Page 82 - NIB Annual Report 12-13 | 13-14

TURKS AND CAICOS ISLANDS NATIONAL INSURANCE BOARD
Notes to Financial Statements, continued Year ended March 31, 2013
25. Financial instruments, continued
(a) Credit risk, continued
The aging of contributions at the reporting date, by type of counterparty, was as follows:
2013
Gross Impairment
2012
Gross Impairment
TCIG
Past due
Outstanding but not past due
Private employers
Past due
Not later than one month Later than one month but
not later than two months Later than two months but
not later than three months Later than three months
Outstanding but not past due
Self-employed
Past due
Not later than one month Later than one month but
not later than two months Later than two months but
not later than three months Later than three months
Outstanding but not past due
US$
– – –
206,470 207,008
83,761 1,058,671 1,815,850 3,371,760
19,370
19,391
13,293 168,374 27,450 247,878
– – –
20,647
41,402
33,504 805,974 – 901,527
1,937 3,878 5,317
142,217 – 153,349
1,054,876
– 37,437 37,437
109,379
84,112
28,796 1,113,171 1,615,904 2,951,362
15,953 13,695
7,343 158,882 37,309 233,182
3,221,981
– – –
10,938
16,822
11,519 679,497 – 718,776
1,595 2,739 2,937
130,918 – 138,189
856,965
US$ 3,619,638
The movement in the allowance for impairment in respect of contributions receivable during the year is disclosed at note 6 to these financial statements.
The allowance for impairment reflects estimates of losses arising from the failure or inability of NIB’s contributors to make required payments. The allowance is based on the aging of contributor accounts, contributor credit worthiness and NIB’s historical write-off experience. Changes to the provision may be required if the financial condition of its contributors improve or deteriorate. An improvement in financial condition may result in lower actual write-offs. Historically, changes to the estimate of losses have not been material to NIB’s financial position and results of operations.
78 | The National Insurance Board of The Turks and Caicos Islands
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