Page 142 - TGIA_AnnualReport2015

11. Deposit for Major Rice Insurance Project
The Major Rice Insurance Project for Crop Year 2014 was set up by the resolution of National Council for
Peace and Order on June 24, 2014, started implementation on November 21, 2014. The Major Rice Insurance

Project for Crop Year 2015 was set up by the resolution of the Cabinet on April 28, 2015, started implementation
on August 21, 2015. The Major Rice Insurance Project was set up to provide a security to rice farmers and
to insure losses against natural causes from the harvest. TGIA opened an account under the name “TGIA
Major Rice Insurance Project” at the Bank for Agriculture and Agricultural Cooperatives, Nang Lerng Branch to
receive the premiums which have been divided into 2 portions. The first 50% portion of the premiums was put
up as a reserve at TGIA for setting the claims to the insureds. The remaining 50% was distributed amongst the
participating insurers according to their participating shares. In the case of any shortfall from claims settlement
or incurring expenses, the participating insurers must have to reimburse to TGIA to pay to the Insureds.
Premiums for Major Rice Insurance for Crop Year 2014 was 342,608,093.63 Baht and have been
distributed to all participating insurers at the amount of 171,304,046.81 Baht. Remaining deposit which was
subtracted with paid claims was 14,898,635.74 Baht.

Premiums for Major Rice Insurance for Crop Year 2015 was 564,698,736.25 Baht and have been
distributed to all participating insurers at the amount of 282,349,368.13 Baht. Remaining deposit which was
subtracted with paid claims and other expense for this project was 259,389,533.87 Baht.

12. Reserve for Central Administrative and 8 Committees’ Expenses

Baht

2015 2014

Reserve for Insurance Development and Technical Committee 3,938,953.38 10,057,698.10
Reserve for Accounting, Finance and Investment Committee 3,219,523.45 3,048,846.79

Reserve for Legal and Compliance Committee 1,288,040.64 2,752,247.69

Reserve for Property Insurance Committee 1,924,490.57 1,718,175.80

Reserve for Marine Insurance and Logistics Committee 1,651,662.27 1,259,250.10

Reserve for Motor Insurance Committee 6,888,506.47 7,444,166.18

Reserve for Miscellaneous Insurance Committee 1,589,423.39 1,301,129.34
Reserve for Accident and Health Insurance Committee 1,534,110.12 -

Total 22,034,710.29 27,581,514.00

Reserve for Central Administrative Operation 40,808,341.35 20,342,618.26

Total 62,843,051.64 47,924,132.26

สมาคมประกันวินาศภัยไทย | Thai General Insurance Association 139