NATIONAL INSURANCE SERVICES 19YEARS 1987 – 2006

NIS makes strides in 2005

As the National Insurance Services celebrates its 19th year of service to the nation, Dr. Ralph Gonsalves in his review has stated that as Prime Minister and Minister with responsibility for National Insurance, he is pleased with the progress that this noble institution has made. {{more}}

The Prime Minister noted that he is encouraged by the strides that the NIS has made in financial management, administrative accountability and corporate governance.

“All this has been achieved in a global environment that is characterized by social and economic turbulence,” he outlined.

The Prime Minister acknowledged that the NIS has been a major player in the Government’s efforts to improve the quality of life for Vincentians. He said this has been demonstrated time and again in its continued involvement in the National Student Loan programme.

He also praised the NIS for its positive impact on poverty alleviation.

“As the NIS moves into its 19th year of operations, it will undoubtedly confront new challenges over which it has no direct control. I refer to issues such as demographic changes, technological advances and changes in the nature, structure and functioning of social security institutions and their product offerings,” said Dr.Gonsalves.

Meanwhile, Lennox Bowman, Chairman of the NIS, in his review describes the institution as the premier non-bank financial institution in St.Vincent and the Grenadines.

“The success of this institution can be attributed largely to prudent financial management, quality leadership at the level of the Board, and an efficient and effective management and staff,” said Bowman.

Bowman disclosed that through the years, the NIS has been making attempts to reach all categories of workers in St.Vincent and the Grenadines.These attempts, he noted, have been largely successful in the formal sector. He acknowledged that there was a marginal registration rate in the informal sector, approximating to just about nine per cent of total registration. And to combat the challenges in this area the board has created a Marketing Unit, where marketing officers were given the mandate to implement a marketing plan to deal with every aspect of social security.

There has been a slight increase of registration in the informal sector since then.However, the NIS will be placing greater emphasis on this area in 2006 and beyond.