Chairperson of the National Insurance Board Mrs. Lillian Misick says recent reports in the TCI News Now that the funds destined for national insurance benefits will be directed to the national health insurance program are “absolutely false” .
Mrs. Misick indicated in a recent interview that the Government has empowered a single entity to collect the payroll taxes, but the monies collected will be sent separately to the two institutions and used for their individual programs.
“I want to make it absolutely clear that the monies for the National Insurance Fund will NOT be used to fund health care or vice versa”, said Mrs. Misick. “The programs of the NIB and NHIB will NOT be merged and the monies in the National Insurance Fund will be kept absolutely separate.The Government is looking at more efficient and effective ways to collect the monies from our common clients and these improvements will allow us to cut administrative costs while improving service to our clients.”
TCI News Now, whose main local contributor is American retiree David Tapfer and which is run by Barry Randall, who was once convicted and jailed in the Cayman Islands for a multi-million-dollar fraud, is a news blog which has become renowned for publishing opinionated articles that are riddled with factual errors. Its article on the NIB is the latest of several of such misleading articles which often contain libelous and defamatory statements. TCI News Now does not carry bylines or corrections to its misleading and untruthful articles.
Its latest article on NIB caused Mrs. Misick to explain that a common collection system is in place in several Caribbean countries, along with developed countries such as Canada and many European nations, and that “this approach just builds upon common best practice”.
Mrs. Misick added that Trevor Cooke was named as a Board member of the NIB and has not assumed his old position as the Director/CEO of the organization.
“Mr. Cooke has had many years experience with the organization and this corporate memory will be helpful in moving the NIB forward,” said Mrs. Misick.
NIB’s Chair also wanted to dispel the incorrect statements of the TCI News Now with respect to the current funding of NIB benefits.
“The NIB earns about $35 million/year at the current time in contribution and investment income and spends about $12 million/year in benefits, with the remaining funds being invested to grow the National Insurance Fund.In total, we have about $175 million invested on behalf of the people in various funds, including equities, bonds, alternative funds and domestic investments and the NIB has enough money to pay all benefits until at least 2025.
The NIB’s CEO, Mr Colin Heartwell, said: “The NIF portfolio is broadly diversified to reduce risk, while being designed to earn returns above a global benchmark.NIB’s local investments include a significant involvement in local financial intermediaries, Headley Durham Building in Grand Turk and the Hilly Ewing building in Provo.”
Mr. Heartwell added: “We are moving to a single investment consultant backed by an oversight watchdog to manage the fund, which has reduced costs substantially while improving performance.”
The National Insurance Fund is the people’s money and will be protected, noted Mrs. Misick.
Source-TCI SUN
