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TURKS AND CAICOS ISLANDS NATIONAL INSURANCE BOARD
Notes to Financial Statements, continued Year ended March 31, 2013
24. Related party balances and transactions, continued
Per the Ordinance, contributions from TCIG of US$1,021,301 (2012 – US$1,296,154) comprise contributions relating to TCIG officers only and these are reflected in the statement of income, expenses and reserves as contributions from civil servants. Contributions for TCIG employees are charged at the same rates as the private sector and, on this basis, have been included within the private sector contributions in the statement of income, expenses and reserves and for the purpose of allocating contributions amongst branches.
On November 5, 2012 NIB and TCIG signed an Omnibus Agreement (the Omnibus Agreement) to settle all their outstanding issues, including the interest claim.
Without admission of liability, NIB and TCIG agreed to make certain payments to one another in settlement of various disputes between the two parties, and to take certain other actions. Such payments and actions pursuant to the Omnibus Agreement included the following:
 NIB agreed to sell, and TCIG agreed to purchase, the property commonly known as the Honourable N.J.S. Francis Building, including furniture and fixtures together with all the land comprised in parcel 10305/37 Central, Grand Turk, TCI, for an amount of US$6.285 million, US$5.9 million (note 12) of which was allocated for the building and US$385,000 (note 8(b)) for furniture and fixtures.
 Subject to the procedures set out in the Crown Land Ordinance 2012, TCIG agreed to grant NIB a licence to occupy the property known as the Honourable Headley Durham Building, and to use the fixtures and fittings therein together with all the land comprised in parcels 10404/161 & 187, East Suburbs, Grand Turk, TCI, for a period of 50 days for US$22,192. TCIG further agreed to grant NIB a lease for a term of 999 years at a total cost of US$1,327,808. The total agreed lease payment of US$1,327,808 was allocated US$1,257,808 (note 13) for the building and US$70,000 (note 13) for the leased land.
 NIB agreed to pay TCIG an amount of US$3.15 million in respect of interest accrued on the US$6.15 million paid to TCIG by NIB for medical treatment costs relating to employment injuries for the period from April 6, 1992 to March 31, 2010 (note 15).
 TCIG agreed to pay NIB US$900,410 in respect of interest accrued pursuant to its lease of the N.J.S. Francis Building (note 18).
Pursuant to the Omnibus Agreement TCIG agreed to pay US$2,685,410 to NIB on November 30, 2012, the settlement date, on a consolidated basis to settle all matters referred to in the Omnibus Agreement including those illustrated above.
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