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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2018 (CONTINUED)
2. Summary of Significant Accounting Policies (continued)
(o) Employee benefits (continued)
contributions if the plan does not hold sufficient assets to pay all employees the benefits relating to employee service in the current or prior periods.
The Group’s contributions to the defined contribution pension plan are charged to the consolidated statement of comprehensive income in the financial period to which they relate.
3. Cash and Cash Equivalents
Cash on hand and at banks
Term deposits
Accrued interest
Restricted term deposits
Term deposits with original contractual maturities
greater than three months
The restricted term deposits represent funds placed by the Group in a trust and other term deposit accounts that cannot be distributed without the permission of the insurance regulators in the Cayman Islands, the Turks and Caicos Islands and the British Virgin Islands. Interest rates on term deposits range from 0.00% to 2.04% (2017: 0.18% to 1.75%) per annum.
2018 $
14,145,911 10,007,944
(35,963 ) (5,675,941 )
(4,296,040 )
14,145,911
2017 $
7,610,978 9,915,508 (34,930) (5,603,536)
(4,277,042)
7,610,978
4. Due from Agents
Premium receivable from agents Provision for doubtful debts
Movements in the provision for doubtful debts comprise:
Balance as of beginning of year Provision for doubtful debts Write-offs
2018 2017
$$
9,522,673 (25,259)
9,497,414
2018
11,381,594 (25,259)
11,356,335
2017
$$
25,259 25,259 – – – –
Balance as of end of year
25,259 25,259
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