Page 132 - NIB Annual Report 12-13 | 13-14

TURKS AND CAICOS ISLANDS NATIONAL INSURANCE BOARD
Notes to Financial Statements, continued Year ended March 31, 2014
12. Accounts payable and accrued expenses, continued
Per the Ordinance NIB is liable for the cost of medical services provided by TCIG in connection with employment injuries. During the year ended March 31, 2011 NIB made an advance payment of US$612,000 to the Turks and Caicos Islands National Health Insurance Board (NHIB) towards medical care costs and recognised this payment as an expense in that year. No medical care costs were paid or provided for during the period April 1, 2011 to March 31, 2013. At March 31, 2014 NIB included in accounts payable and accrued expenses US$340,058 representing NIB’s best estimate of its obligation for medical care costs as at that date. As at the date of issuance of these financial statements no documentation has been provided to NIB by NHIB or TCIG to support actual medical costs incurred by NHIB or TCIG in relation to their servicing of employment injuries for the period April 1, 2010 to March 31, 2014. In the absence of any evidence to the contrary NIB believes the amounts of US$612,000 and US$340,058 recognised in 2011 and 2014 respectively, represent its best estimate of the total costs incurred for the financial years 2011 through 2014 (note 24).
13. Income from, and net gains on, available-for-sale financial assets
Dividend income, interest income
and realised gains from equity securities
Interest income and realised gains
from government and corporate debt securities
14. Interest and other income
Interest income from loans and receivables Interest income from savings and current accounts Interest income from fixed deposits
Rental income
Other income
Change in fair value of TCIG Bond (note 8(b))
2014
US$ 3,958,360
1,207,776 US$ 5,166,136
2013
2,025,349
1,801,555 3,826,904
2013
1,874,363 92,398 12,819 1,979,580 496,240 25,930
(20,776) 2,480,974
US$
US$
2014
219,574 144,747 – 364,321 128,000 20,821
(20,776) 492,366
Included in interest income from loans and receivables for the year ended March 31, 2013 was US$676,503 of unrecognised interest due from TCIG on rent receivable for the Hon. N.J.S. Francis building, which was paid, along with previously recognised interest, as part of the Omnibus Agreement (note 19) which settled all outstanding issues between TCIG and NIB.
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