Page 9 - Djaluna 16 yuli 2018.pdf

Djaluna 16 Yüli 2018 9

NOTES TO THE FINANCIAL HIGHLIGHTS
1. Basic Principles: (b) Tax Assessments
The Branch is also subject to tax assessments during the normal course of
1.1 Basis of preparation business. Adequate provision has been made for all assessments received
to date and for tax liabilities accruing in accordance with management’s
The principal accounting policies adopted in the preparation of the understanding of tax regulations. Potential tax assessments may be
Branch’s annual statement are based on a combination of those utilized received by the Branch which are in addition to accrued tax liabilities. No
in the audited financial statements of its parent company and the provision has been made in these annual statements for such potential tax
requirements of the Central Bank of the Netherland Antilles Provisions assessments.
for the Disclosure of Consolidated Financial Highlights of Insurance
Companies. (c) Insurance Contracts
The Branch through its parent company develops and markets insurance
1.2 Investments products under various types of insurance contracts. The design of
these products is consistent with international best practice and reflects
The Branch’s financial statements are prepared under the historical cost the current thinking at the time of development. The Branch keeps its
convention except as modified by the revaluation of investment property,
products under review to ensure that they meet both policyholder and
owner-occupied property and available for sale securities. insurer expectations.
1.3 Current and Other Assets 3. Capital and or Surplus Commitments
The current and other assets are disclosed under the historical cost In the normal course of business, the Branch enters into commitments at
convention.
balance sheet date for which no provision has been made in these annual
statements. As of December 31, 2017, they were no commitments.
Furniture, equipment and vehicles are being reported as other assets.
4. Subsequent Events Affecting the Stated Earnings of the Branch:
1.4 Provision for Insurance Obligations
There are no subsequent events affecting the stated earnings of the
The Canadian accepted actuarial standards (recognizing local conditions)
Branch.
is used for the determination of actuarial liabilities of long-term insurance
contracts. These liabilities consist of amounts that, together with future 5. Investment Exhibit:
premiums and investment income, are required to provide for future
policy benefits, expenses and taxes on insurance and annuity contracts. INVESTMENTS NAf %
5.1 In the Netherlands Antilles 74,880 45.2%
1.5 Current and Other Liabilities
5.2 Outside the Netherlands Antilles 90,902 54.8%
5.3 Total Investments 165,782 100.0%
The current liabilities are disclosed under the historical cost convention.
6. Is the Insurer a Branch with its Registered Office Abroad?
There are no items categorized as other liabilities.
6. A Yes
2. Contingent Liabilities
7. If the Insurer is a Branch, is it Licensed to Transact the Business of
(a) Legal Proceedings Accident and Sickness Insurance?
During the normal course of business, the Branch is subject to legal 7. A Yes
actions which may affect the reported amounts of liabilities, benefits and
expenses. Management considers that any liabilities from these actions,
for which provision has not been already made, will not be material.