PRESS RELEASE – THE Board of Directors of National Insurance Corporation (NIC) is concerned that the general public may have been misinformed by certain statements in the public domain in connection with a request by the Government of Saint Lucia to NIC for a bridging finance facility.
We would like to assure all stakeholders, including contributors, pensioners, employees, and other service providers, that we would not take any decision that would either impair the Corporation’s ability to discharge its obligations in the normal course of business, or adversely impact the long-term viability of the Corporation.
There is an established process for the assessment for all investment opportunities presented to the NIC, and in this case, we will apply this process as rigorously as with any other.
The financial strength of the NIC can be seen in the annual reports published by the Corporation which are available to the public at www.stlucianic.org.
In addition to annual financial audit examinations by its independent external auditors, the Corporation is periodically reviewed by actuaries from the International Labour Organization and we are also guided by their recommendations.
The National Insurance Corporation Act requires that an actuarial review be conducted every 5 years. However, all the 11 reviews conducted to date have been conducted after 3 or 4 years, the majority being after 3 years.
An actuarial review is an independent evaluation of the National Insurance Fund to determine its ability to meet its future obligations to contributors and pensioners.
It will include projections of future contribution receipts and benefits expenditure from the Fund to highlight demographic and other factors likely to affect the future development of the Fund.
To date, as with the external auditors, the actuaries have not expressed any reservations regarding the future viability of the Corporation.
The Corporation’s 12th actuarial review is scheduled for 2019.
As a Board, we are very appreciative of the responsibility given to us to direct the affairs of the Corporation, and to protect the interests of all those who have contributed to the success of this institution.
The long-term viability of the NIC is always foremost in our deliberations.
We will continue to discharge that responsibility to the best of our ability. (Board of Directors, NIC)