Page 141 - NIB Annual Report 12-13 | 13-14

TURKS AND CAICOS ISLANDS NATIONAL INSURANCE BOARD
Notes to Financial Statements, continued Year ended March 31, 2014
20. Financial instruments, continued
(a) Credit risk, continued
Providenciales Grand Turk North Caicos South Caicos Pine Cay Middle Caicos Salt Cay
Gross
US$ 3,149,097 252,422 139,797 63,802 9,276 2,014 3,230
2013 Impairment
907,228 62,360 43,817 37,858
247 1,366 2,000
1,054,876
Carrying Amount
2,241,869 190,062 95,980 25,944 9,029 648 1,230
2,564,762
US$
3,619,638
NIB’s activities may give rise to risk at the time of settlement of transactions. Settlement risk is the risk of loss due to the failure of an entity to honour its obligations to deliver cash, securities or other assets as contractually agreed. For the vast majority of transactions NIB mitigates this risk by conducting settlements through a compliance officer to ensure that a contribution is settled only when both parties have fulfilled their contractual settlement obligations.
The aging of contributions at the reporting date, by type of counterparty, was as follows:
2014
Gross Impairment
2013
Gross Impairment
Private employers
Past due
Not later than one month Later than one month but
not later than two months Later than two months
Outstanding but not past due
Self-employed
Past due
Not later than one month Later than one month but
not later than two months Later than two months
Outstanding but not past due
US$
82,905
51,208 810,304 1,983,172 2,927,589
14,666
10,902 141,394 49,454 216,416
16,581
20,483 544,116 198,317 779,497
2,933
4,361 114,865 4,945 127,104
206,470
207,008 1,142,432 1,815,850 3,371,760
19,370
19,391 181,667 27,450 247,878
20,647
41,402 839,478 – 901,527
1,937
3,878 147,534 – 153,349
US$ 3,144,005
906,601
3,619,638 1,054,876
2013
& 2014 ANNUAL REPORT | 137 45