NIS Welcomes the World Bank
The National Insurance Services (NIS) on March 15th, 2023, welcomed the Reserves Advisory and Management Partnerships (RAMP) team of the World Bank Treasury for a two-day technical advisory mission. RAMP, which was established in 2001, is a “program developed within the World Bank Treasury that builds human capital, delivers asset management services, and convenes a network of practitioners”. As a social security institution that works diligently in enhancing sustainability, the NIS understands the importance of institutional strengthening and capacity building in ensuring the delivery of dynamic and sustainable social security services.
Accordingly, under the sharing and pooling of resources initiative among the ECCU social security system, the NIS partnered with two other regional social security systems in the ECCU and engaged RAMP to conduct diagnostic assessments of the investment management functions. In January 2020, the World Bank undertook a peer review mission of NIS St. Vincent and the Grenadines, NIS Grenada, and NIS St. Kitts and Nevis. Their ability to travel to the social security systems was impacted due to travel restrictions stemming from the COVID-19 pandemic. However, the World Bank lifted its travel restrictions and the RAMP team is currently conducting missions to its various members.
Following their review, the NIS SVG and RAMP signed a three-year agreement on January 27th , 2021, for RAMP to provide advisory service and technical assistance in capacity building in areas such as investment management, risk management, actuarial analysis, governance and strategic management.
Since 2021, the NIS has benefitted from the advisory services and capacity-building programme. The RAMP has assisted the NIS in strengthening its governance and operational frameworks in the areas of investment and risk management through the training and certifications of Board and staff and the development of investment and risk policies and guidelines.
The principal objectives of this two-day mission are to support the NIS on designing its funding policy and conduct a peer review of the 11th Actuarial Report. The board, management and staff of the NIS look forward to a productive engagement with the mission team as the NIS strengthens its governance and operational frameworks and enhance the financial sustainability of the National Insurance Fund.