Page 137 - TGIA_AnnualReport2014

10. Computer Program

Baht
2014 2013

as of January 1
Cost 350,000.00 -
Less IT accumulated depreciation - -

Net book value 350,000.00 -
Transaction during the year as of December 31
Net book value at beginning of the year 350,000.00 -
Plus Purchased assets 1,699,552.00 -

Less IT depreciation (263,753.56) -
Net book value at the year end 1,785,798.44 350,000.00

as of December 31
Cost 2,049,552.00 350,000.00
Less IT depreciation (263,753.56) -
Net book value 1,785,798.44 350,000.00

11. Deposit for Main Crop Rice Insurance Project

Rice Insurance Project for 2014 was set up by National Council for Peace and Order (NCPO) on June 24,
2014 to insure losses against natural causes from the harvest of the farmers. The project started from
November 21, 2014 by Thai General Insurance Association opening an account with Bank for Agriculture and
Agricultural Cooperatives, Nang Lerng Branch, to deposit the premiums which have been split into 2 parts.
The first 50% was put up as a reserve at the association for settling the claims to the insureds. The remaining
50% was distributed amongst TGIA members according to their participating shares. In the case of any
shortfall from claims settlement or incurring expenses, the participating insurers will have to reimburse to TGIA
to pay to the Insureds.

Premiums for Rice Crop 2014 was 340,494,523.65 baht and have been distributed to all participating
insurers at the amount of 170,247,261.82 baht.

สมาคมประกันวินาศภัยไทย | Thai General Insurance Association 135