Page 71 - NIB Annual Report 12-13 | 13-14

TURKS AND CAICOS ISLANDS NATIONAL INSURANCE BOARD
Notes to Financial Statements, continued Year ended March 31, 2013
19. Benefits
Long-term benefit
Retirement pension benefit Survivors benefit
Old age non contributory Invalidity pension
Funeral grant Retirement grant Survivors grant
Short-term benefit
Maternity allowance Sickness benefit Maternity grant
Employment injury benefit/disablement and death benefit
Injury benefit
Disablement benefit
Death benefit
Disablement grant
Constant attendance allowance Medical care
Death grant
US$
2013
5,632,175 1,189,471 807,554 720,232 122,900 103,097 9,855 8,585,284
766,875 712,652 190,000
1,669,527
3,235,006 229,104 144,500
12,476 7,800 589 – 3,629,475
13,884,286
2012
4,915,789 845,292 875,652 590,206 100,800
71,751
20,022 7,419,512
805,394 634,303 177,500
1,617,197
5,422,255 208,281 153,810
27,962 7,800 984 2,000 5,823,092
14,859,801
US$
Refer to note 27 for additional information on long-term benefits.
Refer to note 15 for additional information on employment injury benefit of US$5,313,266 for the period April 6, 1992 to March 31, 2010 and US$612,000 for the period April 1, 2010 to March 31, 2011 relating to claims from TCIG.
Per the Ordinance NIB continues to be obligated 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 NHIB towards medical care costs and recognised this payment as an expense in that year. No amount of medical care costs was paid or provided for during the period April 1, 2011 to March 31, 2013. Before agreeing to any further payment of medical care costs, to NHIB or TCIG, NIB is attempting to establish the basis upon which any such payment should be made and to whom. At March 31, 2013 no support for actual medical costs incurred in relation to employment injuries for the period April 1, 2010 to March 31, 2013 had been provided to NIB. In the absence of any evidence to the contrary NIB believes the amount recognised
2013 & 2014 ANNUAL REPORT | 67 in 2011 of US$612,000 represents its best estimate of the total costs incurred (note 29).
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