Page 137 - TGIA_AnnualReport2012

8. Fixed Deposit with Guarantying Obligations
As of December 31, 2012 and 2011, the fixed deposit which was used as collateral of letter of guarantees issued
by the bank amounting 179,564.36 Baht and 176,564.36 Baht respectively.

9. Deposit for Main Crop Rice Insurance Project
The Main Crop Rice Insurance Project was established in response to the resolution of the Cabinet on May 3,
2011 in order to provide a security to rice farmers and to protect the risks related to natural disaster. The project
implementation started on July 1, 2011 and ended on June 30, 2012. TGIA opened an account under the name “TGIA
Main Crop Rice Insurance Project” at the Bank for Agriculture and Agricultural Cooperatives, Nang Lerng Branch to
receive premium which is divided into 2 portions. The first 50% portion of the premium is kept as a reserve to pay claims
to the insured while the other 50% is paid in proportion to the participating general insurance companies. In a case where
the combined amount of claim payment and other expenses surpassed the amount of reserved maintained at TGIA,
the participating companies must jointly reimbursed the different amount to TGIA.

10. Reserve for Central Administrative and 7 Committees’ Expenses
Baht
2012 2011
Reserve for Development and Public Relations Committee 15,767,309.77 13,314,597.92
Reserve for Accounting, Finance and Investment Committee 4,223,911.26 3,579,320.94
Reserve for Legal and Compliance Committee 4,006,104.87 5,053,713.40

Reserve for Property Insurance Committee 4,959,443.61 5,746,628.38
Reserve for Marine Insurance and Logistics Committee 1,967,811.61 2,158,820.12
Reserve for Motor Insurance Committee 14,695,855.98 15,405,694.92
Reserve for Miscellaneous, Accident and Health Insurance Committee 2,123,246.09 2,452,749.93
Total 47,743,683.19 47,711,525.61
Reserve for Central Administrative Operation 37,306,596.50 27,578,737.72
Total 85,050,279.69 75,290,263.33

11. Staff Welfare Obligation
TGIA complies with the IAS No.19: Employee Benefits, effective as from January 1, 2011 henceforth and pays
post employment benefits and pension according to the Labor Protection Act, B.E. 2541, relating to retirement and
other long term benefits to the employees according to their rights and period of employment.

Change in Current Value of Staff Welfare Obligations
Baht
2012 2011
For the year ended on December 31
Staff welfare obligations as on January 1 3,727,729.00 2,271,973.00
Current Service Cost and Interest 580,405.00 1,455,756.00

Staff welfare obligations as on December 31 4,308,134.00 3,727,729.00

Costs recognized in income statement is higher than expenses.

สมาคมประกันวินาศภัยไทย | Thai General Insurance Association 135