Page 115 - NIB Annual Report 12-13 | 13-14

TURKS AND CAICOS ISLANDS NATIONAL INSURANCE BOARD
Notes to Financial Statements, continued Year ended March 31, 2014
3. Significant accounting policies, continued
(e) Revenue and expense recognition, continued
(iv) Benefits, general and administrative expenses, continued
Short-term benefits such as maternity allowance, sickness and maternity grants are generally recognised upon approval of a claim subject to the provisions of sections 28(1), 22(1) and 33(1) of the Benefit Regulations, respectively.
Employment injury benefits such as disablement, death and injury are generally recognised upon approval of a claim subject to the provisions of sections 39(1), 45 and 35(1) of the Benefit Regulations, respectively.
As disclosed in notes 3(i) and 22, NIB recognises the amount of its liabilities for future retirement benefits in the notes to the financial statements as per IAS 26. An actuarial valuation is performed every 3 years. The latest valuation was performed as at March 31, 2013. The actuarial present value of other long-term benefits was not quantified. Certain results of the actuarial valuation as at March 31, 2013 are disclosed further in note 22.
(v) Basis of apportionment of income and expense
The statutory rates of total contributions, which are applied on an employed and self-employed person’s earnings and stipulated under sections 4, 14 and 19 of the TCI National Insurance (Contributions) Regulations (the Contributions Regulations), are as follows: Civil Servants 6.85%; Private Sector (general) 8.00%; Private Sector (under section 4(3) of the Contributions Regulations) 2.50%; Self Employed 6.80%; and Voluntary 5.50%.
Section 4(3) of the Contributions Regulations relates to the employment of a temporary resident employed person on which contributions are payable at a rate of 2.5% and not the standard 8% for all other private sector workers.
Section 13(1) of the Regulations provides that the aforementioned total contributions and surcharges (note 3(e)(i)) shall be allocated among the Benefit Branches as follows:
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