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1903. NEW ZEALAND.

ACCIDENT INSURANCE BRANCH OF THE GOVERNMENT INSURANCE DEPARTMENT (ANNUAL REPORT ON THE) FOR THE YEAR ENDED 31st DECEMBER, 1902.

Laid before Parliament pursuant to Section 26 of " The Government Accident Insurance Act, 1899."

Government Insurance Office, Wellington, 26th June, 1903. I have the honour to submit my report on the business of the Accident Insurance Branch of the Department for the year ending 31st December, 1902, together with the corresponding revenue account and balance-sheet. The premium income amounted to £14,100, an increase of £2,244 over the premiums received during the previous period. The total claims, including provision for those not actually settled at the close of the year' amounted to £7,364, as against £2,428 in 1901, the rate in proportion to the premiums earned showing a marked increase. A sum of £4,363 is held as a reserve on account of claims accrued but unsettled as at 31st December. The total expenses show a decrease of about 4 per cent, on the premium income as compared with 1901. A further sum of £240 has been carried to the unearned premium-reserve, which now stands at £4,020. The funds show an increase of £691, and now stand at £1,007. J. H. Eichardson, Commissioner.

Kevenue Account of the Accident Beanch of the Government Insueance Department for the Year ended 31st December, 1902. £ s. d. £ s. d. Amount of accident funds, let January, Claims .. .. .. .. 7,364 0 2 1902 .. .. .. .. 315 16 2 Interest payable .. .. .. 40 0 0 Premiums .. .. .. .. 14,100 6 4 Commission.. .. .. .. 2,759 611 Interest receivable .. .. .. 70 7 2 Salaries .. .. .. .. 2,065 0 0 Expenses of management .. .. 1,011 9 1 Further appropriation to reserve for unearned premiums .. .. .. 240 0 0 Amount of accident funds, 31st Decem ber, 1902 .. .. .. .. 1,006 13 6 £14,486 9 8 £14,486 9 8

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Balance-sheet of the Accident Bkanch of the Govebnmbnt Insurance Department on 31st December, 1902. Liabilities. £ s. d. p Assets. £ s. d Capital raised under sections 4 and sof Agents'balances .. .. .. 201 7 4 " The Government Accident Insurance Interest accrued but not due .. .. 12 16 10 Act, 1899," by hypothecation of de- ( j,sh in hand and on current aocount .. 13,431 13 0 bentures issued by the Government under that Act .. .. .. 1,000 0 0 Accident funds sf per Rev nue Account 1,006 13 6 Claims admit* ■ J (proofs rot yet completed) . • .. .. .. 4,363 0 1 Commissio .. .. .. .. 11l 14 6 Premium and other deposits .. .. 106 11 3 Sundry accounts owing .. .. 3,037 17 10 Reserve for unearned premiums .. 4,020 0 0 £13,645 17 2 £13,645 17 2 Government Insurance Department, 31st March, 1903. J. H. Bichardson, Commissioner. W. B. Hudson, Secretary. Audited and found correct. J. K. Wakburton, Controller and Auditor-General. Approximate Cost .—Preparation, not given ; printing (6,375 copies), £3 2s.

By Authority : John Mackay, Government Printer, Wellington—l9o3. Price, 3d.