The National Provident Fund laid the foundation for the National Insurance Services (NIS). It was established by Act 1 of 1970. NPF was designed to provide some form of social protection to the people of St. Vincent & Grenadines. The first Director was Mr. Claude Samuel. The succeeding Directors were Messrs. Basil Coombs, Alison Lewis, Frederick Providence and Hugh Dougan. The benefits structure consisted of Old Age Benefit, Death Benefit to the named beneficiary, and Permanent Incapacitation Benefit. The NPF benefit was paid in a lump sum with interest based on accumulated contributions. The total contribution rate was 10%.
The benefits provided by National Provident Fund were limited and inadequate. As a result, in 1982 it was recommended that the NPF be replaced by a comprehensive social insurance system to provide protection for all employed persons. The NPF Act was repealed and replaced by the NIS Act #33 of 1986.
The National Insurance Services, formerly the National Insurance Scheme, became operational on the 5th January 1987. The Prime Minister & Minister responsible for NIS was The Right Honourable Sir James Mitchell. The first Administrative Director, Mr. Hugh Dougan, Deputy Director, Mr. Christopher Da Silva and a newly established 9-member board led by a staff of 24 employees. The first board comprised:
Six benefits were introduced at the inception: Sickness, Maternity, Funeral Grant, Age, Invalidity and Survivor’s. Six months after inception, the first sickness benefit was paid to Charles Albert Joseph. Four weeks after, the first maternity benefit was paid. The maternity grant was $50 and the funeral grant was $500. The Maximum Insurable Earnings- $1670 per month or $385 per week,total Contribution rate – 5.5%, employee’s 2.5% Employer’s 3%. There were 784 registered employers and 15,361 registered employees. Total benefits payments amounted to $80,000. The institution’s financial position: total Assets amounted to $57 million, net Income was $7.7 million and total reserves were $57 million.
The total benefit payments amounted to $80,296. Income from total contributions amounted to $6.5 million (13.5% increase from 1987).
Institution’s financial position: net Income was $8.2 million, total assets amounted to$74.9 million (14.5% increase from 1987) and total reserves were $65 million.
We bade farewell to Mr. Hugh Dougan and welcomed Mr. Castine I. Quashie as Administrative Director. Persons became eligible for the first reduced Age Pension, Survivor’s and Invalidity benefit. The first Age Pensioner was Winnifred John and the first Invalidity Pensioner was Robert Williams. The National Insurance Sports & Cultural Club was formed. Motto: “Discipline, Responsibility & Amity.”
The institution’s financial position: net Income was $9.6 million, total assets were $74.9 million and total reserves were $74.7 million.
The first Survivor’s Pension paid to the survivors of Alanzo Jacobs (Eve Jacobs, Mark Jacobs and Joshau Jacobs).
In this year, the National Insurance Sports & Cultural Club participated in the National Drama Festival with its presentation, “Melba’s Calamity,” which was written by Mineva Glasgow. It placed third in that competition.
The institution’s financial position: net Income was $9.7 million, total assets were $84.7 million, total reserves were $84.4 million.
The National Insurance Sports & Cultural Club entered the National Drama Festival with the presentation, “Cover Me With Your Love”, written by Mineva Glasgow. It placed second in the competition.
The institution’s financial position: total assets amounted to $95.4 million, net Income was $10.8 Million and total reserves was $95.3 million
The NIS office was relocated to the Administrative Centre.
Mr. Lynford James was appointed as the Director and Mr. Reginald Thomas as Deputy Director.
The institution’s financial position: total assets amounted to $106.5 million; net income was $10.8 million and total reserves were $95.3 million.
The first actuarial review was done by Mr. Francisco Bayo. The Principal conclusions:
The National Insurance Sports & Cultural Club (NISCC) participated in the National Drama Festival and placed third with its presentation, “Ten Thousand Dollars–Go High, Go Low”, written by Mineva Glasgow.
The NISCC also traveled to St. Lucia to participate in the first regional social security games.
The institution’s financial position: total assets amounted to $117.7 million, net income was $11 million and total reserves were $117.3 million.
Mr. Reginald Thomas was appointed Executive Director (Ag.).
The Board of Directors comprised:
The second Actuarial Review was done by Mr. Fransisco Bayo. The principal conclusions were:
The following positions were added to the organisation structure:
The NIS Student Loan Programme was implemented.
The institution’s financial position: net income was $11.3 million; total assets were $129.2 million, total reserves were 128.6 million.
Pensioners’ Appreciation Day was introduced
The third Actuarial Review was completed, summary of recommendations:
1. Increase in the Contribution Ceiling to $2600 per month and $600 per week
2. Inflation increases for the existing age pension
3. Increase in the rate of survivor’s pensions
The introduction of the monthly turnaround document.
The first seminar conducted by Social Security, USA for senior and junior staff.
The formation of the NIS in-house work teams:
Team Glue, Little Lights, Spiwiks & Star Reachers
NIS became a member of CISS
The restructuring of the organization:
The position of Manager of Registration & Contribution was added.
The institution’s financial position: net income was $10.7 million, total assets were $141.8 million and total reserves were $141 million.
The financial and accounting regulations were enacted.
The institution’s financial position: total assets amounted to $154.8 million; net income was $13.1 million and total reserves were $154.1 million.
The NIS celebrated 10 years of service to the nation. Mr. Reginald Thomas was appointed Executive Director. To date, he is the longest serving Director.
The following benefits were added:
Voluntary Contribution & self- Employed coverage were added
The total contribution rate increased to 6%; employers paid 3.5% (0.5% for employment injury benefit paid only by the employer) and employees 2.5%.
The introduction of the NIS Annual Awards Dinner. Employees with 10 or more years of service were awarded for their long service.
NIS donated an ultrasound machine to the General Hospital.
The institution’s financial position: total assets amounted to $154.8 million, total reserves amounted to 154.1 million, total net income was 14 million and the value of the investment portfolio was $146.2 million
Mr. Earl Crichton was appointed as the new chairman of the board.
The institution’s financial position: net Income was $15.3 million, total assets was $184.6 million and total reserves were $183.4 million.
Minister of Finance & Minister responsible for National Insurance – Hon. Arnhim Eustace
New board of directors:
The CARICOM Reciprocal Agreement was signed
The minimum weekly primary pension increased to $50
The Customer Service Audit Desk was established
Quality Service Officer – Ms. Dawn A. Small
The first Financial Comptroller was appointed –Lennox Timm
The Internal Revenue Services (IRS) of USA undertook training with the institution in areas of Compliance
We unveiled our mission, vision & goal statements
The fourth Actuarial Review was completed:
The principal conclusions:
(1) The NIS is actuarially sound. The current contribution rate of 6 percent will be sufficient to finance the current benefit structure for the next 10 years.
(2) The value of Maternity and Funeral Grants should be increased. Maternity Grant increased to $400 and Funeral Grant increased to $3000
(3) The value of a Non-contributory Assistance Age Pension should be increased to EC$25 per week.
The institution’s financial position: total assets amounted to $201 million, net income was $16.1 Million and total reserves were $199.5 million.
NIS participated in the National Health Fair & the National Independence Exhibition
Regional Training Seminar was conducted on Developing Social Security Services with Information Technology”
The NIS Sports Club participated in the Caribbean Games in Trinidad and placed 2nd.
The introduction of the children’s Christmas party
The contribution ceiling increased to $3250 per month and $750 per week
The institution’s financial position: net income was $18.3 million, total assets were $200.8 million and total reserves were $217.9 million.
Prime Minister & Minister responsible for National Insurance – Honorable Doctor Ralph E. Gonsalves
New board of directors:
The first female Deputy Director was appointed – Miss Mineva Glasgow.
NIS hosted two retirement planning financial seminars
There were training seminars for staff members (locally, regionally, and internationally)
The NIS Sports & Cultural Club participated in the Caribbean Games in Grenada and placed 1st.
The NIS Sports & Cultural Club participated in the Local Table Tennis Tournament and placed 2nd in that competition.
New pension payment system:
The fifth Actuarial Review was completed:
Summary of Recommendations:
(1) The current contribution rate of 6% will be adequate to finance the NIS operations until the year 2016
(2)The increase in the value of the NAAP to $25 per week should be in effect weeks after June 30th, 2002.
(3)Pensions awarded prior to January 1, 2002 should be increased 3% for every year (or part thereof) from the latter of December 31st , 1999. Maximum increase of 6% increase in benefits is to be paid weeks after June 2002.
(4)Effective January 1st, 2003, the ceiling on insurable earnings should be increased to $3770 per month or $870 per week
(5)Effective June 30th, 2002, the Maternity grant should be increased to $500.
(6)Effective June 30th,2002, the funeral grant be increased to $3,600 and funeral grants regarding the death of dependents be increased by 20%.
(7)Effective June 30th,2002, the minimum pension should be increased to $55.
(8)Effective June 30th, 2002, the minimum pension for survivors should be increased by 10%
(9) The institution should continue to improve compliance because it will need many active contributors to support the growing number of pensioners.
The Launching of “NIS on Wheels”
The introduction of the NIS in-house Debating Society
5/01/87 – 5/01/02 NIS celebrates 15 years of service to the nation
Prime Minister Gonsalves planted a tree at the site for the new NIS headquarters. He was assisted by the Chairman (Lennox Bowman) and the NIS Executive Director (Reginald Thomas). This was part of the activities to commemorate the 15th Anniversary of the NIS.
The slogan of the institution, “we’ve secured you since then, we’ll secure you to the end.”
The institution’s financial position: as of the end of this year, the total assets projected was $240 million, net income for 2001 is projected at 16.8 million, reserves were projected at $183 million and there was a fund ratio of 13.9.
Launching of the book “Walk Through – A Layman’s Guide to St. Vincent & Grenadines National Insurance Scheme Legislation.” This was written by The Deputy Executive Director, Ms. Mineva Glasgow.
Coverage to Market Vendors – the Self-employed Coverage was extended to the vendors in the Kingstown Marketplace.
Implementation of the Voluntary Contribution Coverage for nationals overseas
The institution’s financial position: net income was EC$18.8 million and total reserves were EC$ 258.3 million.
Internal Audit Division- This new division was created and Ms. Cornelia Quashie was appointed as Internal Auditor.
The increase in the NIS Ceiling on Insurable Earnings- Monthly – EC$ 3,770 Weekly – EC$ 870
NIS hosted a workshop for Journalists
The Year 2003 signalled the termination point of the Institution’s first strategic plan (1999 – 2003).
The commencement of construction of the Golden Years Activity Centre at Cane Grove
The death of Board Member, Mrs. Victoria Yammie
The appointment of a new Board Member – Mr. Garvin Jackson
The institution’s financial position: net income was EC$ 18.9 Million, total reserves were EC$ 277.2 Million and fund ratio was 16.
The NIS hosted the following workshops:
We held the 9 th Annual Pensioners’ Appreciation Day
NIS Name Change- The name was officially changed from “National Insurance Scheme” to “National Insurance Services”.
The unveiling of the new Mission and Vision Statements, and the Organization’s creed and charter
The death of Board Member, Mr. Julian Boyea. He was replaced by Mr. Nowell Soleyn.
The establishment of the Human Resources & Marketing Division- Manager – Dawn A. Small, Marketing Officers – Suzette Solomon and Idalia Job
The opening of the Golden Years Activity Centre at Cane Grove
Completion of the Sixth Actuarial Review
Launching of book: “ NIS Made Simple For Schools’’ by Mineva Glasgow
The establishment of the Research Unit headed by Mr. Stewart Haynes
NIS honoured Centenarian Dorcas Labbay of Questelles
Opening of the Golden Years Activity Centre at Black Point
NIS Financial Position
Total Reserves -$317,681,185
Net Income -$19,740,014
Increase in the NIS insurable earnings contribution ceiling:
NIS Undertook an in-house Data Improvement Project
Launching of the E-Submit Software to facilitate electronic payments
A survey was conducted to determine the needs of self-employed persons in St.Vincent and the Grenadines
Establishment of the NIS Medical Panel
Celebrated our 20th Anniversary
The institution also participated in its first Carnival Monday Band in conjunction with GECCU.
There was the hosting of Social Security Heads Meeting.
Opening of the Union Island Service Centre.
Opening of the new NIS headquarters on October 21st, 2008 at its current location in Kingstown.
Adoption of the ILO Decent Work Agenda
Hosting of the CARICOM Social Security Easter Games
Launching of the NIS Occupational Safety and Health (OSH) Policy
Recipient of the ISSA Best Practice Award for the Americas and initiated the International Day of the Elderly
Opening of Learning and Resource Centre
Hosting of 2nd International Day of the Elderly
The theme for the 2nd International Day of the Eldery was “Let’s Respect, Recognise and Reconnect”.
There was also the launching of eSubmit+.
Launching of the NCD Policy
There was the historic welcome of Mr. Errol Stoove (ISSA President) to St. Vincent.
A new version of eSubmit+ was launched.
The reform initiative started
NIS opened the Georgetown Service Centre and the Bequia Service Centre.
Hosting of pensioner’s appreciation day
The NIS also undertook Customers’ Satisfaction survey.
NIS hosted a Seminar on CARICOM Social Security Reciprocal Agreement
We celebrated our 30th Anniversary
We welcomed our new Director, Mr. Stewart Haynes and gave a heartfelt farewell to Director, Mr. Reginald Thomas.
We bade farewell to the longest serving minister with responsibility for National Insurance Services, the Honorable Ralph E. Gonsalves and welcomed the honourable Camillo M. Gonsalves as the new minister with responsibility for the National Insurance Services.
Added Senior Legal Officer to the Organisation Structure – Miss Danine Jones
NIS hosted an internal public speaking competition
NIS also hosted it’s first ever Interdepartmental Christmas Caroling Competition
NIS had special events for the mothers and fathers of the institution.
The institution also had its back to school programme this year; rural communities were visted by our staff and school supplies were distributed.
October of this year saw our first internal public speaking competition while December of this year saw our first internal carolling competition.
NIS also had special events for the mothers and fathers of the institution. The institution had its back to school programme this year; rural communities were visted by our staff and school supplies were distributed. Also taking place this year were our internal public speaking and carolling competitions. In December of this year, NIS took part in a governmental carolling competition and placed 2nd.