Page 59 - NIB Annual Report 12-13 | 13-14

TURKS AND CAICOS ISLANDS NATIONAL INSURANCE BOARD
Notes to Financial Statements, continued Year ended March 31, 2013
8. Notes receivable – net , continued (b) TCIG loan
The US$720,300 note receivable due from TCIG related to furniture and fixtures of NIB that were sold to TCIG.
The amount due was non interest bearing and was guaranteed by TCIG. The amount should have been repaid in October 2010, however, in November 2012 TCIG agreed to pay the aforementioned US$385,000 as part of an Omnibus Agreement between NIB and TCIG (note 24). This resulted in a change in fair value of US$335,300 that was recognised within general and administrative expenses in the statement of income, expense and reserves for the year ended March 31, 2012 (note 20).
9. Available-for-sale financial assets
The US$133,870,860 available-for-sale financial assets at March 31, 2013 (2012 – US$117,769,693) were held as follows:
% 2013 US$
63.2% 84,649,552
20.3% 27,112,168 9.7% 13,012,321 6.8% 9,096,819
100.0% 133,870,860
% 2012 US$
UBS Financial Services Inc. Merrill Lynch, Pierce
Fenner & Smith Incorporated Morgan Stanley Smith Barney LLC Wells Fargo Advisors, LLC
59.7%
21.8% 11.0% 7.5%
100.0% 2012 can be
70,335,312
25,623,448 12,925,354 8,885,579
117,769,693 analysed as
Available-for-sale financial assets at March 31, 2013 and follows:
Cost 2013
Market Value 2013 2012
85,800,562 70,980,852 34,642,379 34,579,604 13,427,919 12,209,237
133,870,860 117,769,693
2013 & 2014 ANNUAL REPORT | 55 34
Equity securities US$ Government debt securities
76,328,710 34,045,744 12,638,623
2012
65,486,109 33,777,604 11,509,729
Corporate debt securities
US$ 123,013,077 110,773,442