The St. Vincent and the Grenadines National Insurance Services (NIS) is financially sound.
This is according to Director of the NIS Mr. Stewart Haynes who was at the time speaking on WE FM’s Issue At Hand program on Sunday.
Mr. Haynes says that the NIS will be able to meet its obligations for the next twelve years.
“Currently NIS is financially and actuarially sound because we are able to meet our obligations in full and on time for the next twelve years. We have reserves based on the half year report, about $476 million or so total asset base. On the contribution income side we have collected roughly $35.5 million, on the benefits side that is growing fast, we paid $44.4 million roughly for the half year, investment income did very well,” he said.
Mr. Haynes noted that though the NIS is currently financially and actuarially sound, and has resources projected to meet its obligations over the next twelve years, changes are required to be made in order to avoid the complete depletion of funds by 2034.
