Page 73 - NIB Annual Report 12-13 | 13-14

TURKS AND CAICOS ISLANDS NATIONAL INSURANCE BOARD
Notes to Financial Statements, continued Year ended March 31, 2013
22. Other comprehensive income
The US$3,861,532 other comprehensive income for the year ended March 31, 2013 (2012 – (US$5,454)) related to changes in market value of available-for-sale financial assets at March 31, 2013 and 2012, respectively.
The changes in market value of available-for-sale financial assets included in NIB’s reserves at March 31, 2013 and 2012 can be analysed as follows:
Changes in market value at March 31
Movement 2013
3,977,109 (205,365)
89,788 3,861,532
Movement 2012
(186,657) 587,710 (406,507)
(5,454)
Equity securities Government debt securities Corporate debt securities
Equity securities Government debt securities Corporate debt securities
23. Retirement benefit obligations
US$ US$
US$ US$
2013
9,471,852 596,635 789,296
10,857,783
2012
5,494,743 802,000 699,508
6,996,251
The liability for retirement benefits provided for NIB employees was follows:
2013
Present value of funded obligation US$ – Fair value of plan assets –
US$ –
determined as
2012
4,068 (4,068)
–
Changes in market value at March 31
2012
5,494,743 802,000 699,508
6,996,251
2011
5,681,400 214,290 1,106,015
7,001,705
Effective March 31, 2011 a decision was made to terminate the Plan. The present value of funded obligations for the 52 active members of the Plan at March 31, 2011 was US$1,242,971. However, given the decision to terminate the Plan and, given that there was a minimum rule that no member was to receive less than the combined member and employer contributions including interest, the total payable increased to US$1,342,565 at April 1, 2011.
2013 & 2014 ANNUAL REPORT | 69 48