TCINIB - National Insurance (Amendment) Ordinance 2017
The Turks and Caicos Islands National Insurance Board hereby informs the general public of the following amendments to the National Insurance Ordinance which took effect February 1, 2018.
The National Insurance (Amendment) Ordinance 2017 Bill amends the National Insurance Ordinance to make provision for the unpaid national insurance certificate and the garnishment of wages.
TCINIB PUBLIC ANNOUNCEMENT
8TH Actuarial Review
REVISION OF NIB BENEFITS & CONTRIBUTIONS REGULATIONS
In accordance with statutory requirements, the Turks and Caicos Islands National Insurance Board commissioned its 8th Actuarial Review which was conducted by Trinity Consulting Ltd, St. Vincent & the Grenadines. The purpose of such an exercise is to assess, every three years, the soundness and financial viability of the National Insurance Fund. The Review confirmed that the Fund remains strong, and will continue to be viable for at least the next thirty (30) years. The reserves of the NIB currently stand at $252M.
The National Insurance Board takes pride in the prudent management and investment of contributions entrusted to it for the benefit of the people of the Turks & Caicos Islands. In doing so, we have constructed a well diversified portfolio designed to ensure the longevity of the National Insurance Fund (NIF). As part of the Investment Policy, 10% of the overall Fund is segregated for local investments in the Turks & Caicos Islands.