Implementation of new insurance laws has implications – GTM Chairman


first_imgThe GTM employees who were awarded for their outstanding contributions and achievements…as company records $1.93B profit in 2018The recent implementation of the Insurance Act 2016 is causing major setbacks for local insurance companies, according to the Guyana and Trinidad Mutual Life Insurance Company Limited (GTM).The Insurance Act of 2016 and its supporting Regulations of 2018 took effect mid-last year.At the company’s Annual General Meeting on Wednesday, Chairman Ram L Singh spoke of the factors that have influenced the performance and operation of the company.“The myriad of new requirements have had and will continue to have significant and profound implications for your company financially and operationally well into the future,” he told stakeholders at the Georgetown Club.The Chairman pointed to Note No. 48 of the Insurance Act, which sets a limit on investments for statutory fund requirements. “Though the Insurance Act gives an implementation of five years from the date of the Act came into force, the implication for all companies carrying on long-term business in nonetheless far-reaching,” he noted.Singh explained that a key investment requirement for any insurance company, especially life insurance companies, was viable, secure long-term investments. GTM currently has substantial investments in shares of large entities such as Banks DIH Limited; Demerara Distillers Limited (DDL); Republic Bank Guyana Limited and Guyana Bank for Trade and Industry (GBTI).The Chairman noted that some of the equity in these companies was pledged towards the statutory funds.“The new regulations seek to limit the equity pledged to a paltry 20 per cent of the statutory fund. If your company is to comply, it will need to dispose of millions of shares in companies that are considered in the investment world as ‘blue chip’ or reliable high- quality investments. With the unavailability of alternative sources of viable secure long-term investments, liquidating these shares means your company would now have billions of dollars in deposits earning far lower rates of return,” he told shareholders.Singh went on to outline that beyond the issue of excess liquidity and unnecessary exposure to low-yielding returns, the sudden disposal of large amount of shares in a company would inevitably have negative repercussions for the company’s share price and value. Moreover, three or four insurance companies disposing of their shares in these large companies would, according to the Chairman, not only be devastating but catastrophic for those companies.In fact, he disclosed that the 24 per cent appreciation in value of GTM from $10.31 billion to $12.78 billion at the end of December 2018 was a direct result of increased share prices from these investments. This, he added, contributed to the company’s “favourable performance” as reflected in its accounts.Financial positionTurning his attention to the company’s financial position, Singh revealed that GTM’s total income for 2018 was pegged at $1.93 billion, which is $124 million more than the previous year. At the end of December 2018, the company’s asset base increased by $2.47 billion. This 23.97 per cent growth over 2017’s figure is as a result of the increase in value of non-current assets and improved share values of the local companies in which GTM invested.Further, the company’s insurance premiums written, unlike 2017, recorded a growth of $133.76 million or 7.74 per cent in 2018. After the payment of reinsurance, GTM’s net premium growth was $121.67 million over 2017.Meanwhile, of the company’s 1.86 billion insurance premiums written last year, Guyana continues to be the top contributor with $899 million or 48 per cent, followed by St Lucia with $589 million or 32 per cent and Grenada with $281 million or 15 per cent.According to the Chairman, GTM settled some $568 million in insurance claims during 2018 compared to $461 million paid out in 2017.“The increase is a direct result of claims association with routine health, car, surgeries and treatment of non-communicable diseases such as cancer, renal failure and heart-related illness. As opposed to being a cause for alarm at this stage, an increase in the use of health-care services is seen as the growing awareness of the importance of preventative health care which provides an opportunity to expand your company’s health insurance portfolio,” he told the shareholders.On the other hand, Singh explained that concerted efforts were made to aggressively manage expenditures and as such, a decline in management expenses was recorded. Notwithstanding this, however, he noted that the new Insurance Act and its attendant Regulations required the introduction of additional positions at senior levels.“Steep increases in insurance levies to fund operation of the insurance regulator’s office and charges that are not imposed by other regulators in other territories in which your company operates, run counter to the regulator’s call for cost efficiency. Nonetheless, the Board of Directors working in collaboration with management have taken steps to comply and have already established a fully functional Compliance Department and identified persons for the positions of Risk Officer and Client Ombudsman,” he added.As customary at its Annual General Meetings, GTM also recognised its staff for their contributions and achievements over the past year.GTM Chairman Ram L Singhlast_img read more

Halfway River Fire Update


first_imgFORT ST. JOHN, B.C. – The Halfway River Fire has also grown.The fire now currently sits at 5,000 hectares, up from 3,000 yesterday. It is now 50% contained. The B.C. Wildfire Service says there was growth on the Nort Side of the fire and it did cross parts of the Halfway River, but it didn’t significantly grow after it crossed the river. – Advertisement -The Wildfire Service also says they did a planned ignition on the South Plank yesterday and it was successful. If weather permits today, they want to do another planned ignition on the West and the North planks.With rain forecasted Wednesday evening to possibly Friday, that is bringing some relief to those currently battling the blazes.last_img read more

Latest Gooner family member looking good in an Arsenal shirt


first_imgAlexis Sanchez is a Gooner, so by default, so is his Spanish missus Laia Grassi.Posting on her Instagram page, laiyls, Ms Grassi said: ‘I’m a Gunner’ shortly after Arsenal announced the signing of Chile international Sanchez from Barcelona in a £33m deal.The north Londoners saw off Liverpool to secure the 25-year-old’s signature after he scored 47 goals in 141 games for Barca and a trophy haul that included a La Liga title and the Spanish Cup. 3 3 Laia Grassi is a Gooner – click the arrow on the right to see more photos – Alexis Sanchez’s missus has joined the large community of Arsenal fans following the player’s transfer. 3 Laia Grassi is a Gooner – We bet she can’t wait for the Emirates Cup Laia Grassi is a Gooner – Get used to seeing this face at the Emirates a bit more next seasonlast_img read more

Roma chase Liverpool and Tottenham target


first_img Yevhen Konoplyanka 1 Roma are set to hold talks with the agent of Liverpool and Tottenham target Yevhen Konoplyanka, according to reports in Italy.The Dnipro winger has just one year remaining on his current contract and talks with the Ukraine club are understood to be stalling.As a result several of Europe’s top clubs have expressed an interest in Konoplyanka, who scored 13 goals in 36 appearances last season.Liverpool and Tottenham are reportedly leading the chase, but West Ham also had a bid rejected for the 25-year-old last summer.However, according to Sky Sport Italia, Roma have now scheduled talks with Konoplyanka’s agent in January.Dnipro are said to be keen on striking a deal then, before the player becomes available on a free next summer.last_img read more

KNOCK AIRPORT NUMBERS UP AS CHEAP FLIGHTS ATTRACT HOLIDAYMAKERS


first_imgIreland West Airport Knock continues to see passenger numbers rise at the start of 2012, the operators said today.And the airport is hoping to attract thousands of people from several European destinations into the west and north west later this month.For the second year in a row passenger numbers are up for the months of January and February with a particularly noteworthy increase of 16% in passenger numbers versus the same period in 2010. New winter sun services to the Canary Islands of Lanzarote and Tenerife have been particularly popular with over 5,000 holiday makers from all over Ireland flocking to the airport to take advantage of the cheap fares on offer and the sunny climates in these popular destinations.A new service to Edinburgh with Flybe has also seen UK passenger numbers increase at the start of the year.March promises to be an exciting month for the airport as four new mainland European services to Barcelona, Frankfurt, Milan and Paris start at the end of the month with Ryanair reporting record booking numbers on the new flights whilst a new UK service to Leeds with Flybe will also launch.  In total in 2012 the airport will serve over 28 International destinations across the UK and Europe.Joe Gilmore, MD Ireland West Airport Knock said: “We are delighted to have had a strong start to 2012 in whats generally a quiet time of the year for air travel and in particular its great to see large numbers from all corners of Ireland using the airport and availing of the convenience, choice and low fares flights on offer at our airport.”  KNOCK AIRPORT NUMBERS UP AS CHEAP FLIGHTS ATTRACT HOLIDAYMAKERS was last modified: March 5th, 2012 by BrendaShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:KNOCK AIRPORT NUMBERS UP AS CHEAP FLIGHTS ATTRACT HOLIDAYMAKERSlast_img read more

MARIAN SERVES UP TOP AWARD FOR TOBINS!


first_imgMarian is presented with her award at the GRAM awards in Dublin.A well-known Letterkenny service station has won a key category in an awards ceremony aimed at recognising the best management in the Irish retail sector.The well recognised Shelf Life GRAM awards took place last week in the Royal Marine hotel in Dublin.The superb deli at TobinsThe GRAMs, now in its ninth year, is the first and only national management awards scheme devoted exclusively to recognising the best managers in the Irish retail, wholesale and off-licence sectors. Competition was very tough for these awards but Tobin’s Service Station had a key winner on the night.Marian McGarrigle won the Delicatessen/Food to Go Manager award for 2014, the second time that she has one this prestigious award.Congratulations Marian who always treats customers with a smile!MARIAN SERVES UP TOP AWARD FOR TOBINS! was last modified: June 6th, 2014 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:donegalGRAMsletterkennyMarian McGarrigleretail sectorTobin’s Service Stationlast_img read more

COLÁISTE AILIGH’S FIRST 5K THIS TUESDAY


first_imgTake your place on the starting line to mark the Coláiste Ailigh inaugural 5k on Tuesday April 1 at 7pm.Registration takes place from 5.30pm at the school sports hall.Adults €8, €5 students and €20 for a family of 4. COLÁISTE AILIGH’S FIRST 5K THIS TUESDAY was last modified: March 30th, 2014 by John2Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:5kColaiste Ailighlast_img read more

Tyre slashing at seaside spot described as a disgrace to tourism


first_imgVandals who slashed the tyres of a van at a Donegal tourism spot have been widely condemned.A group of international tourists were kayaking at the Boat Strand Beach / Trá a Bháid near Carrickfinn on Wednesday when their guide’s van was damaged.Two tyres were punctured while the van was parked at the pier. The act has been described as a disgraceful incident that could harm the area’s image. Cllr Michael Cholm Mac Giolla Easbuig has called on whoever is responsible to stop.He said: “It’s very disappointing that this has happened. These are international kayakers coming into our community. This does not encourage tourism into the area. Tourism that’s needed in terms of employment and bringing money into the economy.“Adventure tourism is vital for our community, to bring people from the four corners to see how beautiful our community is.”Cllr Mac Giolla Easbuig said he has arranged a meeting with interested bodies and the council about the pier at Trá a Bháid, following a number of incidents in the last year. He added: “I would hope that this is an isolated incident. I would ask those individuals responsible to desist from doing such a thing.“The area belongs to the public. There is a handful of people doing fantastic work along with Donegal County Council to maintain and improve the area. This act does nothing for West Donegal.”Tyre slashing at seaside spot described as a disgrace to tourism was last modified: April 13th, 2018 by Rachel McLaughlinShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)last_img read more

‘Enormous fears’ over Anglo-Irish relations with Boris Johnson appointment – Fianna Fáil


first_imgThe appointment of Boris Johnson to Downing Street “quite rightly raises enormous fears”, Fianna Fáil leader Micheál Martin told an audience in Glenties, Donegal on Tuesday evening. Speaking at the MacGill Summer School, Mr Martin suggested Mr Johnson had failed to impress Irish officials and politicians in his most recent cabinet posting.Johnson beat Jeremy Hunt comfortably, winning 92,153 votes to his rival’s 46,656. The former London mayor takes over from Theresa May later today (Weds).Speaking to reporters in west Donegal before the event, Mr Martin said that when he met Mr Johnson last year “there was a sense that he was glossing over the realities of the potential negative of Brexit on the Good Friday Agreement… he seemed to push them to one side as if they weren’t an issue.”He continued: “It is clear that he is single-minded in his ambition, but I don’t think anyone can credibly say that he has thought through how to promote prosperity and reconciliation in Northern Ireland.“He has consistently, in my view, understated the impact of Brexit on North/South relations and on the island of Ireland. “So I think he needs to bring himself up to date very quickly in terms of what is required actually to sustain the sets of relationships on this island.“It took a lot of work to get there and I think he perhaps to date, maybe for reasons that suit his purpose in terms of Brexit, but I think he’s understated the impact of Brexit potentially on that agreement, but more importantly on the sets of relationships that underpin that agreement.”However, Martin said he held hope that Johnson had the skills to adapt to the top British job.“People would say he was an effective mayor of London. But to get elected as mayor of London, which actually for a conservative was a difficult proposition, but that he skillfully managed to do that, and then he moved to a liberal, environmentally conscious, a conservative middle ground that enabled him to win that election.“I’m giving that as a potential hopeful sign, when he sees the realities of what’s before him, in terms of the engagement with the European Union, the realities of Brexit – there is no percentage in it for the UK in terms of a no-deal Brexit, or indeed for anybody, and that his own self-interest and the interests of his party and government will be bound up in arriving at a common sense appraisal of the challenge that Brexit presents to him.” ‘Enormous fears’ over Anglo-Irish relations with Boris Johnson appointment – Fianna Fáil was last modified: July 24th, 2019 by Staff WriterShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)last_img read more

Northampton v QPR: Smithies plays, Cousins a sub


first_imgNew signing Jordan Cousins is among QPR’s substitutes for tonight’s friendly. Goalkeeper Alex Smithies, meanwhile, has recovered from injury and makes his first appearance of Rangers’ pre-season campaign.None of QPR’s three other summer signings will be involved. Jake Bidwell sits the game out, Joel Lynch has been nursing a hamstring problem, and Ariel Borysiuk has been sidelined by an ankle injury.QPR: Smithies; Onuoha, Caulker, Hall, Perch; Henry, Luongo; Gladwin, Chery; Shodipo; Polter. Subs: Ingram, Kpekawa, Furlong, Cousins, Doughty, El Khayati, Emmanuel-Thomas.Follow West London Sport on TwitterFind us on Facebooklast_img read more