Page 116 - 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
(v) Basis of apportionment of income and expense, continued
Contributions from:
Civil Servants
Private Sector (general) Private Sector (under section
4(3) of the Contributions
Regulations) Self Employed Voluntary
Long-Term Benefit Branch
5.50 / 6.85 5.50 / 8.00
– 5.50 / 6.80 5.50 / 5.50
Short-Term Benefit Branch
0.15 / 6.85 1.30 / 8.00
2.50 / 2.50 1.30 / 6.80 –
Employment Injury Benefit Branch
1.20 / 6.85 1.20 / 8.00
– – –
Section 13(2) of the Regulations provides that income from investments of reserves shall be allocated to the Benefit Branches in proportion to the amount of the reserve of each Benefit Branch at the beginning of the respective year.
Investment income for the year ended March 31, 2014 and 2013 was allocated as follows:
Long-Term Benefit Branch Short-Term Benefit Branch Employment Injury Benefit Branch
2014
76.76% 9.26% 13.98% 100.00%
2013
76.25% 8.85% 14.90% 100.00%
Section 14(1) of the Regulations provides that expenditure on each benefit shall be ascribed to the appropriate branch.
Section14(2) of the Regulations provides that the administrative expenditure of NIB shall be distributed among the Long-Term Benefit Branch, Short-Term Benefit Branch and Employment Injury Benefit Branch in the proportion of 67%, 17% and 16%, respectively.
(f) Impairment
(i) Financial assets
Financial assets held for investment purposes are measured at fair value with changes in fair values recognised in the statement of income, expenses and reserves.
112 | The National Insurance Board of The Turks and Caicos Islands
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