Page 6 - NIB Annual Report 12-13 | 13-14

MESSAGE FROM:
The Governor General
I was pleased this year that the TCI Government and the Board were able to come to agreement on medical care costs to be paid over the past twenty years. This ends an important chapter in our relationship and allows the parties to move forward
without outstanding issues.
It was an honour and a privilege to serve as Governor of the Turks and Caicos Islands (TCI) during 2012/13, which included continued Ministerial responsibility for the National Insurance Board.
The National Insurance Board is one of the leading institutions in the TCI with a decade’s long commitment to providing a strong social safety net for its contributors, while ensuring sustainable and fair benefit levels. The National Insurance Board continues to build its financial reserves: these currently exceed $190M and can confidently honour its obligations into the foreseeable future. The institution’s contribution revenues have declined slightly over the year due to the ongoing recession, but the investment portfolio has responded well to offset those declines.
I want to congratulate the Board for their success in repatriating the $5.5 million debenture from TCI Bank and to be able to reclaim a portion of the remaining monies originally deposited into the Bank. I am confident that the NIB will be able to get additional monies from the sale by the Bank receivers of outstanding assets in future years.
Last year I proposed to the National Insurance Board and the National Health Insurance Board that they explore opportunities for creating greater synergies between the two institutions for cost reduction and improved efficiencies. Some discussions have been held on the matter and I am confident that the two institutions can benefit from this collaboration.
I am also pleased that my administration was able to negotiate a deal with the National Insurance Board to resolve the long outstanding obligation of the NIB to cover the medical care costs incurred by the Ministry of Health for employment injury. This agreement now allows us both to move forward positively.
I applaud the efforts and commitment of the Board of Directors, Management and Staff of the National Insurance Board in their efforts over the year and wish you continued success in the future.
Governor
Damian Roderic (Ric) Todd
2 | The National Insurance Board of The Turks and Caicos Islands