Page 136 - TGIA_AnnualReport2012

Post Employment Benefits
Contribution Plan:
The TGIA and employees jointly set up a providence fund from monthly contribution from employees and TGIA.
The assets of the providence fund are separated from the assets of TGIA and the contribution of TGIA is
recorded as expense on the year that the transaction occurred.

Post Employment Benefit Plan:
The TGIA has an obligation to pay compensation to the employees if their employments are terminated
according to the labor law. This compensation is a post employment benefit plan of employees.

TGIA’s liabilities under post employment benefits are calculated by a projected unit credit method by
independent expert who assesses such obligations on actuarial basis.
The actuarial gains and losses projection for post employment benefit of employees is recognized immediately
in the incomes higher than expenses account.
The liabilities of the post employment benefits of TGIA employees comprise current value of post employment
benefits obligations less unrecognized historical service cost and gains and losses from unrecognized actuarial
projection.

In complying with the IAS 19: Employee Benefits for the first time in 2011, the TGIA chose to recognize the
liabilities during a changing period in which was higher than the recognized value of liabilities on the same date
according to the former accounting policy by adjusting the record with accumulated gains on a beginning date
of the year 2011.

4. Cash and Cash Equivalent:
Baht
2012 2011
Cash 39,254.00 39,286.00
Current Account 1,343,565.29 1,792,816.77

Saving Account 10,729,190.93 105,867,919.89
Fixed Deposit Account (Not more than 3 months) 50,000,000.00 40,000,000.00
Total 62,112,010.22 147,700,022.66

5. Temporary Investment
As of December 31, 2012 and 2011, the 6 month fixed deposit of the Thai General Insurance Association were
35 million Baht and 15 million Baht, respectively, with the interest rate of 3.0-3.4% per annum (2011: 3.8%)

6. Accrued Incomes from Membership Fee
Baht
2012 2011
Accrued Membership Fee 43,778,323.00 53,354,291.00
Less Allowance for doubtful debt (9,966,039.00) (9,966,039.00)
Net 33,812,284.00 43,388,252.00

7. Loans to Staff
According to the Regulation of the Thai General Insurance Association on Loans as a Welfare to Staff, dated May
24, 2011, the fund has been established to provide a loan to the staff at a maximum limit of not more than 2 times of the
salary or 50,000 Baht. The payback period is not more than 24 months.

134 รายงานประจ�าปี 2555 | Annual Report 2012