Page 153 - NIB Annual Report 12-13 | 13-14

TURKS AND CAICOS ISLANDS NATIONAL INSURANCE BOARD
Notes to Financial Statements, continued Year ended March 31, 2014
24. Commitment
National Insurance Health Contribution
Under the Ordinance NIB is liable for any medical costs for beneficiaries arising from employment injury.
Commencing April 1, 2010 NIB committed to transfer funds annually from its Employment Injury Benefit Reserve to cover these costs.
The amount transferred was to be the NIB actuarially assessed amount pursuant to the provisions of section 49 of the Ordinance and Section 43 of the Benefit Regulations.
During the year ended March 31, 2011 NIB made an advance payment of US$612,000 to 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 12).
2013 & 2014 ANNUAL REPORT |149 57