Page 134 - NIB Annual Report 12-13 | 13-14

TURKS AND CAICOS ISLANDS NATIONAL INSURANCE BOARD
Notes to Financial Statements, continued Year ended March 31, 2014
15. Benefits, continued
In November 2012 NIB paid TCIG the interest charges claimed as part of an Omnibus Agreement (note 19) which settled all outstanding issues between TCIG and NIB. The interest charges of US$3.15 million were recorded as an injury benefit in the statement of income, expenses and reserves for the year ended March 31, 2013.
During the year ended March 31, 2014 NIB recognised an accrual of US$340,058 (note 12) as an estimate of its obligation for the cost of medical services provided by TCIG in connection with employment injuries. 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$340,058 recognised in 2011 and 2014 respectively, represent its best estimate of the total costs incurred for the financial years 2011 through 2014.
16. General and administrative expenses
Salaries and wages
Rent and utilities
Depreciation
Professional fees
Insurance
Impairment loss on other receivables
Office supplies, stationery and postage Board of directors and committee allowances Security
Communications
Maintenance expenses
Other expenses – net
Travel and subsistence
Vehicle expenses
Training
Advertising
Computer services
Employees' allowances
Impairment loss on contributions receivable Gain on sale of property and equipment
US$
2014
2,562,157 368,449 297,678 277,546 135,540 125,076 123,054 117,300 116,154
98,606 91,516 90,293 46,316 38,972 26,392 24,585 21,962 21,318 11,850
(8,345) 4,586,419
2013
2,723,600 402,116 271,018 141,116 140,222
– 105,962 113,748 140,601 126,404 121,652 105,757 68,109 46,693 67,152 51,114 89,540 28,322 404,324
(3,875) 5,143,575
US$
130| The National Insurance Board of The Turks and Caicos Islands
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