LIABILITY

REPORT ON INSURANCE AND PENSIONS

199

INSURANCE POLICIES

$ $ $ $ $

Group 1- With full Participation in Profits 2,846 156,893,407 4,915,316 1,761,982 1,144,231 38,005,675

Less Reassurance: Original Term - 480,921 - 5,231 - 2,615

TOTAL NET INSURANCE 2,846 156,412,486 4,915,316 1,756,751 1,144,231 38,003,060

Group 3 – Without Participation in Profits 2,737 565,209,805 11,665 2,484,074 1,401,698 35,030,222

Less Reassurance: Risk Premium - 33,025,436 - 193,799 - 149,096

TOTAL NET INSURANCE 2,737 532,184,369 11,665 2,290,275 1,401,698 34,881,126

Group 5- Annuities 265 278,863 - 28,953 1,116,012 4,238,482

Less Reassurance - - - - - -

TOTAL NET INSURANCE 265 278,863 - 28,953 1,116,012 4,238,482

Group 6 - Other

Group Life 5 1,253,261,164 - 3,100,954 - 10,448,472

Less Reassurance - 321,524,098 - 902,394.00 - 90,239

TOTAL NET INSURANCE 5 931,737,066 - 2,198,560 - 10,358,233

GRAND TOTAL 5,853 1,620,612,784 4,926,981 6,274,539 3,661,941 87,480,901

VALUATION BALANCE SHEET OF THE BANCASSURANCE CARIBBEAN LIMITED

IN RESPECT OF BUSINESS DONE IN TRINIDAD AND TOBAGO

ONLY AS AT DECEMBER 31, 2004

$’000 $’000

Actuarial Reserves Par 39,082 Value of Assets 435,318

Non Par 48,400

87,482 Less

Unappropriated Surplus Current Liabilities (93,912)

Par 107,053

Non-Par 137,707

244,760

Share Premium 4,223

Share Capital 4,940

TOTAL 341,405 TOTAL 341,405


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200 CENTRAL BANK OF TRINIDAD AND TOBAGO

TABLE XXIV

DESCRIPTION OF TRANSACTIONS

GROUP 3 - Without Participation in Profits

SUMMARY AND VALUATION OF POLICIES OF

BRITISH AMERICAN INSURANCE COMPANY (T'DAD) LIMITED

IN RESPECT OF LONG-TERM BUSINESS AS AT DECEMBER 31, 2004

POLICIES REGISTERED IN TRINIDAD AND TOBAGO

OTHER EXPENSES

NUMBER OF POLICIES SUMS ASSURED REVERSIONARY

BONUS

OFFICE YEARLY

PREMIUMS

NET YEARLY

PREMIUMS

$ $ $ $ $

Whole term with premiums throughout 1,592 66,424,634 - 1,420,146 788,979 15,917,428

Whole term with limited premiums 46 2,592,500 - 32,232 16,275 781,927

Endowment Assurances 275 12,901,660 - 343,451 268,806 6,389,182

Term Polices 1,539 428,866,050 - 2,247,058 - 2,247,058

Unit-Linked / Interest-Sensitive 11,001 1,371,061,393 - 20,897,826 - 45,564,528

Non-premium paying policies 47 1,522,381 - - - 935,536

Supplemental Benefits - - - - - 40,818

Annuities in payment 20 n/a - - - 418,499

Deferred Annuities 12,126 n/a - 179,874,943 - 180,633,721

TOTAL - ORDINARY 26,646 1,883,368,618 - 204,815,656 1,074,060 252,928,697

Industrial Life

Whole term with premiums throughout 327 2,811,000 - 159,339 115,254 629,960

Whole term with limited premiums 107 128,789 - 4,759 1,766 83,240

Endowment Assurances 165 1,777,934 - 153,658 128,984 1,359,531

Term Polices - - - - - -

Non-premium paying policies 4,141 2,328,365.00 - - - 1,430,719

TOTAL - INDUSTRIAL 4,740 7,046,088 - 317,756 246,004 3,503,450

GRAND TOTAL 31,386 1,890,414,706 - 205,133,412 1,320,064 256,432,147

VALUATION BALANCE SHEET OF

THE BRITISH AMERICAN INSURANCE COMPANY (T'DAD) LIMITED

IN RESPECT OF BUSINESS DONE IN TRINIDAD AND TOBAGO

ONLY AS AT DECEMBER 31, 2004

Net Liabilities under Ordinary Life Policies 252,928,697 Ordinary Life Fund 262,603,073

Net Liabilities under Industrial Life Policies 3,503,450 Industrial Life Fund 2,936,015

Surplus 9,674,376 Deficit 567,435

TOTAL 266,106,523 TOTAL 266,106,523


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TABLE XXV

SUMMARY AND VALUATION OF POLICIES OF

CARIBBEAN ATLANTIC LIFE INSURANCE COMPANY (T&T) LIMITED

IN RESPECT OF LONG-TERM BUSINESS

AS AT DECEMBER 31, 2004

POLICIES REGISTERED IN TRINIDAD AND TOBAGO

DESCRIPTION OF TRANSACTIONS

NUMBER OF POLICIES SUMS INSURED REVERSIONARY

BONUSES

OFFICE YEARLY

PREMIUMS

NET YEARLY

PREMIUMS

NET LIABILITY

REPORT ON INSURANCE AND PENSIONS

INSURANCE POLICIES

Group 3 - Without Participation in Profits

$ $ $ $ $ $

Whole Life 348 13,387,380 - 214,467 - 5,134,088

Endowment 51 1,310,156 - 31,994 - 444,460

Term 4 640,000 - 9,717 - 4,722

Extra Premiums - - - 5,270 - 5,270

Additional Benefits - - - 12,924 - 12,924

SUB TOTAL 403 15,337,536 - 274,372 - 5,601,464

Less Reassurance - 808,492 - 10,558 - 10,558

TOTAL TOTAL NET INSURANCE 403 14,529,044 - 263,814 - 5,590,906

Group 5 - Annuities

Immediate Annuities 25 64,971 - - - 430,935

Deferred Annuities 22 79,825 - 13,712 - 493,973

SUB TOTAL 47 144,796 - 13,712 - 924,908

Less Reassurance - - - - - -

TOTAL NET INSURANCE 47 144,796 - 13,712 - 924,908

GRAND TOTAL 450 14,673,840 - 277,526 - 6,515,814

201


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202 CENTRAL BANK OF TRINIDAD AND TOBAGO

TABLE XXVI

INSURANCE POLICIES

DESCRIPTION OF TRANSACTIONS

$ $ $ $ $ $

Group 1

With Full Participation in Profits 2,142 159,680,302 68,072,668 3,476,642 1,918,884 75,083,859

Less Reassurance - 8,182,075 - 188,459 - 94,813

TOTAL NET FULL PARTICIPATION 2,142 151,498,227 68,072,668 3,288,183 1,918,884 74,989,046

With Quarter Participation in Profits 500 35,532,488 3,887,164 433,398 333,500 10,770,562

Less Reassurance - 1,199,814 - 33,004 - 16,691

TOTAL NET QUARTER PARTICIPATION 500 34,332,674 3,887,164 400,394 333,500 10,753,871

Bonus Provision - - - - - 3,919,670

TOTAL NET GROUP 1 2,642 185,830,901 71,959,832 3,688,577 2,252,384 89,662,587

Group 3

Without Participation in Profits 64,587 18,232,132,217 203,278 228,555,547 7,558,214 694,239,563

Less Reassurance - 4,602,537,270.00 - 16,755,543.00 - 9,475,990.00

TOTAL NET GROUP 3 64,587 13,629,594,947 203,278 211,800,004 7,558,214 684,763,573

Group 5

SUMMARY AND VALUATION OF POLICIES OF

GUARDIAN LIFE OF THE CARIBBEAN LIMITED

IN RESPECT OF LONG TERM BUSINESS

AS AT DECEMBER 31, 2004

NUMBER OF POLICIES SUMS INSURED REVERSIONARY

BONUSES

POLICIES REGISTERED IN TRINIDAD AND TOBAGO

OFFICE YEARLY

PREMIUMS

NET YEARLY

PREMIUMS

NET LIABILITY

Annuities 35,797 59,498,759 463,587 159,094,874 172,957 1,691,140,006

Less Reassurance - - - - - -

TOTAL NET GROUP 5 35,797 59,498,759 463,587 159,094,874 172,957 1,691,140,006

Group 6

Other Long Term Assurance Business

Group Life: Basic 188 1,681,427,301 - 6,837,892 - 3,588,124

Newlife - - - 766,462 - 144,588

Group LTD - 44,275,426 - 569,908 - 648,184

Group Mortgage Protection 6 152,710,840 - 275,894 - 1,748,307

Group Unit Linked 3 149,500 - 22,000 - 229,549

Additional Benefits - 1,493,867,036 - 1,521,880 - 1,521,880

TOTAL GROSS INSURANCE 197 3,372,430,103 - 9,994,036 - 7,880,632

Less Reassurance - 1,468,944,760 - 3,289,438 - 1,204,360

TOTAL NET GROUP 6 197 1,903,485,343 - 6,704,598 - 6,676,272

GRAND TOTAL 103,223 15,778,409,950 72,626,697 381,288,053 9,983,555 2,472,242,438


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TABLE XXVI(cont’d)

VALUATION BALANCE SHEET OF GUARDIAN LIFE OF THE CARIBBEAN LIMITED

IN RESPECT OF BUSINESS DONE IN TRINIDAD AND TOBAGO ONLY

AS AT DECEMBER 31, 2004

$ $

Actuarial Reserves

Participating Policies 89,835 Value of Assets 3,595,556

Non Participating Policies 2,383,487

2,473,322

Investment & Contingency Reserve Current Liabilities (393,234)

Participating Policies 50,237

Non Participating Policies 234,127

284,364

Unappropriated Surplus

Participating Policies 211,003

Non Participating Policies 153,370

364,373

Shareholders' Account 26,914

Share Capital 53,349

TOTAL 3,202,322 TOTAL 3,202,322

REPORT ON INSURANCE AND PENSIONS

203


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204 CENTRAL BANK OF TRINIDAD AND TOBAGO

TABLE XXVII

INSURANCE POLICIES

DESCRIPTION OF TRANSACTIONS

SUMMARY AND VALUATION OF POLICIES OF

LIFE OF BARBADOS LIMITED

IN RESPECT OF LONG-TERM BUSINESS

AS AT DECEMBER 31, 2004

NUMBER OF POLICIES SUMS INSURED REVERSIONARY

BONUSES

POLICIES REGISTERED IN TRINIDAD AND TOBAGO

OFFICE YEARLY

PREMIUMS

NET YEARLY

PREMIUMS

NET LIABILITY

$ $ $ $ $ $

Group 1 - With full Participation in Profits

Whole Term Life 1,374 99,122,810 - 1,342,700 - 18,535,494

Endowment Insurance 243 6,896,697 - 249,555 - 2,987,778

Less Reassurance - 21,346,330 - - - -

TOTAL NET INSURANCE 1,617 84,673,177 - 1,592,255 - 21,523,272

Group 3 - Without Participation in Profits

Whole Term Life 204 3,195,000 - 157,177 - 351,307

Endowment Insurance 378 113,683,806 - 652,533 - (76,128)

Extra Premiums and Supp Benefits - - - 1,312,900 1,315,416

Less Reassurance 48,107,742 - - - -

TOTAL NET INSURANCE 582 68,771,064 - 2,122,610 - 1,590,595

Group 5 - Annuities 347 4,200,356 - 87,542 - 10,492,407

Less Reassurance - - - - - -

TOTAL NET INSURANCE 347 4,200,356 - 87,542 - 10,492,407

Group 6 - Other

Universal Life 5,073 673,249,250 - 15,882,325 - 58,126,672

Group Life 2 2,349,579 - 22,537 - 2,629

Group AD&D 1,880,000 - - - -

Less Reassurance - 119,300,051 - - - -

TOTAL NET INSURANCE 5,075 558,178,778 - 15,904,862 - 58,129,301

GRAND TOTAL 7,621 715,823,375 - 19,707,269 - 91,735,575


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TABLE XXVIII

SUMMARY AND VALUATION OF POLICIES OF

NATIONWIDE INSURANCE COMPANY LIMITED

IN RESPECT OF LONG-TERM BUSINESS

AS AT DECEMBER 31, 2004

POLICIES REGISTERED IN TRINIDAD AND TOBAGO

DESCRIPTION OF TRANSACTIONS

NUMBER OF POLICIES SUMS INSURED REVERSIONARY

BONUSES

OFFICE YEARLY

PREMIUMS

NET YEARLY

PREMIUMS

NET LIABILITY

REPORT ON INSURANCE AND PENSIONS

205

INSURANCE POLICIES

$ $ $ $ $ $

Group 1 - With immediate Participation in Profits

Whole Term of Life 316 17,496,852 5,700,036 338,715 - 4,959,871

Endowment Insurance 93 2,945,117 800,495 112,182 - 1,892,655

TOTAL INSURANCES 409 20,441,969 6,500,531 450,897 - 6,852,526

Deduct Reinsurance - - - - - -

TOTAL NET ASSURANCE WITH IM PROFITS 409 20,441,969 6,500,531 450,897 0 6,852,526

Group 2 - With Deferred Participation in Profits - - - - - -

TOTAL NET ASSURANCE WITH DEF PROFITS - - - - - -

Group 3 - Without Participation in Profits

Whole Term of Life 708 63,891,967 - 1,049,347 - 14,339,944

Term 40 20,841,790 - 104,576 - 53,937

Extra Premiums and Supp. Benefits 504 - - 333,316 - 134,324

TOTAL INSURANCES 1,252 84,733,757 - 1,487,239 - 14,528,205

Deduct Reinsurance

TOTAL NET ASSURANCE WITHOUT PROFITS 1,252 84,733,757 - 1,487,239 - 14,528,205

Group 4- Endowments - - - - - -

TOTAL NET ENDOWMENTS - - - - - -

Group 5 - Annuities

Approved Pension Annuities 272 - - - - 7,690,053

Approved Deferred Annuities 12 - - - - 366,478

TOTAL NET ANNUITIES 284 - - - - 8,056,531

Deduct Reinsurance - - - - - -

TOTAL NET ANNUITIES 284 - - - - 8,056,531

Group 6 - Other Long-Term Insurance Business

Universal Life 1,829 31,520,259 - 3,948,486 - 11,196,466

Deduct Reinsurances

TOTAL NET 1,829 31,520,259 - 3,948,486 - 11,196,466

TOTAL OF THE RESULTS AFTER

DEDUCTION OF REINSURANCES 3,774 136,695,985 6,500,531 5,886,622 - 40,633,728


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206 CENTRAL BANK OF TRINIDAD AND TOBAGO

TABLE XXIX

INSURANCE POLICIES

DESCRIPTION OF TRANSACTIONS

SUMMARY AND VALUATION OF POLICIES

OF SAGICOR LIFE INCORPORATED

IN RESPECT OF LONG TERM INSURANCE BUSINESS

AS AT DECEMBER 31, 2004

NUMBER OF POLICIES SUMS INSURED REVERSIONARY

BONUSES

POLICIES REGISTERED IN TRINIDAD AND TOBAGO

OFFICE YEARLY

PREMIUMS

NET YEARLY

PREMIUMS

NET LIABILITY

$ $ $ $ $ $

Group 1 - With Immediate Participation in Profits

Whole Term of Life 2,182 163,129,437 23,691,844 3,540,534 - 56,507,883

Endowment 75 3,434,233.00 524,031 128,230 1,407,849

TOTAL INSURANCES 2,257 166,563,670 24,215,875 3,668,764 - 57,915,732

Deduct Reinsurance - 2,731,333 - - - -

TOTAL NET INSURANCES WITH IM PROFITS 2,257 163,832,337 24,215,875 3,668,764 - 57,915,732

Group 2 - With Deferred Participation in Profits - - - - - -

TOTAL NET INSURANCES WITH DEF PROFITS - - - - - -

Group 3 - Without Participation in Profits

Whole Term of Life 536 503,861,531.00 - 5,763,594 - 1,809,906

Term 3,186 1,729,180,456 - 10,670,477 - 1,271,967

Extra Premiums and Supp Benefits 18 - - 5,902,254 - (6,198,756)

TOTAL INSURANCES 3,740 2,233,041,987 - 22,336,325 - (3,116,883)

Deduct Reinsurance - 738,422,011 - - - -

TOTAL NET INSURANCES WITHOUT PROFITS 3,740 1,494,619,976 - 22,336,325 - (3,116,883)

Group 4- Endowments - - - - - -

TOTAL NET ENDOWMENTS - - - - - -

Group 5 - Annuities

Approved Pension Annuities 1,247 - - - - 132,595,710

Approved Deferred Annuities 1,843 9,080,730 4,191,778 2,026,571 - 202,273,104

Deduct Reinsurance - - - - - -

TOTAL NET ANNUITIES 3,090 9,080,730 4,191,778.00 2,026,571 - 334,868,814

Group 6 - Other Long Term Business

Universal Life 27,279 3,045,347,251 - 128,264,819 - 470,954,835

Group Life Insurance 11,872 - - - - 709,425

Group Creditor 32,356 1,338,282,670 - 37,519,773 - 4,117,083.00

Individual Health 425 - - - - 866,155.00

Deduct Reinsurance 1,649,553,368 - - - -

TOTAL NET 71,932 2,734,076,553 - 165,784,592 - 476,647,498

TOTAL OF THE RESULTS AFTER

DEDUCTION OF REINSURANCES 81,019 4,401,609,596 28,407,653 193,816,252 - 866,315,161


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TABLE XXX

SUMMARY AND VALUATION OF POLICIES

OF SCOTIALIFE TRINIDAD AND TOBAGO LIMITED

IN RESPECT OF LONG-TERM BUSINESS

AS AT OCTOBER 31, 2004

POLICIES REGISTERED IN TRINIDAD AND TOBAGO

DESCRIPTION OF TRANSACTIONS

NUMBER OF POLICIES

SUMS ASSURED

AND BONUSES

OFFICE YEARLY

PREMIUMS

NET YEARLY

PREMIUMS

NET LIABILITY

REPORT ON INSURANCE AND PENSIONS

207

INSURANCE POLICIES

$ $ $ $ $

Group 1 - With immediate participation in profits - - - - -

Group 2 - With deferred participation in profits - - - - -

TOTAL NET INSURANCES WITH PROFITS - - - - -

Group 3 - Without participation in profits - - - - -

TOTAL NET INSURANCES WITHOUT PROFITS - - - - -

Group 4 - Endowments - - - - -

TOTAL NET ENDOWMENTS - - - - -

Group 5 - Annuities

Immediate Annuities - - - N/A -

Approved Deferred Annuities 116 - 46,305 N/A 239,599

Unapproved Deferred Annuities 116 1,594,000 513,803 N/A 253,801

TOTAL NET ANNUITIES 232 1,594,000 560,108 0 493,400

Group 6 - Other Long Term Insurance Business

Universal 1,028 27,124,000 5,291,678 N/A 33,396,541

TOTAL OF THE RESULTS AFTER DEDUCTION

OF REINSURANCES 1,260 28,718,000 5,851,786 - 33,889,941

VALUATION BALANCE SHEET OF THE SCOTIALIFE TRINIDAD AND TOBAGO

IN RESPECT OF BUSINESS DONE IN TRINIDAD AND TOBAGO ONLY

AS AT OCTOBER, 2004

$ $

Net Liabilities under Policies on Register 33,889,941 Balance of Revenue Account 40,356,377

in Trinidad and Tobago

Other - Deficiency (if any) -

Surplus (if any) 6,466,436

TOTAL 40,356,377 TOTAL 40,356,377


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208 CENTRAL BANK OF TRINIDAD AND TOBAGO

TABLE XXXI

INSURANCE POLICIES

DESCRIPTION OF TRANSACTIONS

SUMMARY AND VALUATION OF POLICIES

OF TATIL LIFE ASSURANCE LIMITED

IN RESPECT OF LONG-TERM BUSINESS

AS AT DECEMBER 31, 2004

NUMBER OF POLICIES SUMS INSURED REVERSIONARY

BONUSES

$ $ $ $ $ $

Group 1 - With immediate Participation in Profits 3,617 129,833,124 36,149,097 2,559,223 1,025,883 69,396,455

Add: Extra Premiums - - - 36,110 - 36,110

Reserves for waiver of premium benefit - - - - - 28,931

Reserve for Accidental Death NALACO - - - - - 21,505

Aids mortality reserve - - - - - 376,969

Deduct: Reinsurance - 41,412,054 - 119,888 - 59,944

TOTAL NET ASSURANCE WITH PROFITS 3,617 88,421,070 36,149,097 2,475,445 1,025,883 69,800,026

Group 3-Without Participation in Profits 22,529 2,913,577,444 - 40,119,356 3,359,556 114,251,290

Add: Extra Premiums - - - 454,422 - 454,422

Reserves for waiver of premium benefit - - - - - 786,343

Reserves for refund of premium benefit - - - - - 1,051,201

Reserve for Accidental Death NALACO - - - - - 131

Aids mortality reserve - - - - - 5,695,205

Deduct: Reinsurance - 929,325,423 - 2,793,264 - 1,396,632

TOTAL NET ASSURANCE WITHOUT PROFITS 22,529 1,984,252,021 - 37,780,514 3,359,556 120,841,960

Group 5- Annuities 10,211 281,806,190 19,591 33,181,017 - 270,099,657

TOTAL NET ANNUITIES 10,211 281,806,190 19,591 33,181,017 - 270,099,657

(Widows 165,415)

POLICIES REGISTERED IN TRINIDAD AND TOBAGO

OFFICE YEARLY

PREMIUMS

NET YEARLY

PREMIUMS

NET LIABILITY

Group 6 - Other Long Term Business

Group Life Insurance 99 569,120,842 - 3,595,238 - 624,405

Aids mortality reserve - - - - - 735,185

Deduct: Reinsurance - 324,059,285 - 1,250,180 - 208,363

TOTAL NET OTHER LONG TERM BUSINESS 99 245,061,557 - 2,345,058 - 1,151,227

TOTAL OF THE RESULTS AFTER DEDUCTION 36,456 2,317,734,648 36,149,097 75,782,034 4,385,439 461,892,870

OF REINSURANCES BUT BEFORE ADJUSTMENT 281,806,190 19,591

TO ALLOW FOR NEW BUSINESS EXPENSES (Widows 165,415)

Adjustment to allow for amortization

of new business expenses - - - - - 2,444,236

TOTAL OF THE RESULTS AFTER DEDUCTION 36,456 2,317,734,648 36,149,097 75,782,034 4,385,439 459,448,634

OF REINSURANCE AND AFTER ADJUSTMENT 281,806,190 19,591

FOR NEW BUSINESS EXPENSES (Widows 165,415)


Central Bankt Acs wide 2004 7/2/07 3:18 PM Page 209

TABLE XXXI (cont’d)

VALUATION BALANCE SHEET OF THE LONG-TERM LIFE INSURANCE

OF TATIL LIFE ASSURANCE LTD IN AS AT DECEMBER 31, 2004

(IN RESPECT OF BUSINESS DONE IN TRINIDAD AND TOBAGO ONLY)

INDIVIDUAL

$ $

Net liabilities under policies on

Value of individual insurance funds

Register in Trinidad & Tobago

as shown in company accounts at

at December 31, 2004 344,079 December 31, 2004 (excluding

policy holder deposits) 593,733

Provision for payment of

Bonuses and Dividends 1,660

Other Liabilities 106,333

Transfer from the individual Ordinary Life

Fund to the Group Life Fund 184

Unrealised Investment Reserve 79,980

Surplus 61,497

TOTAL 593,733 TOTAL 593,733

REPORT ON INSURANCE AND PENSIONS

GROUP

$ $

(a) Net Liabilities under group

Value of group funds as shown

business in Trinidad and Tobago in company accounts at December 31, 2004 364,483

at December 31, 2004 115,369

Transfer from the individual Ordinary Life Fund

Unrealised Investment Reserve 69,620 to the Group Life Fund 184

Surplus 179,678

TOTAL 364,667 TOTAL 364,667

209


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210 CENTRAL BANK OF TRINIDAD AND TOBAGO

TABLE XXXII

NAME OF PLAN

CONTRIBUTIONS BY

FUND AT THE

BEGINNING OF

PERIOD EMPLOYERS EMPLOYEES

ANNUITY PENSION FUND PLANS – REVENUE ACCOUNT – 2004

ADDITIONAL

CONTRIBU-

TIONS BY

EMPLOYERS TO

MEET

DEFICIENCY

INTEREST

DIVIDENDS

AND RENTS

OTHER

INCOME

TO BE

SPECIFIED

TOTAL

REVENUE

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $

TOTAL

DEATH

GRANTS

RETURN OF

CONTRIBUTION

ON

WITHDRAWAL

OTHER

EXPENDITURE

TO BE

SPECIFIED

TOTAL

EXPENDITURE

1. A.S. Bryden and Sons (Trinidad)

Limited Pension Plan 21,988,042 1,160,879 411,870 - 2,318,384 251,664 26,130,839 2,006,840 - 2,006,840 - 179,369 274,272 2,460,481 23,670,358

2. Baroids Trinidad Service Limited

Pension Fund Plan 25,558,430 - 301,642 - 2,388,650 - 28,248,722 182,778 37,933.00 220,711 - 68,686 79,740 369,137 27,879,585

3. Coconut Growers Association

Pension Fund Plan

4. Laughlin and De Gannes Limited

Pension Fund Plan 21,284,382 - 2,880 - 1,548,349 - 22,835,611 595,881 1,207,800.00 1,803,681 - - 246,034 2,049,715 20,785,896

5. Penta Paints Caribbean Limited

Pension Fund Plan

6. The Incorporated Trustees of the

Anglican Church in the Diocese of

Trinidad and Tobago 2,340,867 42,772 4,637 - 218,890 - 2,607,166 - 3,413 3,413 - 32,616 18,524 54,553 2,552,613

GRAND TOTAL 71,171,721 1,203,651 721,029 - 6,474,273 251,664.00 79,822,338 2,785,499 1,249,146 4,034,645 - 280,671 618,570 4,933,886 74,888,452 1

PENSIONS TO

RETIRED

EMPLOYEES

RETIREMENT

GRATUITIES

FUNDS

AT END

OF PERIOD


Central Bankt Acs wide 2004 7/2/07 3:18 PM Page 211

TABLE XXXIII (cont’d)

NAME OF PLAN

CONTRIBUTIONS BY

FUND AT THE

BEGINNING OF

PERIOD EMPLOYERS EMPLOYEES

DEPOSIT ADMINISTRATION PENSION FUND PLANS – REVENUE ACCOUNT – 2004

ADDITIONAL

CONTRIBU-

TIONS BY

EMPLOYERS TO

MEET

DEFICIENCY

INTEREST

DIVIDENDS

AND RENTS

OTHER

INCOME

TO BE

SPECIFIED

TOTAL

REVENUE

SUPERANNUATION BENEFITS

PENSIONS TO

RETIRED

EMPLOYEES

RETIREMENT

GRATUITIES

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $

TOTAL

DEATH

GRANTS

RETURN OF

CONTRIBUTION

ON

WITHDRAWAL

OTHER

EXPENDITURE

TO BE

SPECIFIED

TOTAL

EXPENDITURE

1 Albrosco Limited Staff Pension Plan 9,007,429 1,068 - - 669,611 - 9,678,108 140,692 117,737 258,429 - 350,691 117,310 726,430 8,951,678

FUNDS

AT END

OF PERIOD

REPORT ON INSURANCE AND PENSIONS

211

2 All Trinidad Sugar and General

Factory Workers Trade Union Staff

Pension Plan 1,839,151 61,949 44,249 - 155,596 - 2,100,945 - - - - 5,004 1,962 6,966 2,093,979

3 Alstons Limited Pension Fund Plan

4 Anthony N. Sabga Limited Pension

Fund Plan 9,709,840 338,855 338,855 - 927,569 - 11,315,119 37,993 12,665 50,658 - 92,614 66,636 209,908 11,105,211

5 Angostura Bitters (Dr. J.G.B. Siegert

& Sons) Limited Pension Fund Plan

6 Armour's Funeral Homes Limited

Pension Fund Plan

7 ASA Wright Nature Centre

Pension Fund Plan

8 Barbados Mutual Life Assurance

Society Pension Plan 23,090,565 812,431 513,801 - 1,795,698 94,077 26,306,572 349,415 - 349,415 - 27,923 197,773 575,111 25,731,461

9 Bel Air International Airport Hotel

Limited Pension Plan 390,794 98,000 - - 34,833 - 523,627 58,364 - 58,364 - - 28,787 87,151 436,476

10 Berger Paints Trinidad Ltd.

Weekly Paid Pension Fund Plan

11 Bermudez Biscuit Company Ltd.

Pension Plan

12 British High Commission

Pension Fund Plan

13 Bristol- Myers Squibb (West Indies)

Limited 3,501,978 62,320 58,979 - 285,624 - 3,908,901 - - - - 98,071 2,113 100,184 3,808,717

14 BWIA General Staff Pension Plan

15 Caribbean Bulk Storage Trading

Company Limited Pension Fund Plan 1,800,807 81,195 - - 134,273 - 2,016,275 45,134 - 45,134 - - 3,441 48,575 1,967,700

16 Caribbean Packaging Industry

Limited Pension Fund Plan for

Senior Staff Employees 8,093,012 251,286 191,100 - 565,111 209,927 9,310,436 323,547 - 323,547 - 9,917 61,061 394,525 8,915,911

17 Caribbean Packaging Industries

Limited Pension Fund Plan for

Junior Staff Employees 5,668,007 402,818 346,347 - 482,804 (209,927) 6,690,049 162,883 80,181 243,064 - 38,335 79,633 361,032 6,329,017

18 CBP Limited Pension Plan

19 Century Eslon Limited Pension Plan

20 Clark & Battoo Ltd. Pension

Fund Plan

21 Clico Investment Bank Ltd. Staff

Pension Fund Plan 2,531,497 303,510 140,477 - 211,495 188,913 3,375,892 - - - - 92,693 12,118 104,811 3,271,081

Carried Forward 65,633,080 2,413,432 1,633,808 - 5,262,614 282,990 75,225,924 1,118,028 210,583 1,328,611 - 715,248 570,834 2,614,693 72,611,231


Central Bankt Acs wide 2004 7/2/07 3:18 PM Page 212

212 CENTRAL BANK OF TRINIDAD AND TOBAGO

TABLE XXXIII (cont’d)

NAME OF PLAN

CONTRIBUTIONS BY

FUND AT THE

BEGINNING OF

PERIOD EMPLOYERS EMPLOYEES

DEPOSIT ADMINISTRATION PENSION FUND PLANS – REVENUE ACCOUNT – 2004

ADDITIONAL

CONTRIBU-

TIONS BY

EMPLOYERS TO

MEET

DEFICIENCY

INTEREST

DIVIDENDS

AND RENTS

OTHER

INCOME

TO BE

SPECIFIED

TOTAL

REVENUE

SUPERANNUATION BENEFITS

PENSIONS TO

RETIRED

EMPLOYEES

RETIREMENT

GRATUITIES

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $

TOTAL

DEATH

GRANTS

RETURN OF

CONTRIBUTION

ON

WITHDRAWAL

OTHER

EXPENDITURE

TO BE

SPECIFIED

TOTAL

EXPENDITURE

Brought Forward 65,633,080 2,413,432 1,633,808 - 5,262,614 282,990.00 75,225,924 1,118,028 210,583 1,328,611 - 715,248 570,834 2,614,693

22 C.M.B. Packaging T'dad Ltd. Staff

Pension Fund Plan

23 Coates Brothers Caribbean Limited

Pension Fund Plan

24 Colonial Fire and General Insurance

Company Limited Pension Fund Plan 26,950,539 720,485 432,291 - 2,285 7,152,282 35,257,882 190,158 - 190,158 - 44,964 462,968 698,090 34,559,792

25 Colonial Life Insurance Company

Staff Pension Plan 138,039,021 2,292,199 1,289,362 - - 35,388,208 177,008,790 8,235,449 - 8,235,449 218,394 727,359 1,181,981 10,363,183 166,645,607

26 Diego Martin Credit Union Corp.

Society Ltd. Staff Pension Fund Plan

27 Eric Solis Marketing Limited Staff

Pension Plan 2,223,311 83,945 83,945 - 171,011 - 2,562,212 63,394 - 63,394 - 4,316 27,396 95,106 2,467,106

28 F.T. Farfan & Sons Ltd.

Staff Pension Plan 4,274,565 575,201 294,975 - 398,014 - 5,542,755 32,316 - 32,316 - 60,995 97,250 190,561 5,352,194

29 Furness T'dad Limited

(Monthly Paid Employees)

Pension Fund Plan 9,540,026 182,373 182,373 - 663,567 - 10,568,339 1,188,757 1,359,766 2,548,523 - 110,062 55,322 2,713,907 7,854,432

30 Fujitsu ICL Caribbean (Tdad) Ltd 6,703,389 136,169.00 - - 474.00 1,472,452 8,312,484 - - - - - 155,106 155,106 8,157,378

31 Grace Kennedy (Trinidad and

Tobago) Limited Pension Fund Plan

FUNDS

AT END

OF PERIOD

32 Group Pension Plan for the

Managerial Employees ALGICO 7,907,216 284,628 284,628 - 671,346 - 9,147,818 - - - - 7,769 - 7,769 9,140,049

33 Group Pension Plan for the Non-

Managerial Employees of ALGICO

34 Gulf Engineering Services Limited

Pension Fund Plan

35 Gulf Insurance Ltd. Group

Pension Plan 5,361,790 249,614 228,171 - 753,201 - 6,592,776 6,812 - 6,812 - 131,414 99,239 237,465 6,355,311

36 Halliburnton Trinidad Ltd.

Pension Plan

37 Home Construction Ltd.

Pension Plan 24,147,786 987,456 658,304 - 459 3,608,218 29,402,223 820,816 - 820,816 - 268,917 351,097 1,440,830 27,961,393

38 Inglefield Ogilvy & Mather

Caribbean Ltd. Pension Fund Plan

39 Insurance Brokers (West Indies) Ltd.

Pension Fund Plan 6,994,489 - 4,000 - 517,714 - 7,516,203 104,817 - 104,817 - - 900 105,717 7,410,486

40 J.N. Harriman and Company Limited

Pension Fund Plan

Carried Forward 297,775,212 7,925,502 5,091,857 - 8,440,685 47,904,150 367,137,406 11,760,547 1,570,349 13,330,896 218,394 2,071,044 3,002,093 18,622,427 348,514,979


Central Bankt Acs wide 2004 7/2/07 3:18 PM Page 213

TABLE XXXIII (cont’d)

NAME OF PLAN

CONTRIBUTIONS BY

FUND AT THE

BEGINNING OF

PERIOD EMPLOYERS EMPLOYEES

DEPOSIT ADMINISTRATION PENSION FUND PLANS – REVENUE ACCOUNT – 2004

ADDITIONAL

CONTRIBU-

TIONS BY

EMPLOYERS TO

MEET

DEFICIENCY

INTEREST

DIVIDENDS

AND RENTS

OTHER

INCOME

TO BE

SPECIFIED

TOTAL

REVENUE

SUPERANNUATION BENEFITS

PENSIONS TO

RETIRED

EMPLOYEES

RETIREMENT

GRATUITIES

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $

TOTAL

DEATH

GRANTS

RETURN OF

CONTRIBUTION

ON

WITHDRAWAL

OTHER

EXPENDITURE

TO BE

SPECIFIED

TOTAL

EXPENDITURE

Brought Forward 297,775,212 7,925,502 5,091,857 - 8,440,685 47,904,150 367,137,406 11,760,547 1,570,349 13,330,896 18,622,427 348,514,979

41 Johnson and Johnson T'dad Ltd.

Staff Pension Fund Plan 38,568,919 377,648 377,648 - - 10,231,312 49,555,527 666,455 - 666,455 - 121,417 539,950 1,327,822 48,227,705

42 Joseph Charles Bottling Works -

Investment Limited Pension

Fund Plan

43 J.T.A. Supermarkets Limited Pension

Fund Plan

44 Junior Schools Ltd. Pension

Fund Plan 2,429,146 75,548 68,243 - 212,976 2,472 2,788,385 55,265 53,458 108,723 - 9,817 26,503 145,043 2,643,342

45 Lake Asphalt of T'dad and T'go

1978 Ltd. Staff Pension Plan 6,781,521 190,469 190,469 - 516,690 - 7,679,149 - - - - - 11,374 11,374 7,667,775

FUNDS

AT END

OF PERIOD

REPORT ON INSURANCE AND PENSIONS

213

46 Lake Asphalt of T'dad and T'go

1978 Ltd. Employees (weekly)

Pension Plan 19,842,636 1,009,601 247,372 - 1,413,265.00 - 22,512,874 1,241,155 - 1,241,155 - 125,515 24,157.00 1,390,827 21,122,047

47 Lange Trinidad Limited

(Division of Skinner Marine

Operations) Pension Fund Plan 8,561,246 346,496 173,248 - 667,313 - 9,748,303 16,811 - 16,811 69,210 41,333 82,881 210,235 9,538,068

48 Lazzari & Sampson Pension Fund 6,772,795 200,249 200,249 - 611,257 - 7,784,550 131,691 43,897 175,588 - 60,218 69,281 305,087 7,479,463

49 Life Of Barbados Limited Pension Plan

50 L.J. William Ltd. Pension Fund Plan 11,544,598 142,495 140,872 - 800,441 - 12,628,406 2,168,814 - 2,168,814 48,387 886,304 123,549 3,227,054 9,401,352

51 Lonsdale/Saatchi Advertising Ltd. Staff

Pension Fund Plan

52 Maritime Life (Caribbean) Ltd.

Pension Fund Plan 32,217,493 636,336 636,336 - 1,447,441 - 34,937,606 - - - - 81,418 - 81,418 34,856,188

53 Master Mix of T'dad & T'go Ltd.

Staff Pension Fund Plan 5,723,386 - - - 515,022 - 6,238,408 - - - - - - - 6,238,408

54 Mc Cann-Erickson Trinidad Ltd. Staff

Pension Fund Plan 7,277,162 181,442 181,442 - 647,136 - 8,287,182 238,452 - 238,452 - 203,930 77,931 520,313 7,766,869

55 Medianet Limited Monthly Paid Staff

56 3M Interamerica Incorporate

(Trinidad and Tobago) Division 8,564,456 250,146 250,146 - 703,622 - 9,768,370 210,249 - 210,249 - 131,623 5,899 347,771 9,420,599

57 National Agro Chemicals Limited

Pension Fund Plan 191,861 53,935 33,935 - 8,505 12,727 300,963 87,870 - 87,870 - - - 87,870 213,093

58 National Flour Mills Limited Pension

Fund Plan

59 National Helicopter Services Limited

Pension Fund Plan 6,038,160 267,826 258,570 - 513,942 - 7,078,498 - - - 16,997 - 14,730 31,727 7,046,771

Carried Forward 452,288,591 11,657,693 7,850,387 - 16,498,295 58,150,661 546,445,627 16,577,309 1,667,704 18,245,013 134,594 1,661,575 976,255 21,017,437 525,428,190


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214 CENTRAL BANK OF TRINIDAD AND TOBAGO

TABLE XXXIII (cont’d)

NAME OF PLAN

CONTRIBUTIONS BY

FUND AT THE

BEGINNING OF

PERIOD EMPLOYERS EMPLOYEES

DEPOSIT ADMINISTRATION PENSION FUND PLANS – REVENUE ACCOUNT – 2004

ADDITIONAL

CONTRIBU-

TIONS BY

EMPLOYERS TO

MEET

DEFICIENCY

INTEREST

DIVIDENDS

AND RENTS

OTHER

INCOME

TO BE

SPECIFIED

TOTAL

REVENUE

SUPERANNUATION BENEFITS

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $

Brought Forward 452,288,591 11,657,693 7,850,387 - 16,498,295 58,150,661 546,445,627 16,577,309 1,667,704 18,245,013 134,594 1,661,575 976,255 21,017,437 525,428,190

PENSIONS TO

RETIRED

EMPLOYEES

RETIREMENT

GRATUITIES

TOTAL

DEATH

GRANTS

RETURN OF

CONTRIBUTION

ON

WITHDRAWAL

OTHER

EXPENDITURE

TO BE

SPECIFIED

TOTAL

EXPENDITURE

60 Navarro's Shipping Ltd. PP

61 N.E.M. (West Indies) Ltd.

Pension Fund Plan

62 Oilfields Workers Trade Union Staff

Pension Fund Plan 16,913,889 211,026 84,411 - 798.00 3,618,185 20,828,309 290,661 73,351 364,012 - - 286,801 650,813 20,177,496

63 Pepsi - Cola Trinidad Bottling

Company Ltd. Pension Plan 937,768 298,285 248,570 - 96,227 - 1,580,850 - - - - 36,106 49,920 86,026 1,494,824

64 Perreira and Co. Ltd.

Pension Fund Plan 3,251,804 181,334 161,905 - 253,258 - 3,848,301 - - - - 30,708 19,666 50,374 3,797,927

Point Lisas Industrial Development

65 Corporation Pension Fund Plan 41,827,465 825,036 828,983 - 2,359,475 3,903,222 49,744,181 195,925 384,326 580,251 120,818 212,274 273,046 1,186,389 48,557,792

66 Prestige Holdings Limited

Pension Fund Plan 7,451,915 290,014 290,014 - 298,353 - 8,330,296 224,483 - 224,483 - 41,116 8,700 274,299 8,055,997

67 Print - A - Pak Ltd. Pension Plan

R.B.P. Elevator and Escalator

Company Limited Pension Fund Plan 2,693,494 86,734 86,734 - 244,771 - 3,111,733 - - - - - 6,344 6,344 3,105,389

69 Rentokil (Trinidad) Limited Pension

Fund Plan

70 Rhand Credit Union Co-operative

Society Limited Pension Fund Plan 4,484,040 72,391 72,391 - 373,043 - 5,001,865 - - - - 18,094 2,465 20,559 4,981,306

71 Royal Caribbean Insurance Ltd.

Staff Pension Fund Plan

72 Sealand Services Incorporated

Pension Fund

73 Selco Limited Pension Fund Plan

Stellar Distributors (Trinidad) Staff

74 Pension Plan 3,810,837 42,335 42,335 - 286,758 - 4,182,265 - - - - 69,963 34,587 104,550 4,077,715

75 Small Business Development

Company Limited Staff

Pension Fund Plan

76 Southern Medical Clinic Ltd.

Pension Fund Plan 2,805,355 77,923 51,711 - 248,718 - 3,183,707 17,524 - 17,524 - 1,474 31,874 50,872 3,132,835

77 Southern Sales and Services

Company Limited Pension Fund Plan 32,890,081 435,980 435,980 - 4,217,522 - 37,979,563 858,900 730,286 1,589,186 7,422 28,617 32,099 1,657,324 36,322,239

FUNDS

AT END

OF PERIOD

78 TECU Credit Union Co-operative

Society Limited Pension Fund Plan

Carried Forward 569,355,239 14,178,751 10,153,421 - 24,877,218 65,672,068 684,236,697 18,164,802 2,855,667 21,020,469 262,834 2,099,927 1,721,757 25,104,987 659,131,710


Central Bankt Acs wide 2004 7/2/07 3:18 PM Page 215

TABLE XXXIII (cont’d)

NAME OF PLAN

CONTRIBUTIONS BY

FUND AT THE

BEGINNING OF

PERIOD EMPLOYERS EMPLOYEES

DEPOSIT ADMINISTRATION PENSION FUND PLANS – REVENUE ACCOUNT – 2004

ADDITIONAL

CONTRIBU-

TIONS BY

EMPLOYERS TO

MEET

DEFICIENCY

INTEREST

DIVIDENDS

AND RENTS

OTHER

INCOME

TO BE

SPECIFIED

TOTAL

REVENUE

SUPERANNUATION BENEFITS

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $

Brought Forward 569,355,239 14,178,751 10,153,421 - 24,877,218 65,672,068 684,236,697 18,164,802 2,855,667 21,020,469 262,834 2,099,927 1,721,757 25,104,987 659,131,710

PENSIONS TO

RETIRED

EMPLOYEES

RETIREMENT

GRATUITIES

TOTAL

DEATH

GRANTS

RETURN OF

CONTRIBUTION

ON

WITHDRAWAL

OTHER

EXPENDITURE

TO BE

SPECIFIED

TOTAL

EXPENDITURE

FUNDS

AT END

OF PERIOD

REPORT ON INSURANCE AND PENSIONS

215

79 Tatil Life Sales Representatives

Pension Plan 3,885,512 42,825 43,825 - 368,151 - 4,340,313 - - - - 5,504 36,482 41,986 4,298,327

80 The Agents of American Life and

General Insurance Co. T'dad Ltd.

Pension Plan 15,547,750 476,755 476,755 - 1,284,428 - 17,785,688 343,653 - 343,653 34,372 23,511 - 401,536 17,384,152

81 The Beacon Insurance Company

Limited Pension Fund Plan

82 The Group Pension Plan for

non Professional Employees of

Fitzstone Ltd

83 The Institute of Marine Affairs

Pension Plan

84 The Myerson Tooth Company

Limited Pension Fund Plan

85 The Synod of the Presbyterian

Church in Trinidad and Grenada 6,202,063 102,511 102,511 - 448,312 41,017 6,896,414 661,530 - 661,530 - 9,257 54,405 725,192 6,171,222

86 The T'dad Pilots and Berthing

Masters Association Ltd. Pension

Fund Plan

87 The University of the West Indies

Staff Pension Fund Plan 151,976,658 4,863,048 2,003,412 - 15,802,271 - 174,645,389 5,363,165 1,787,717 7,150,882 18,163 164,811 291,990 7,625,846 167,019,543

88 Tourism and Industrial

Development Co. of

Trinidad and Tobago 6,349,496 605,603 302,802 - 490,707 - 7,748,608 637,398 212,466 849,864 - 59,964 22,126 931,954 6,816,654

89 Toyota Trinidad and Tobago Staff

Pension Plan 1,579,800 196,305 196,305 - 143,431 - 2,115,841 - - - - 4,487 12,678 17,165 2,098,676

90 Trinidad Concrete Products

Pension Plan

Trinidad Contractors Limited Pension

91 Fund Plan 18,603,801 - - - 1,536,250.00 - 20,140,051 673,001 165,529 838,530 107,083 - 180,979 1,126,592 19,013,459

92 Trinidad Express Newspaper Ltd.

Pension Fund Plan 38,910,899 1,411,331 956,136 - 2,462,857 2,393,431 46,134,654 - - - - 328,838 290,960 619,798 45,514,856

93 Trinidad Nitrogen Company Limited

Pension Fund Plan

94 Trinidad Ropeworks Pension Plan

95 Trinidad Systems Ltd. Pension Plan

96 Trinidad and Tobago Chamber of

Industry and Commerce Pension

Fund Plan - 51,134 35,794 - - 2,602 89,530 86,928 - 86,928 - - 2,602 89,530 -

97 T'dad & T'go Forest Products Limited

Pension Fund Plan

98 Trinidad and Tobago Mortgage Finance

Company Ltd. Group Pension Fund Plan

Carried Forward 812,411,218 21,928,263 14,270,961 - 47,413,625 68,109,118 964,133,185 25,930,477 5,021,379 30,951,856 422,452 2,696,299 2,613,979 36,684,586 927,448,599


Central Bankt Acs wide 2004 7/2/07 3:18 PM Page 216

216 CENTRAL BANK OF TRINIDAD AND TOBAGO

TABLE XXXIII (cont’d)

NAME OF PLAN

CONTRIBUTIONS BY

FUND AT THE

BEGINNING OF

PERIOD EMPLOYERS EMPLOYEES

DEPOSIT ADMINISTRATION PENSION FUND PLANS – REVENUE ACCOUNT – 2004

ADDITIONAL

CONTRIBU-

TIONS BY

EMPLOYERS TO

MEET

DEFICIENCY

INTEREST

DIVIDENDS

AND RENTS

OTHER

INCOME

TO BE

SPECIFIED

TOTAL

REVENUE

SUPERANNUATION BENEFITS

PENSIONS TO

RETIRED

EMPLOYEES

RETIREMENT

GRATUITIES

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $

TOTAL

DEATH

GRANTS

RETURN OF

CONTRIBUTION

ON

WITHDRAWAL

OTHER

EXPENDITURE

TO BE

SPECIFIED

TOTAL

EXPENDITURE

Brought forward 812,411,218 21,928,263 14,270,961 - 47,413,625 68,109,118 964,133,185 25,930,477 5,021,379 30,951,856 422,452 2,696,299 2,613,979 36,684,586 927,448,599

99 T'dad & T'go Solid Waste

Management Company Limited

Pension Fund Plan 7,239,817 - - - 630,273 11,624 7,881,714 9,343 - 9,343 40,962 - 67,260 117,565 7,764,149

100 United States of America Embassy

in Trinidad and Tobago Pension Plan 14,219,130 969,243 271,536 - 1,350,897 - 16,810,806 112,682 37,562 150,244 - 62,863 97,341 310,448 16,500,358

101 Victoria Nursing Home Limited

Pension Fund Plan 930,076 7,018 7,018 - 73,689 - 1,017,801 17,577 10,330 27,907 - - 22,092 49,999 967,802

102 Waste Disposals Ltd. Pension

Fund Plan

Western Scientific Company

103 Pension Plan

104 William H. Scott Limited Pension

Fund Plan 3,919,224 43,033 28,807 - 296,092 - 4,287,156 - - - - 3,252 3,728 6,980 4,280,176

105 Youth Training Employment

Partnership Programme Pension Plan 699,060 858,585 - - 94,856 - 1,652,501 - - - - - 26,146 26,146 1,626,355

FUNDS

AT END

OF PERIOD

GRAND TOTAL 839,418,525 23,806,142 14,578,322 - 49,859,432 68,120,742 995,783,163 26,070,079 5,069,271 31,139,350 463,414 2,762,414 2,830,546 37,195,724 958,587,439


Central Bankt Acs wide 2004 7/2/07 3:18 PM Page 217

TABLE XXXIV

NAME OF PLAN

TRINIDAD AND

TOBAGO

GOVERNMENT

SECURITIES

DENOTED IN TT$

MORTGAGES

REAL ESTATE

TRINIDAD

AND TOBAGO

EQUITIES

SELF ADMINISTERED – BALANCE SHEET – 2004

FIXED

DEPOSITS

OTHER

TRINIDAD AND

TOBAGO

ASSETS

TRINIDAD AND

TOBAGO

SECURITIES

DENOTED IN

FOREIGN

CURRENCY

TRINIDAD AND

TOBAGO

GOVERNMENT

SECURITIES

DENOTED IN

FOREIGN

CURRENCY

$ $ $ $ $ $ $ $ $ $ $ $ $ $

1 Agostini Insurance Brokers Limited

Pension Fund Plan

2 Agostini's Limited Retirement Plan

3 Airports Authority of Trinidad &

Tobago Pension Plan 5,249,023 - - 35,348,647 - 28,687,188 468,074 - 69,752,932 142,773 - 1,773,904 1,916,677 71,669,609 97.33

4 ANSA Mc Al Ltd. Pension Fund Plan 3,245,052 1,674,487 - 24,105,186 17,727,534 2,900,705 332,248 49,985,212 1,655,217 - 1,626,643 3,281,860 53,267,072 93.84

5 Associated Brands Limited Group

Pension Plan 3,155,930 1,148,983 - 20,659,700 - 12,257,317 3,076,668 332,248 40,630,846 757,284 - 2,174,261 2,931,545 43,562,391 93.27

6 Atlantic LNG Pension Plan 1,456,427 - - 2,886,155 6,877,101 - - 11,219,683 810,498 - 2,342,070 3,152,568 14,372,251 78.06

7 Bank of Commerce T'dad & T'go

Limited Retirement Plan 16,248,291 9,494,602 62,653,350 9,810,454 74,844,174 1,930,546 2,819,370 177,800,787 624,885 - 19,281,146 19,906,031 197,706,818 89.93

8 Bawodes Pension Fund Plan 1,043,923 - - - - 6,148,156 - - 7,192,079 - - - - 7,192,079 100.00

9 Berger Paints T'dad Ltd. Pension

Plan (For Monthly Paid Employees) 1,143,368 - - 12,358,691 415,977 9,170,595 - 636,751 23,725,382 200,000 - 3,765,275 3,965,275 27,690,657 85.68

10 BPTT LLC Pension Plan 34,079,372 - - 153,145,957 60,404,805 140,928,313 - 4,165,627 392,724,074 9,505,991 600,410.00 58,546,371 68,652,772 461,376,846 85.12

11 British American Insurance Company

(T'dad) Limited Pension Fund Plan 1,850,700 - 5,122,840 3,534,064 3,617,004 - - 14,124,608 - - 6,895,239 6,895,239 21,019,847 67.20

TOTAL LOCAL

ASSETS

FOREIGN

GOVERNMENT

SECURITIES

OTHER

FOREIGN

SECURITIES

FOREIGN

ASSETS

TOTAL

FOREIGN

ASSETS

TOTAL

ASSETS

IN FUND

TOTAL

LOCAL

ASSET

RATIO

REPORT ON INSURANCE AND PENSIONS

217

12 British Gas Trinidad Limited Pension

Fund Plan

13 BWIA Pilots Pension Plan

14 Caribbean Industrial Research

Institute Pension Fund Plan 8,089,171 50,468 - 68,288,735 4,077,902 34,973,961 - - 115,480,237 - - 2,659,802 2,659,802 118,140,039 97.75

15 Caribbean Ispat Limited Employees

Pension Plan 62,227,779 9,909,862 - 291,642,535 33,016,202 213,076,004 3,800,070 3,828,394 617,500,846 2,579,104 1,200,819.00 6,572,550 10,352,473 627,853,319 98.35

16 Central Bank of Trinidad and

Tobago Pension Fund Plan

17 Citibank of (T'dad &T'go) Limited

Pension Fund 15,599,354 253,982 - 26,187,656 - 12,964,279 2,227,372 5,852,180 63,084,823 1,199,810 145,070.00 7,327,331 8,672,211 71,757,034 87.91

18 Coca Cola Bottling (Trinidad &

Tobago) Pension Plan 1,424,088 - - 5,413,347 1,842,410 5,710,849 - - 14,390,694 - - 1,306,188 1,306,188 15,696,882 91.68

19 Consolidated Insurance Consultants

Ltd. Pension Fund Plan 5,232,978 490,049 - 50,514,306 - 26,843,675 3,744,923 2,098,646 88,924,577 1,218,928 - - 1,218,928 90,143,505 98.65

20 Coopers and Lybrand

Pension Fund Plan 696,929 - - 2,596,497 2,599,645 5,323,505 - - 11,216,576 - - 722,698 722,698 11,939,274 93.95

21 Courts Trinidad Limited Pension Plan 1,415,393 6,150,694 190,327 6,811,192 88,034 101,439 14,757,079 - - 1,798,745 1,798,745 16,555,824 89.14

22 Cuna Caribbean Insurance Society

Pension Fund 1,788,405 - - 13,527,710 - 8,258,739 935,150 507,786 25,017,790 153,317 - 92,000 245,317 25,263,107 99.03

23 Development Finance Limited

Pension Fund Plan 1,832,575 1,195,162 - 12,556,259 - 15,675,662 1,711,593 664,496 33,635,747 - - 2,767,000 2,767,000 36,402,747 92.40

24 EOG Resources Trinidad Ltd.

Pension Fund Plan 841,507 - - 3,147,983 - 2,577,210 - - 6,566,700 417,755.00 - 437,917 855,672 7,422,372 88.47

25 E & Y Services Limited Pension Scheme 580,780 - - 12,693,115 1,642,829 9,666,918 70,801 2,015,256 26,669,699 779,355 - 4,049,108 4,828,463 31,498,162 84.67

Carried forward 167,201,045 24,217,595 - 806,113,208 120,420,770 642,139,376 20,953,936 23,354,441 1,804,400,371 20,044,917 1,946,299 124,138,248 146,129,464 1,950,529,835 92.51


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218 CENTRAL BANK OF TRINIDAD AND TOBAGO

TABLE XXXIV (cont’d)

NAME OF PLAN

SELF ADMINISTERED – BALANCE SHEET – 2004

TRINIDAD AND

TRINIDAD AND

TRINIDAD AND

TOBAGO

TRINIDAD

OTHER TOBAGO

TOBAGO

TOTAL

GOVERNMENT

AND TOBAGO FIXED TRINIDAD AND SECURITIES

GOVERNMENT TOTAL LOCAL FOREIGN OTHER FOREIGN TOTAL TOTAL

LOCAL

MORTGAGES REAL ESTATE

TOBAGO

SECURITIES

EQUITIES DEPOSITS

DENOTED IN

SECURITIES ASSETS GOVERNMENT FOREIGN ASSETS FOREIGN ASSETS

ASSET

ASSETS FOREIGN

DENOTED IN

SECURITIES SECURITIES

ASSETS IN FUND

RATIO

DENOTED IN TT$

CURRENCY

FOREIGN

CURRENCY

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $

Brought forward 167,201,045 24,217,595 - 806,113,208 120,420,770 642,139,376 20,953,936 23,354,441 1,804,400,371 20,044,917 1,946,299 124,138,248 146,129,464 1,950,529,835 92.51

26 Ferreira Optical Limited Pension

Fund Plan 860,414 1,134,240 - 4,813,428 - 3,782,935 633,361 384,180 11,608,558 135,974 - 230,839 366,813 11,975,371 96.94

27 First Citizens Bank Pension Plan 51,670,908 2,171,609 - 311,058,256 5,000,000 181,064,752 - 16,447,657 567,413,182 14,413,059 - 21,776,139 36,189,198 603,602,380 94.00

28 Guyana and Trinidad Mutual Fire

Insurance Company Pension

Fund Plan

29 Hand Arnold (Trinidad) Limited

Pension Fund Plan 1,990,920 1,084,897 - 34,654,307 - 15,304,148 1,364,196 1,759,589 56,158,057 1,011,555 - 890,908 1,902,463 58,060,520 96.72

30 H. S. Services Ltd. Pension Fund Plan 1,858,846 256,557 - 3,032,588 - 3,162,104 255,885.00 - 8,565,980 213,268 - 456,568 669,836 9,235,816 92.75

31 Hydro Agri Trinidad Limited Hourly

Paid Employees' Pension Plan

32 Hydro Agri Trinidad Limited

Salaried Employees' Pension Plan

33 Industrial Agencies Ltd.

Pension Fund 4,589,190 746,695 - 36,379,352 - 14,462,720 - 332,248 56,510,205 2,184,370 506,966.00 2,515,539 5,206,875 61,717,080 91.56

34 I.B.M. Non-Contributory

Pension Fund Plan 1,000,000 - - - - 35,095,542 - 1,538,600 37,634,142 - - 9,904,642.00 9,904,642 47,538,784 79.17

35 Lever Brothers West Indies Limited

Pension Fund Plan 27,559,528 - - 85,718,188 11,191,790 54,758,893 2,995,094 6,114,072 188,337,565 931,844 21,791,486 22,723,330 211,060,895 89.23

36 Mandev Qualassure Pension

Fund Plan

Mega Insurance Company Limited

37 Pension Plan 2,099,989 614,262 - 12,859,626 - 9,088,334 1,205,422 332,248 26,199,881 1,003,559 36,268 1,230,935 2,270,762 28,470,643 92.02

38 MTS Pension Fund Plan

39 National Gas Company

Pension Fund Plan

40 National Insurance Board Pension

Fund Plan 30,663,029 656,411 302,582,774 8,759,886 184,359,850 4,231,694 12,140,463 543,394,107 2,352,453.00 - 23,240,975 25,593,428 568,987,535 95.50

41 National Insurance Property

Dev. Co. Ltd. Pension Fund Plan 1,908,306 - - 20,931,695 651,840 13,897,207 1,146,577 - 38,535,625 130,347 - 1,132,077 1,262,424 39,798,049 96.83

42

43

National Union of Government

and Federated Workers Elected

Officers Pension Fund Plan 1,003,759 - - 914,900 - 901,892 - - 2,820,551 70,000 - 468,463 538,463 3,359,014

National Union of Government

and Federated Workers Staff

Pension Fund Plan

44 Neal & Massy Group Pension

Fund Plan 25,683,028 12,148,424 - 680,874,798 36,140,512 281,077,403 26,590,369 23,175,155 1,085,689,689 11,531,601 - 14,485,090 26,016,691 1,111,706,380 97.66

Nestle Trinidad and Tobago Limited

45 Pension Plan

46 Nestle Trinidad and Tobago Limited

Unionised Employees'

Pension Plan

47 Niherst Pension Fund Plan 1,020,823 - - 10,873,590 606,460 7,501,425 702,125.00 - 20,704,423 55,867.00 - 388,552 444,419 21,148,842 97.90

48 PCS Nitrogen Pension Fund Plan I

(formerly Arcadian Trinidad) 29,573,937 6,808,658 - 145,761,748 - 104,573,562 30,521,862 3,322,480 320,562,247 2,208,818 - 20,211,612 22,420,430 342,982,677 93.46

Carried forward 348,683,722 49,839,348 - 2,456,568,458 182,771,258 1,551,170,143 90,600,521 88,901,133 4,768,534,583 56,287,632 2,489,533 242,862,073 301,639,238 5,070,173,821 94.05


Central Bankt Acs wide 2004 7/2/07 3:18 PM Page 219

REPORT ON INSURANCE AND PENSIONS

219

TABLE XXXIV (cont’d)

NAME OF PLAN

SELF ADMINISTERED – BALANCE SHEET – 2004

TRINIDAD AND

TRINIDAD AND TRINIDAD AND

TOBAGO

TRINIDAD

OTHER TOBAGO TOBAGO GOV-

TOTAL

GOVERNMENT

AND TOBAGO FIXED TRINIDAD AND SECURITIES ERNMENT TOTAL LOCAL FOREIGN OTHER FOREIGN TOTAL TOTAL

LOCAL

MORTGAGES REAL ESTATE

TOBAGO

SECURITIES

EQUITIES DEPOSITS

DENOTED IN SECURITIES ASSETS GOVERNMENT FOREIGN ASSETS FOREIGN ASSETS

ASSET

ASSETS FOREIGN

DENOTED IN

SECURITIES SECURITIES

ASSETS IN FUND

RATIO

DENOTED IN TT$

CURRENCY

FOREIGN

CURRENCY

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $

Brought forward 348,683,722 49,839,348 - 2,456,568,458 182,771,258 1,551,170,143 90,600,521 88,901,133 4,768,534,583 56,287,632 2,489,533 242,862,073 301,639,238 5,070,173,821 94.05

49 PCS Nitrogen Trinidad Limited

Pension Fund Plan 2 (formerly

Trinidad and Tobago Urea) 2,266,692 - - 10,346,591 - 4,142,212 920,354 - 17,675,849 210,018 - 1,882,949 2,092,967 19,768,816 89.41

50 Pheonix Park Gas Trinidad Limited

Staff Pension Fund Plan 2,560,162 191,925 - 9,639,724 - 8,255,835 1,300,982 - 21,948,628 696,875 194,987.00 2,541,736 3,433,598 25,382,226 86.47

51 Port Authority of Trinidad and

Tobago (Daily/Weekly) Pension

Fund Plan

52 Port Authority of Trinidad and

Tobago (Monthly Paid) Pension

Fund Plan

53 Pricewaterhouse Coopers

Pension Plan - - - 55,000 - 13,052,224 - - 13,107,224 - - 10,255,151 10,255,151 23,362,375 56.10

54 RBTT Pension Plan 28,414,749 327,759 - - - 67,988,173 - - 96,730,681 5,000,000 - - 5,000,000 101,730,681 95.09

55 Regional Health Authority

Pension Plan

56 Republic Bank Ltd. Pension

56

Fund Plan

Scotiabank Trinidad and Tobago Ltd.

57 Pension Fund Plan 73,542,006 14,712,533 11,383,400 112,712,991 38,000,000 96,335,288 - 42,189,882 388,876,100 18,300,143 - - 18,300,143 407,176,243 95.51

58 Servol Limited Pension Fund Plan 940,514 - - 9,625,557 - 5,377,963 - - 15,944,034 - - - - 15,944,034 100.00

59 Telecommunications Services of

T'dad & T'go Limited Pension

Fund Plan 24,156,468 2,186,228 - 184,410,323 7,577,804 842,208,659 16,913,919 2,355,761 1,079,809,162 12,969,063 - - 12,969,063 1,092,778,225 98.81

60 Texaco (Trinidad) Limited Staff

Retirement Plan 4,658,365 - - 20,074,469 1,198,645 12,849,628 297,264 - 39,078,371 200,000 - 6,496,766 6,696,766 45,775,137 85.37

61

62

The Demerara Life Assurance Co.

of Trinidad and Tobago Limited

Sales Staff Pension Fund Plan

The Home Mortgage Bank Pension

Fund Plan 369,796 - - 7,205,084 - 4,070,182 - - 11,645,062 - - - - 11,645,062 100.00

63 The Mercantile Banking and

Financial Corporation Limited

Pension Fund Plan 1,395,429 - - 50,750 - 939,017 - - 2,385,196 - - 96,750 96,750 2,481,946 96.10

64 Thomas Peake & Company Limited

Pension Plan 2,037,186 - - 8,758,720 2,073,814 5,428,877 44,017 90,615 18,433,229 210,000 - 2,575,728 2,785,728 21,218,957 86.87

65 Trinidad Building and Loan

Association

Pension Fund Plan

66 Trinidad Cement Limited

Employees Pension Fund 38,573,320 12,211,372 - 312,859,208 23,665,808 126,853,584 7,580,461 13,308,320 535,052,073 4,837,868 9,289,094 34,517,058 48,644,020 583,696,093 91.67

67 Trinidad Hilton Limited

Pension Fund Plan

68 Trinidad and Tobago Electricity

Commission Pension Fund Plan

69 Trinidad and Tobago Electricity

Commission Provident Fund - - - - - 19,341,596 - - 19,341,596 - - - - 19,341,596 100.00

Carried forward 527,598,409 79,469,165 11,383,400 3,132,306,875 255,287,329 2,758,013,381 117,657,518 146,845,711 7,028,561,788 98,711,599 11,973,614 301,228,211 411,913,424 7,440,475,212 94.46


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220 CENTRAL BANK OF TRINIDAD AND TOBAGO

TABLE XXXIV (cont’d)

NAME OF PLAN

TRINIDAD AND

TOBAGO

GOVERNMENT

SECURITIES

DENOTED IN TT$

SELF ADMINISTERED – BALANCE SHEET – 2004

TRINIDAD AND

TRINIDAD AND

TRINIDAD

OTHER

TOBAGO GOV-

TOBAGO

AND TOBAGO FIXED TRINIDAD AND

ERNMENT TOTAL LOCAL FOREIGN OTHER FOREIGN TOTAL TOTAL

SECURITIES

MORTGAGES REAL ESTATE EQUITIES DEPOSITS TOBAGO

SECURITIES ASSETS GOVERNMENT FOREIGN ASSETS FOREIGN ASSETS

DENOTED IN

ASSETS

DENOTED IN

SECURITIES SECURITIES

ASSETS IN FUND

FOREIGN FOREIGN

CURRENCY CURRENCY

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $

Brought forward 527,598,409 79,469,165 11,383,400 3,132,306,875 255,287,329 2,758,013,381 117,657,518 146,845,711 7,028,561,788 98,711,599 11,973,614 301,228,211 411,913,424 7,440,475,212 94.46

70 Trinidad and Tobago External Tele-

Communications Company Limited

Pension Fund Plan 34,090,465 12,879,987 - 217,250,948 - 120,234,811 37,524,227 11,638,567 433,619,005 22,047,724 4,901,050 6,674,308 33,623,082 467,242,087 92.80

71 Trinidad and Tobago Methanol Co.

Pension Fund Plan 7,492,858 746,174 - 33,698,400 79,767,348 14,879,164 - 676,264 137,260,208 2,441,990 - 14,069,744 16,511,734 153,771,942 89.26

72 T'dad & T'go National Petroleum

Marketing Company Ltd.

Contributory Pension Plan 1 32,141,392 - - 65,303,923 12,781,868 58,561,038 2,122,657 821,518 171,732,396 3,751,278 3,615,287.00 4,492,794 11,859,359 183,591,755 93.54

73 T'dad & T'go National Petroleum

Marketing Company Ltd.

Contributory Pension Plan 11 6,572,333 5,435,669 - 75,706,298 2,300,000 86,106,695 13,540,617 1,847,188 191,508,800 - - 1,897,814 1,897,814 193,406,614 99.02

74 Trintoc Limited Contributory

Pension Plan 'A' 52,057,128 17,496,584 - 379,763,102 - 173,505,220 13,056,497 17,356,543 653,235,074 20,273,244 26,593,250 19,921,299 66,787,793 720,022,867 90.72

75 Trintoc Limited Contributory

Pension Plan 'B' 55,583,576 14,881,815 - 395,351,900 - 229,456,698 19,009,579 17,043,248 731,326,816 28,707,318 30,826,104 17,814,768 77,348,190 808,675,006 90.44

76 Trinidad & Tobago Oil Company

Limited Non Contributory

Pension Fund Plan 9,245,479 38,499 - 66,833,538 4,393,146 28,840,899 5,009,873 - 114,361,434 1,551,875 - 3,074,362 4,626,237 118,987,671 96.11

77 Trintoc Limited Employees

Benefit Plan

78 Trintoc Limited Staff Retirement Plan

79 Trinidad and Tobago Petroleum Co.

Ltd. Employees Pension Fund Plan

80 Trinidad and Tobago Petroleum

Company Ltd Staff Pension Plan 81,298,182 19,953,495 - 474,329,100 - 293,350,285 34,853,729 37,376,094 941,160,885 39,992,033 5,158,300 81,003,964 126,154,297 1,067,315,182 88.18

81 Trinidad and Tobago Port

Contractors Limited Pension

Fund Plan

82 T'dad & T'go Telephone Co. Ltd.

Staff Pension Plan 105,784,120 10,023,213 - 910,608,666 3,402,000 501,340,951 94,906,320 64,530,237 1,690,595,507 86,927,130 7,659,867 75,189,622 169,776,619 1,860,372,126 90.87

83 Trinidad and Tobago Unit Trust

Corporation Pension Plan - - - - - 43,594,360 - - 43,594,360 - - - - 43,594,360 100.00

84 Trinmar Employees Benefit Plan 17,612,530 11,581,973 - 159,726,203 - 126,250,532 13,016,554 12,982,917 341,170,709 23,388,219 822,264.00 30,126,416 54,336,899 395,507,608 86.26

85 Trintoplan Consultant Limited Staff

Pension Fund Plan 5,400,396 253,077 - 51,523,827 1,859,249 24,218,334 1,514,209 378,657 85,147,749 124,150 - 1,007,631 1,131,781 86,279,530 98.69

86 T. Geddes Grant Staff Savings and

Pension Fund Plan 1,588,000 - - 36,051,000 - 12,374,000 817,000 312,000 51,142,000 6,324,000 1,471,000.00 - 7,795,000 58,937,000 86.77

87 T. Geddes Grant Limited Pension

Fund Plan 8,000,000 - - 341,170,000 12,000,000 193,497,000 - 6,882,000 561,549,000 29,150,000 6,817,000 50,364,000 86,331,000 647,880,000 86.67

TOTAL

LOCAL

ASSET

RATIO

Carried forward 944,464,868 172,759,651 11,383,400 6,339,623,780 371,790,940 4,664,223,368 353,028,780 318,690,944 13,175,965,731 363,390,560 99,837,736 606,864,933 1,070,093,229 14,246,058,960 92.49


Central Bankt Acs wide 2004 7/2/07 3:18 PM Page 221

TABLE XXXIV (cont’d)

SELF ADMINISTERED – BALANCE SHEET – 2004

NAME OF PLAN

TRINIDAD AND

TRINIDAD AND TRINIDAD AND

TOBAGO

TRINIDAD

OTHER TOBAGO

TOBAGO GOV-

TOTAL

GOVERNMENT

AND TOBAGO FIXED TRINIDAD AND SECURITIES

ERNMENT TOTAL LOCAL FOREIGN OTHER FOREIGN TOTAL TOTAL

LOCAL

MORTGAGES REAL ESTATE

TOBAGO

SECURITIES

EQUITIES DEPOSITS

DENOTED IN

SECURITIES ASSETS GOVERNMENT FOREIGN ASSETS FOREIGN ASSETS

ASSET

ASSETS

DENOTED IN

SECURITIES SECURITIES

ASSETS IN FUND

FOREIGN

RATIO

DENOTED IN TT$

FOREIGN

CURRENCY

CURRENCY

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $

Brought forward 944,464,868 172,759,651 11,383,400 6,339,623,780 371,790,940 4,664,223,368 353,028,780 318,690,944 13,175,965,731 363,390,560 99,837,736 606,864,933 1,070,093,229 14,246,058,960 92.49

88 Water and Sewerage Authority

Pension Plan 72,709,905 231,631 - 301,432,513 10,349,621 92,167,770 1,039,589 2,458,170 480,389,199 1,073,898 - 7,676,397 8,750,295 489,139,494 98.21

89 West Indian Tobacco Company Ltd.

Pension Plans 10,676,884 1,965,798 - 38,954,917 - 28,868,191 18,627,739 732,816 99,826,345 11,960,550 - 12,070,485 24,031,035 123,857,380 80.60

90 Y. De Lima & Company Limited

Staff Pension Fund Plan 1,188,137 314,599.00 - 1,012,750 - 8,734,020 32,900 - 11,282,406 - - 250,500 250,500 11,532,906 97.83

GRAND TOTAL 1,029,039,794 175,271,679 11,383,400 6,681,023,960 382,140,561 4,793,993,349 372,729,008 321,881,930 13,767,463,681 376,425,008 99,837,736 626,862,315 1,103,125,059 14,870,588,740 92.58

REPORT ON INSURANCE AND PENSIONS

221


Central Bankt Acs wide 2004 7/2/07 3:18 PM Page 222

222 CENTRAL BANK OF TRINIDAD AND TOBAGO

TABLE XXXV

NAME OF PLAN

CONTRIBUTIONS BY

FUND AT THE

BEGINNING OF

PERIOD EMPLOYERS EMPLOYEES

SELF-ADMINISTERED PENSION AND PLANS – REVENUE ACCOUNT – 2004

ADDITIONAL

CONTRIBU-

TIONS BY

EMPLOYERS TO

MEET

DEFICIENCY

INTEREST

DIVIDENDS

AND RENT

OTHER

INCOME

TO BE

SPECIFIED

TOTAL

REVENUE

SUPERANNUATION BENEFITS

PENSIONS TO

RETIRED

EMPLOYEES

RETIREMENT

GRATUITIES

TOTAL

DEATH

GRANTS

RETURN OF

CONTRIBUTION

ON

WITHDRAWAL

OTHER

EXPENDITURE

TO BE

SPECIFIED

TOTAL

EXPENDITURE

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $

1 Agostini Insurance Brokers Limited

Pension Fund Plan

2 Agostini's Limited Retirement Plan

3 Airports Authority of Trinidad &

Tobago Pension Plan 57,093,703 2,904,452 1,037,304 - 3,176,381 8,100,225 72,312,065 295,485 270,489 565,974 26,719 258,203 850,896 71,461,169

4 ANSA Mc Al Limited Pension

Fund Plan 43,920,096 1,177,517 1,177,517 - 2,530,582 4,988,635 53,794,347 144,114 61,313 205,427 2,215 76,535 338,598 622,775 53,171,572

5 Associated Brands Limited Group

Pension Plan 38,514,805 1,045,263 858,281 - 2,147,467 4,702,025 47,267,841 760,126 2,582,685 3,342,811 - 147,236 401,361 3,891,408 43,376,433

6 Atlantic LNG Pension Plan 12,394,306 2,303,346 1,938,622 - 1,280,947 1,213,157 19,130,378 - - - - 133,865 309,671 443,536 18,686,842

7 Bank of Commerce Trinidad and

Tobago Limited Retirement Plan 163,392,445 22,751 22,751 - 7,386,342 28,134,295 198,958,584 760,278 395,860 1,156,138 - - 1,732,366 2,888,504 196,070,080

8 Bawodes Pension Fund Plan 6,159,543 197,683 133,236 - 599,841 123,271.00 7,213,574 - - - - 18,643 2,852 21,495 7,192,079

9 Berger Paints Trinidad Ltd. Pension

Fund Plan (For Monthly Paid

Employees) 23,222,758 - - - 1,111,236 4,029,257 28,363,251 318,015 173,863 491,878 - - 210,003 701,881 27,661,370

10 BPTT LLC Pension Plan 377,543,748 11,888,253 7,119,376 - 22,873,905 54,808,675.00 474,233,957 8,028,781 2,291,306 10,320,087 70,796 239,062 4,413,846 15,043,791 459,190,166

11 British-American Insurance Company

(Trinidad) Limited Pension Fund Plan 13,007,765 419,199 419,199 - 946,570 - 14,792,733 247,878 - 247,878 - 169,983 94,569 512,430 14,280,303

12 British Gas Trinidad Limited Pension

Fund Plan

13 BWIA Pilots Pension Fund Plan

14 Caribbean Industrial Research

Institute Pension Fund Plan 91,245,680 923 923 - 5,248,315 23,687,781 120,183,622 1,614,189 176,541 1,790,730 - 7,111 535,057 2,332,898 117,850,724

15 Caribbean Ispat Limited Employees

Pension Plan 509,403,524 3,857,492 3,868,267 - 27,077,417 90,224,449 634,431,149 3,901,472 1,309,460 5,210,932 - 172,208 2,073,746 7,456,886 626,974,263

16 Central Bank of Trinidad and Tobago

Pension Fund Plan

17 Citibank of (Trinidad and Tobago)

Limited Pension Fund 61,781,680 - - - 3,909,878 6,927,128 72,618,686 307,168 33,946 341,114 - - 650,836 991,950 71,626,736

18 Coca Cola Bottling

(Trinidad and Tobago)Pension Plan 12,461,361 736,053 742,182 - 590,431 2,080,746 16,610,773 178,828 48,138 226,966 - 510,825 225,005 962,796 15,647,977

19 Consolidated Insurance Consultants

Limited Pension Fund Plan 68,738,923 - - - 4,445,943 17,972,328 91,157,194 424,767 - 424,767 203,591 14,618 506,913 1,149,889 90,007,305

20 Coopers and Lybrand

Pension Fund Plan 8,611,342 186,953 1,301,622 - 765,619 1,094,274 11,959,810 151,039 91,946 242,985 - 39,246 35,717 317,948 11,641,862

21 Courts Trinidad Limited Pension Plan 13,173,523 847,433 918,626 - 632,797 2,007,237 17,579,616 31,117 10,322 41,439 - 775,554 257,212 1,074,205 16,505,411

22 Cuna Caribbean Insurance Society

Pension Fund 25,208,107 554,070 281,835 - 1,272,442 3,779,072 31,095,526 211,791 34,491 246,282 - 84,039 445,423 775,744 30,319,782

23 Development Finance Limited

Pension Fund Plan 30,870,516 - 10,336 - 2,099,507 4,023,152 37,003,511 201,089 139,351 340,440 - - 338,824 679,264 36,324,247

24 EOG Resources Trinidad Ltd.

Pension Fund Plan 4,877,116 334,912 239,158 - 392,205 1,653,085 7,496,476 - - - - 2,012 86,444 88,456 7,408,020

25 E & Y Services Limited Pension Scheme 25,132,957 264,593 264,593 - 1,701,607 5,470,999 32,834,749 1,271,293 55,190 1,326,483 - 9,737 72,520 1,408,740 31,426,009

FUNDS

AT END

OF PERIOD

Carried Forward 1,586,753,898 26,740,893 20,333,828 - 90,189,432 265,019,791 1,989,037,842 18,847,430 7,674,901 26,522,331 276,602 2,427,393 12,989,166 42,215,492 1,946,822,350


Central Bankt Acs wide 2004 7/2/07 3:18 PM Page 223

REPORT ON INSURANCE AND PENSIONS

223

TABLE XXXV (cont’d)

NAME OF PLAN

CONTRIBUTIONS BY

FUND AT THE

BEGINNING OF

PERIOD EMPLOYERS EMPLOYEES

SELF-ADMINISTERED PENSION AND PLANS – REVENUE ACCOUNT – 2004

ADDITIONAL

CONTRIBU-

TIONS BY

EMPLOYERS TO

MEET

DEFICIENCY

INTEREST

DIVIDENDS

AND RENT

OTHER

INCOME

TO BE

SPECIFIED

TOTAL

REVENUE

SUPERANNUATION BENEFITS

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $

26 Ferreira Optical Limited

Pension Fund Plan 9,345,518 231,940 306,033 - 671,431 1,682,398 12,237,320 11,556 - 11,556 - 92,499 184,914 288,969 11,948,351

27 First Citizen Bank Pension Plan 539,727,545 186,417 169,114 - 17,280,385 53,995,458 611,358,919 7,040,015 1,260,706 8,300,721 2,139 174,311 1,746,736 10,223,907 601,135,012

28 Guyana and Trinidad Mutual Fire

Insurance Company Pension Fund Plan

PENSIONS TO

RETIRED

EMPLOYEES

RETIREMENT

GRATUITIES

TOTAL

DEATH

GRANTS

RETURN OF

CONTRIBUTION

ON

WITHDRAWAL

OTHER

EXPENDITURE

TO BE

SPECIFIED

TOTAL

EXPENDITURE

29 Hand Arnold (Trinidad) Limited

Pension Fund Plan 42,400,486 - 359,094 - 2,669,797 14,186,857 59,616,234 1,052,895 - 1,052,895 - 53,941 568,466 1,675,302 57,940,932

30 H.S. Services Ltd. Pension Fund Plan 7,142,816 575,995 626,395 - 1,275,710 - 9,620,916 - 88,020 88,020.00 - 85,964 229,616 403,600 9,217,316

31 Hydro Agri Trinidad Limited

Hourly Paid Employees Pension Plan

32 Hydro Agri Trinidad Limited

Salaried Employees Pension Plan

33 Industrial Agencies Ltd. Pension Fund 48,937,856 - 1,028,593 - 2,518,958 10,349,276 62,834,683 433,989 200,959 634,948 - 222,019 464,910 1,321,877 61,512,806

34 I.B.M. Non-Contributory

Pension Fund Plan 42,472,561 - - - 6,010,819 21,608 48,504,988 957,361 - 957,361 - - 29,332 986,693 47,518,295

35 Lever Brothers West Indies Limited

Pension Fund Plan 177,975,907 1,337,814 1,338,870 - 9,834,676 27,023,118 217,510,385 3,241,392 1,209,124 4,450,516 - 684,950 1,650,748 6,786,214 210,724,171

36 Mandev Qualassure Pension

Fund Plan

37 Mega Insurance Company Limited

Pension Plan 23,307,962 157,609 157,609 - 1,378,858 4,563,294 29,565,332 527,147 - 527,147 - 41,053 620,489 1,188,689 28,376,643

38 MTS Pension Fund Plan

39 National Gas Company Pension

Fund Plan

40 National Insurance Board

Pension Fund Plan 415,533,493 2,049,095 2,053,636 - 25,269,305 136,504,374 581,409,903 8,757,999 2,698,351 11,456,350 94,872 81,111 1,654,305 13,286,638 568,123,265

41 National Insurance Property

Development Company Limited

Pension Fund Plan 32,449,835 216,398 219,012 - 1,793,968 5,584,399 40,263,612 96,647 38,033.00 134,680 - 65,385 376,455 576,520 39,687,092

42 National Union of Gov't and

Federated Workers Elected Officers'

Pension Fund Plan 3,093,188 105,036 32,319 - 180,032 451,396 3,861,971 124,733 300,518 425,251 - - 146,780 572,031 3,289,940

43 National Union of Gov't and

Federated Workers Staff Pension

Fund Plan

44 Neal and Massy Group Pension Fund Plan 775,140,880 105,790 7,648 - 40,219,201 325,728,384 1,141,201,903 17,484,108 4,645,231 22,129,339 266,043 204,558 10,679,500 33,279,440 1,107,922,463

45 Nestle Trinidad and Tobago Limited

Pension Plan

46 Nestle Trinidad and Tobago Limited

Unionised Employees' Pension Plan

47 Niherst Pension Fund Plan 16,832,631 611,279 353,199 - 861,103 2,762,320 21,420,532 129,767 - 129,767 - 49,862 151,676 331,305 21,089,227

48 PCS Nitrogen Trinidad Limited

Pension Fund Plan 1 (formerly

Arcadian Trinidad Pension Fund Plan) 292,867,274 1,245,482 1,291,966 - 17,101,252 36,536,512 349,042,486 2,431,379 1,967,560 4,398,939 2,254 221,666 2,186,118 6,808,977 342,233,509

Carried Forward 4,013,981,850 33,563,748 28,277,316 - 217,254,927 884,409,185 5,177,487,026 61,136,418 20,083,403 81,219,821 641,910 4,404,712 33,679,211 119,945,654 5,057,541,372

FUNDS

AT END

OF PERIOD


Central Bankt Acs wide 2004 7/2/07 3:18 PM Page 224

224 CENTRAL BANK OF TRINIDAD AND TOBAGO

TABLE XXXV (cont’d)

NAME OF PLAN

CONTRIBUTIONS BY

FUND AT THE

BEGINNING OF

PERIOD EMPLOYERS EMPLOYEES

SELF-ADMINISTERED PENSION AND PLANS – REVENUE ACCOUNT – 2004

ADDITIONAL

CONTRIBU-

TIONS BY

EMPLOYERS TO

MEET

DEFICIENCY

INTEREST

DIVIDENDS

AND RENT

OTHER

INCOME

TO BE

SPECIFIED

TOTAL

REVENUE

SUPERANNUATION BENEFITS

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $

Brought Forward 4,013,981,850 33,563,748 28,277,316 - 217,254,927 884,409,185 5,177,487,026 61,136,418 20,083,403 81,219,821 641,910 4,404,712 33,679,211 119,945,654 5,057,541,372

49 PCS Nitrogen Trinidad Limited

Pension Fund Plan 2 (formerly

(Trinidad and Tobago Urea

Company Ltd.)

("TTUC") Pension Fund Plan 16,022,989 158,701 158,701 - 837,166 2,845,912 20,023,469 96,882 - 96,882 - - 223,282 320,164 19,703,305

50 Phoenix Park Gas Processors Ltd.

Staff Pension Fund Plan 19,762,256 744,158 746,158 - 1,141,347 3,195,934 25,589,853 - - - - 37,130 218,408 255,538 25,334,315

51 Port Authority of Trinidad and Tobago

(Daily/Weekly) Pension Fund Plan

52 Port Authority of Trinidad and Tobago

(Monthly Paid) Pension Plan

53 Pricewaterhouse Coopers

Pension Plan 17,733,966 802,798 3,296,071 - 1,824,207 142,006 23,799,048 227,547 10,542 238,089 - 242,719 58,540 539,348 23,259,700

54 RBTT Pension Fund Plan 66,376,743 19,809,567 - - 7,436,414 99,040 93,721,764 9,392 70,411 79,803 163,542 - 3,889,544 4,132,889 89,588,875

55 Regional Health Authority

Pension Plan

56 Republic Bank Limited Pension

Fund Plan

57 Scotiabank Trinidad and Tobago Ltd.

Pension Fund Plan 360,643,408 - - - 23,023,936 32,593,566 416,260,910 3,401,160 2,160,358 5,561,518 - - 3,569,989 9,131,507 407,129,403

58 Servol Limited Pension Fund Plan 11,365,996 561,725 561,725 - 613,997 3,005,255 16,108,698 178,067 - 178,067 - 105,361 22,925 306,353 15,802,345

59 Telecommunications Services of

Trinidad and Tobago Limited

Pension Plan 917,035,451 21,041,879 11,919,634 - 27,716,529 139,351,990 1,117,065,483 16,779,797 6,144,992 22,924,789 - 363,435 3,680,369 26,968,593 1,090,096,890

60 Texaco (Trinidad) Limited Staff

Retirement Plan 37,778,005 168,263 168,263 - 1,737,605 7,315,532 47,167,668 1,249,161 - 1,249,161 - 20,679 248,979 1,518,819 45,648,849

61 The Demerara Life Assurance

Company of Trinidad and Tobago

Limited Sales Staff

Pension Fund Plan

62 The Home Mortgage Bank Pension

Fund Plan 8,787,036 271,060 135,530 - 300,215 2,151,221 11,645,062 - - - - - - - 11,645,062

63 The Mercantile Banking and

Finance Corporation Ltd. Pension

Fund Plan 2,135,214 31,979 31,979 - 205,957 82,250 2,487,379 - - - - - 5,433 5,433 2,481,946

64 Thomas Peake & Company Limited

Pension Plan 17,794,660 301,951 301,951 - 852,053 2,838,942 22,089,557 346,261 327,882 674,143 - 30,148 198,263 902,554 21,187,003

65 Trinidad Building and Loan

Association Pension Fund Plan

66 Trinidad Cement Limited Employees

Pension Fund 455,708,562 4,019,643 3,375,112 - 24,824,636 106,663,821 594,591,774 6,763,698 2,339,011 9,102,709 172,947 108,487 2,136,362 11,520,505 583,071,269

67 Trinidad Hilton Ltd. Pension Fund Plan

PENSIONS TO

RETIRED

EMPLOYEES

RETIREMENT

GRATUITIES

TOTAL

DEATH

GRANTS

RETURN OF

CONTRIBUTION

ON

WITHDRAWAL

OTHER

EXPENDITURE

TO BE

SPECIFIED

TOTAL

EXPENDITURE

68 Trinidad and Tobago Electricity

Commission Pension Fund Plan

69 Trinidad and Tobago Electricity

Commission Provident Fund 11,342,426 3,821 1,910 - 1,090,514 (1,096,200) 11,342,471 - 855,426.00 855,426 - - 510,079 1,365,505 9,976,966

FUNDS

AT END

OF PERIOD

Carried Forward 5,956,468,562 81,479,293 48,974,350 - 308,859,503 1,183,598,454 7,579,380,162 90,188,383 31,992,025 122,180,408 978,399 5,312,671 48,441,384 176,912,862 7,402,467,300


Central Bankt Acs wide 2004 7/2/07 3:18 PM Page 225

REPORT ON INSURANCE AND PENSIONS

225

TABLE XXXV (cont’d)

NAME OF PLAN

CONTRIBUTIONS BY

FUND AT THE

BEGINNING OF

PERIOD EMPLOYERS EMPLOYEES

SELF-ADMINISTERED PENSION AND PLANS – REVENUE ACCOUNT – 2004

ADDITIONAL

CONTRIBU-

TIONS BY

EMPLOYERS TO

MEET

DEFICIENCY

INTEREST

DIVIDENDS

AND RENT

OTHER

INCOME

TO BE

SPECIFIED

TOTAL

REVENUE

SUPERANNUATION BENEFITS

PENSIONS TO

RETIRED

EMPLOYEES

RETIREMENT

GRATUITIES

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $

TOTAL

DEATH

GRANTS

RETURN OF

CONTRIBUTION

ON

WITHDRAWAL

OTHER

EXPENDITURE

TO BE

SPECIFIED

TOTAL

EXPENDITURE

Brought Forward 5,956,468,562 81,479,293 48,974,350 - 308,859,503 1,183,598,454 7,579,380,162 90,188,383 31,992,025 122,180,408 978,399 5,312,671 48,441,384 176,912,862 7,402,467,300

70 Trinidad and Tobago External Telecommunications

Company Limited

Pension Fund 154,487,351 - - - 24,823,705 85,541,522 264,852,578 24,168,576 - 24,168,576 - - 6,408,372 30,576,948 234,275,630

71 Trinidad and Tobago Methanol

Company Pension Fund Plan 133,364,576 54,432 54,432 - 6,644,540 15,697,959 155,815,939 1,106,388 254,293 1,360,681 - - 832,040 2,192,721 153,623,218

72 T'dad and T'go National Petroleum

Marketing Company Ltd.

Contributory Pension Plan I 130,773,642 2,963,219 1,389,011 - 8,956,015 42,320,623 186,402,510 1,800,225 631,867.00 2,432,092 20,473 1,923 7,737,330 10,191,818 176,210,692

73 T'dad and T'go National Petroleum

Marketing Company Ltd.

Contributory Pension Plan 11 154,555,528 2,094,701 981,892 - 8,600,909 33,510,028 199,743,058 3,791,890 1,865,800 5,657,690 27,300 286,152 1,126,079 7,097,221 192,645,837

74 Trintoc Limited Contributory Pension

Plan 'A' 560,320,539 3,892,580 1,894,080 - 33,872,756 137,006,488 736,986,443 12,001,791 3,098,225 15,100,016 810,775 - 2,274,512 18,185,303 718,801,140

75 Trintoc Limited Contributory

Pension Plan 'B' 636,913,217 5,087,958 2,577,518 - 37,768,118 137,779,138 820,125,949 8,880,039 545,726 9,425,765 108,474 39,102 2,467,254 12,040,595 808,085,354

76 Trinidad and Tobago Oil Company

Limited Non Contributory Pension

Fund Plan 93,909,591 - - - 4,728,791 24,630,709 123,269,091 4,758,370 - 4,758,370 88,478 - 473,838 5,320,686 117,948,405

77 Trintoc Limited Employees

Benefit Plan

78 Trintoc Limited Staff Retirement Plan

79 Trinidad and Tobago Petroleum

Company Limited Employees

Pension Fund Plan

80 Trinidad and Tobago Petroleum

Company Limited Staff

Pension Plan 858,719,768 12,450,171 6,452,870 - 50,889,472 170,262,776 1,098,775,057 25,722,903 3,139,853 28,862,756 391,184 430,005 3,841,947 33,525,892 1,065,249,165

81 Trinidad and Tobago Port Contractors

Limited Employees Pension Fund Plan

82 Trinidad and Tobago Telephone

Co. Ltd. Staff Pension Plan 985,430,500 5,373,200 5,373,200 - 89,191,504 403,370,433 1,488,738,837 12,833,485 5,149,563 17,983,048 448,208 126,415 54,664,662 73,222,333 1,415,516,504

83 Trinidad and Tobago Unit Trust

Corporation Pension Plan 31,517,830 2,966,814 1,059,577 - 20,311.00 9,313,882.00 44,878,414 1,270,597 - 1,270,597 - 183,040 32,818 1,486,455 43,391,959

84 Trinmar Employees Benefit Plan 378,816,315 4,773,824 2,978,384 - 9,933,207 6,335,078 402,836,808 4,398,433 1,765,198 6,163,631 12,864 63,920 1,088,785 7,329,200 395,507,608

85 Trintoplan Consultant Limited Staff

Pension Fund Plan 69,797,705 - - - 3,720,640 14,183,155 87,701,500 597,916 707,231.00 1,305,147 - - 455,093 1,760,240 85,941,260

86 T. Geddes Grant Staff Savings and

Pension Fund Plan 33,783,000 - - - 2,832,000 14,911,000 51,526,000 2,303,000 - 2,303,000 - - 3,778,000 6,081,000 45,445,000

87 T. Geddes Grant Ltd. Pension

Fund Plan 406,000,000 778,000 1,476,000 - 29,787,000 96,996,000 535,037,000 14,817,000 8,875,000 23,692,000 - 1,473,000 1,059,000 26,224,000 508,813,000

Carried Forward 10,584,858,124 121,914,192 73,211,314 - 620,628,471 2,375,457,245 13,776,069,346 208,638,996 58,024,781 266,663,777 2,886,155 7,916,228 134,681,114 412,147,274 13,363,922,072

FUNDS

AT END

OF PERIOD


Central Bankt Acs wide 2004 7/2/07 3:18 PM Page 226

226 CENTRAL BANK OF TRINIDAD AND TOBAGO

TABLE XXXV (cont’d)

NAME OF PLAN

CONTRIBUTIONS BY

FUND AT THE

BEGINNING OF

PERIOD EMPLOYERS EMPLOYEES

SELF-ADMINISTERED PENSION AND PLANS – REVENUE ACCOUNT – 2004

ADDITIONAL

CONTRIBU-

TIONS BY

EMPLOYERS TO

MEET

DEFICIENCY

INTEREST

DIVIDENDS

AND RENT

OTHER

INCOME

TO BE

SPECIFIED

TOTAL

REVENUE

SUPERANNUATION BENEFITS

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $

Brought Forward 10,584,858,124 121,914,192 73,211,314 - 620,628,471 2,375,457,245 13,776,069,346 208,638,996 58,024,781 266,663,777 2,886,155 7,916,228 134,681,114 412,147,274 13,363,922,072

88 Water and Sewerage Authority

Pension Fund 372,923,626 3,829,341 2,422,230 - 19,473,531 105,344,701 503,993,429 14,812,251 428,996 15,241,247 826,740 40,953 747,898 16,856,838 487,136,591

PENSIONS TO

RETIRED

EMPLOYEES

RETIREMENT

GRATUITIES

TOTAL

DEATH

GRANTS

RETURN OF

CONTRIBUTION

ON

WITHDRAWAL

OTHER

EXPENDITURE

TO BE

SPECIFIED

TOTAL

EXPENDITURE

89 West Indian Tobacco Company Ltd.

Pension Plan 108,448,425 1,242,025 1,153,403 - 6,441,132 12,499,948 129,784,933 3,653,093 904,069 4,557,162 - 654,314 893,077 6,104,553 123,680,380

90 Y. De Lima & Company Limited

Staff Pension Fund Plan 11,035,479 - - - 651,433 - 11,686,912 37,794 - 37,794 - - 116,212 154,006 11,532,906

GRAND TOTAL 11,077,265,654 126,985,558 76,786,947 - 647,194,567 2,493,301,894 14,421,534,620 227,142,134 59,357,846 286,499,980 3,712,895 8,611,495 136,438,301 435,262,671 13,986,271,949

FUNDS

AT END

OF PERIOD