NASSAU, Bahamas — Despite concerns that the reserve funds at the National Insurance Board (NIB) are in jeopardy, NIB Director Dr. Nicola Virgill-Rolle has reassured that the fund is sound, the Nassau Guardian reported October 4.
NIB currently has $1.7 billion in reserves, but in recent years has had to pay out more in benefits than is paid annually in contributions.
“We have contributions coming in, so income is coming in to build up the fund and we were very fortunate over the years to build up a substantial reserve, so we have $1.7 billion in reserves which are in very safe investments, some long-term, some shorter term, very liquid in some cases. A percentage is in Bahamian dollars, a percentage is in foreign currency as well in order to generate returns to keep that reserve building,” Virgill-Rolle said recently on Guardian Radio talk show “The Morning Blend”. https://thenassauguardian.com/2018/10/04/virgill-rolle-nib-is-sound-despite-reserve-fund-concerns/
