About the NIBTT
Our Mission and Vision
Management Structure
Operational Structure
Actuarial Reviews
Reciprocal Agreement
Benefits

 About the NIBTT

The National Insurance Board of Trinidad and Tobago (NIBTT) is a body corporate established by Act of Parliament No. 35 of 1971. NIBTT first opened its doors to the public in 1972 and has since developed a network of 15 service centres from which we serve our customers.

NIBTT is responsible for the operation and administration of the country's National Insurance System (NIS) which provides protection to over 525,755 insured persons against the economic and social distress caused by loss of earnings arising out of work-related injuries and other contingencies.

Our Mission:

 "To deliver meaningful social security products and services to our customers"

In that regard we are committed to professional and prudent Management of the NIBTT's resources to ensure:

  • access to an array of benefit products relevant to the needs of benefit recipients;

  • benefits levels that are meaningful in terms of real purchasing power and poverty amelioration;

  • affordable contribution rates for employers, employees and the self-employed;

  • support for national social initiatives.

Our Vision:

"Excellence in the provision of social security"

In striving for excellence we commit ourselves to:

  • providing caring and courteous service to customers in safe, pleasant and convenient surroundings;

  • efficient, effective and timely delivery systems;

  • expanding coverage and the range of social security products we offer;

  • ensuring financial sustainability through effective contribution income collection and prudent investment strategies that grow the National Insurance Fund;

  • create an atmosphere of optimism, teamwork, resourcefulness and well-being for our employees.

Core Values

  • Customers and Other Stakeholders
    We recognise that meeting and exceeding the expectations of our stakeholders must guide our decision-making and behaviours.
     
  • Employee Development and Recognition
    We are a performance-driven organisation committed to facilitating the continuous development of all employees to their fullest potential.
     
  • Mutual Respect
    We value and respect each other as persons, professionals, and team members subscribing to the same mission, vision and values.
     
  • Transparency
    We are honest, open, clear and timely in communicating and conducting our business affairs with each other, our customers and business associates.
     
  • Integrity
    We are committed to high standards of personal and professional integrity and ethical behavior.
     
  • Fairness
    We strive to be fair and equitable in our treatment of all stakeholders.
     
  • Loyalty
    We are committed to protecting the assets and ensuring the best interests of NIBTT and will avoid doing anything to tarnish its reputation and corporate image.
     
  • Teamwork
    We promote collaborative development as we work, learn and strive for excellence together.

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    Management Structure

    The NIBTT is governed by a tripartite Board of Management with its investments managed by the Investment Committee.
     

    The Board of Directors

    The Board of     Directors is a tripartite body with equal representation by Government, Business and the Labour Movement, an independent Chairman and the Executive Director, who is an ex-officio member. Directors are appointed for a period of not more than two years but may be reappointed. Responsibility for the NIBTT lies ultimately with Parliament through the Ministry of Finance.

 
  Ruben Mc Sween (Business) Henry Sealy (Government) Walton Hilton-Clarke (Business)
Alva Allen (Labour) Inez Sinanan (Government) Mr. Rudranath Indarsingh (Labour)  Michael Annisette (Labour)
 
Ms. Joan John (Government) Seeram K. Maharaj (Business) Lorna Charles
Executive Director
(ex-officio) 		 

Alternate Members:
Stephanie Fingal, Kenneth Dalip,  Clarence Rambharat,  Curtis John, Ermine De Bique, Robert Guiseppi.

The Investment Committee

The Investment Committee determines the investment policy of the Board in accordance with the provisions of the National Insurance Act. It is headed by the Chairman of the Board of Directors and consists of two representatives of each of the three primary stakeholders Government, Business and Labour. One representative of each stakeholder must be a member of the Board of Management. Also nominated to the Investment Committee is the Board's Executive Director as a voting member, and the Chief Financial Officer as an ex-officio member.

Members of the Investment Committee:

Ms Joan John, Mr. Emmanuel A. Noel, Mr. Ruben Mc Sween (Business), Mr. Peter Clarke, Mr. Michael Annisette (Labour), Mr. Robert Guiseppi.

The Executive Director & Executive Management

The Executive Director is the Chief Executive Officer of the NIBTT and is responsible for carrying out the decisions of the Board of Management. The Executive Director leads a team of executive managers who oversee the day-to-day operations of the Board. 

Operational Structure

The operations of the NIBTT are divided into six (6) Business Units as follows:

  • Investments

  • Finance and Business

  • Insurance Operations

  • Legal Services/Corporate Secretary and Corporate Communications

  • Planning and Technology

  • Human Resources

Within these Business Units are located the administrative departments customary to all corporations.

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Reciprocal Agreements

The Agreement on Social Security between Trinidad and Tobago and Canada came into force on July 1, 1999.

If you have contributed to the National Insurance System of Trinidad and Tobago and the Canada Pension Plan after April 10, 1972, or if you have resided in Canada after the same date, the Agreement may help you qualify for a Trinidad and Tobago Retirement Benefit.

If you contributed to the National Insurance System of Trinidad and Tobago and have resided in Canada for at least one year, the Agreement may help you qualify for Canadian Old Age Security Benefits.

If you are the widow, widower or child of someone who had contributed to the National Insurance System of Trinidad and Tobago and to the Canada Pension Plan, the Agreement may also help you qualify for the Trinidad and Tobago Survivor’ Benefit, Death Benefit and Funeral Grant, as well as for Canada’s Survivor Benefit.

<<more details>>

Actuarial Reviews

 It is prudent to invest wisely and to have Actuarial Reviews conducted regularly to ensure a proper balance between contributions and expenditure.

These reviews take into account the increasing levels of wages of the insured population, as well as the relevance of the levels of benefits paid.  The benefits paid are a percentage of assumed average weekly earnings in the sixteen (16) contribution classes.

The Class groupings recognise that employees work for different levels of wages and should be expected to contribute and earn benefits according to their accustomed levels of living.

Previously, the National Insurance legislation which was amended in 1999 to give effect to increases in benefits and contributions to the National Insurance System, took place on March 01, 2004.  This change was effected to the contribution rate from 8.4% to 9.9% in steps from January of each year from 2004 to 2006  of assumed average earnings in the twelve (12) classes up to an income ceiling of TT $4377 monthly.  At the same time, significant improvements were made to the level of benefits received by insured persons and their beneficiaries.  

The National Insurance Legislation was further amended in 2008 after the conduct of the 7th Actuarial Review.

The key changes are (among other things) (a) the increase in the minimum monthly retirement pension from $1,000.00 to $2,000.00 and (b) the implementation of a slow and gradual increase in the contribution rate over a five (5) year period as shown in Table 1.

NIS Contribution Rates

Date of Recommended NIS Contribution Rate Increase

NIS Contribution Rate (%)

07 January 2008

10.5

04 January 2010

10.8

02 January 2012

11.4


25% increase in all benefits rates.
 


Improvements serve to:

·     Ensure that benefits continue to be relevant to the insured population and its dependents by maintaining the economic relevance of benefits

 

·     Secure a basic standard of living for NIS pensioners given the income needed to escape poverty

 

·     Recognize the importance of the role of the unemployed mother or irregularly employed mother and to ensure that all children are treated equally to the extent possible
 

·     Recognize that multiple births result in increased medical expenditures and that the parent(s) therefore requires increased financial support

 

·     Ensure that injured workers have access to the best relevant medical technology available for recovery

 

·     Recognize the increased costs associated with health care and medical expenses

 

·     Recognize the increased costs associated with funerals.


 <<view more information about the 7th actuarial review>>

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Investments

The National Insurance Board of Trinidad and Tobago (NIBTT) is continuously working to achieve the highest available returns within our investment policy for the benefit of our customers.  Income earned from our investments together with contribution income are used to provide coverage for our insured population.

Strong Financial Performance

The NIBTT has obtained outstanding results from the management of the investment portfolio during the reporting period.  The portfolio generated a yield of 15.85% based on realised net investment income of $2.050 billion.  Total Funds and Reserves grew to $16.9 billion or by 18.9% over the previous year.  Total assets grew to $17 billion or by 15.6%.

Portfolio Mix

During the 2008 financial year the NIBTT increased the overseas investment portfolio by investing some gains made from the RBTT share sale.  The investment strategy also included increased local and energy-based investments.  These investments were made in accordance with the Board's Investment Policy and its main underlying principles of Safety, Yield, Liquidity and Social/Economic Utility.

Government Securities represented the largest share (25%) of the investment portfolio, followed by Equities and Corporate Bonds each at 16.8%.  Fixed deposits and Money Market instruments made up the next largest share (14.4%).

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Increased Benefits and Contributions

In January 2008, the recommendations arising out of the Seventh Actuarial Review were implemented.  This led to a 100% increase in the minimum retirement pension payable, from $1,000 to $2,000.  Other benefits increased by approximately 25%.  The response from our customers has been positive and is best reflected by the words of one our retirees:

"I urge all workers to make sure that your NIS contributions are being paid by your employer.  There are great benefits when you reach my age (60 years) or f you are disabled.  Thank you, NIS, not only for the financial cover you have given me, but also for the umbrella that keeps me covered during the rainy seasons."

Kenneth Fitzpatrick, Retiree
Excerpt from Trinidad Guardian, Monday June 30, 2008.

Improving Service

The recent organizational restructuring, ongoing training and development of staff, and customer feedback mechanisms are just some of the means by which we are equipping ourselves to administer the NIS more efficiently and effectively.

Benefits

You can access National Insurance benefits once you have registered with the NIBTT.  Seven types of benefits are available:

 


Customer Service Representative

 

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