The Tribune

By DANA SMITH

Tribune Staff Reporter

dsmith@tribunemedia.net

Newly-appointed National Insurance Board director Rowena Bethel is expected to take office, this week – approximately six weeks after the termination of former National Insurance Board director Algernon Cargill.

Prime Minister Perry Christie made the announcement yesterday morning when he also confirmed a “complete examination” of NIB is taking place so the government can be aware of the fund’s “sufficiencies” and have “guidance” moving forward.

Mr Christie said: “What we’re doing is we’re putting in place a new director and I expect the new director to take office, this week.”

He explained “it’s always important” to have a complete audit done, especially with a new board in place.

“I’m sure that new board would want to have a defining audit report saying this is what we met so that they’re not burdened by a decision made by a board. So everything that’s happening is to be expected, really,” he said.

And confirming the appointment of Rowena Bethel as the new director, Mr Christie said: “She’s both a trained lawyer, worked in the Ministry of Finance, worked for National Insurance for a long time. But a very, very, very, I think, accomplished woman who will lead National Insurance.”

What’s important for everyone to recognise about NIB, Mr Christie continued, is that NIB is there to “provide security” for contributors and not to “have the fund threatened by careless policies and the application of incorrect policies.”

“So I have indicated to the minister for National Insurance,” he said, “what I would like him to do, is to have an actuarial assessment of the fund and its sufficiencies so we going forward will have guidance to exactly where we are.

“I’m told that if he hasn’t resigned, he was about to, but the actuary who was on staff I’m told is moving on. I don’t know what the status of that is but most certainly in those circumstance... this means a really complete examination of National Insurance, the strategies that we’ve been using.”

NIB has been used to assist with capital development projects, Mr Christie said, and the development of clinics.

“The question is, to the extent that we’re doing so, is this consistent with best practices for our social security funds,” he said.

“I think this is a good time for the government to commission such an actuary assessment so we know, and we can do, what is the ultimate responsibility – carrying that out – that is protecting the funds for future generations of Bahamians.”