PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements
December 31, 2011 and 2010 and For the Years then Ended
- 99 - b.
Estimated Own Retention Claims
The details of estimated own retention claims by type of insurance are as follows:
2011 2010
Rp 000,000 Rp 000,000
Motor vehicles 89,696
67,608 Fire
48,965 39,594
Health 32,118
54,049 Miscellaneous
21,689 15,145
Marine cargo 5,521
6,581 Death
8,696 5,012
Engineering 3,617
3,597 Marine hull
10,647 5,624
Total 220,949
197,210
The changes in estimated own retention claims are as follows:
2011 2010
Rp 000,000 Rp 000,000
Balance at the beginning of the year 197,210
136,909 Increase in estimated own retention claims Note 47
22,306 59,344
Increase in estimated own retention claims tabarru fund 1,433
957 Balance at the end of year
220,949 197,210
Calculation method for Premium Reserve was based on regulation of KMK No. 424KMK.06 2003 Article 29 about Calculation of Unearned Premiums.
As of December 31, 2011 and 2010, the balance of unearned premiums and estimated own retention claims to related parties amounted to Rp 212,108 million and Rp 193,375 million,
respectively Note 54.
As of December 31, 2011 and 2010, the balance of unearned premiums and estimated own retention claims denominated in foreign currency amounted to US 3,662,135 and
US 4,994,135, respectively Note 59.
30. Securities Agent Payables
2011 2010
Rp 000,000 Rp 000,000
Payable to customer 70,063
325,144 Payable to PT KPEI
22,816 90,506
Total 92,879
415,650
PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements
December 31, 2011 and 2010 and For the Years then Ended
- 100 - Payable to customer and PT Kliring Penjaminan Efek Indonesia KPEI are liabilities of
SMS, a subsidiary, in relation with purchase and sale transactions of customer’s shares and purchase and sale transactions of shares among securities companies.
31. Taxes Payable
2011 2010
Rp 000,000 Rp 000,000
Income Taxes Article 29
20,588 18,025
Article 4 2 15,178
13,612 Article 21
7,381 4,073
Article 25 4,105
3,910 Articles 23 and 26
2,857 1,027
Value Added Tax 4,575
767 Total
54,684 41,414
The filing of tax returns is based on the Group own calculation of tax liabilities self-assessment. Based on the third amendment of the General Taxation Provisions and Procedures No. 28 Year
2007, the time limit for the tax authorities to assess or amend taxes was reduced from 10 to 5 years, subject to certain exceptions, since the tax became payable and for year 2007 and prior
years, the time limit will end at the latest on fiscal year 2013.
32. Accrued Expenses
2011 2010
Rp 000,000 Rp 000,000
Interest 39,049 26,341
Others 30,571
17,527 Total
69,620 43,868
Others represent accruals of certain operating expenses. As of December 31, 2011 and 2010, the balance of accrued interest to related parties amounted
to Rp 8,825 million and Rp 6,682 million, respectively Note 54. As of December 31, 2011 and 2010, the balance of accrued expenses denominated in foreign
currency amounted to US 555,955 and US 175,916, respectively Note 59.
