By KHRISNA RUSSELL
Deputy Chief Reporter
krussell@tribunemedia.net
THE National Insurance Board will have a new director effective July 1, 2018.
Dr Nicola Virgil-Rolle has been appointed to the post, a source close to government matters confirmed to The Tribune Friday.
Mrs Virgil-Rolle will be leaving the Office of the Prime Minister where she was head of the Economic Planning Unit and played a key role in major initiatives, including the government’s Over-the-Hill revitalisation plan. She is the wife of Central Bank Governor John Rolle.
Patricia Hermanns tendered her resignation from the board this month. Her resignation was effective from June 15.
In her letter to staff members, dated May 31, Ms Hermanns said the decision came after "careful consideration and reflection."
"I am grateful for the opportunity afforded to me to serve this organisation and the people it represents and I appreciate the support you have given to me during my tenure with the Board," she wrote.
"I encourage you as I leave to continue to strive toward excellence and wish you the greatest of success in your endeavours."
Ms Hermanns was appointed to the post on September 1, 2016. The post is described as the CEO of NIB, heading the executive management team responsible for the day-to-day operations of the social-security organisation.
She entered the post as a former banking and insurance executive with more than 30 years experience in the financial services sector, credited with managing corporate transitions for greater efficiency and effectiveness, and successfully launching new life and health insurance as well as investment products and services.
Comments
Well_mudda_take_sic 5 years, 9 months ago
There are obvious serious conflicts of interest in having NIB headed by the wife of the Governor of The Central Bank. Once again we see the dimwitted Doc exercising very poor judgement in making an important appointment. But truth be told, the real talent in our country is now staying well clear of the Minnis-led FNM government after observing its dismal first year performance and the arrogance of the feckless dimwitted Doc.
bogart 5 years, 9 months ago
.....doesnt the NIB ....have its Director sit ....on the Bank of the Bahamas board of Directors because of the extensive NIB funds in the BOB...????......ans NIB also has its Director sit on the Boards of Directors on other companies NIB has invested in.....???.....and does the Cenyral Bank as majoroty shareholder of BISX.....also is a part of this local stock rxchange whhere dese shares of ...dese companies are traded...???.....while the highest integrity and professional standards are with all individuals involved concerned...past performance of NIB and BOB ....have not gotten satisfactory explanations ...nobody responsible...lawsuit filed lawsuit dropped......no wrongdoings....no incompetance......nothing ever done wrong....???.....evverryting spotless clean.....YET HUNDREDS OF MILLIONS OF BAHAMIAN TAXPAYERS DOLLARS $$$$$$ DONE POURED INTO DEM...... massive shortcomings and new taxes VAT done applied on da backs of pore Bahamians ....last Director with massive financial experience background in Finance, all type Insurances, finamcial investments, building best run and profitable companies.... extremely competent....resigned....Again...something is not right when CEOs of billion dollar company just gives up...
DDK 5 years, 9 months ago
It gets messier and messier and muddier and muddier, or should I say more messy and more muddy? Either way it is all very convoluted and smacks of nepotism. At this rate will we ever move away from the precipice?
TalRussell 5 years, 9 months ago
Ma Comrades, double dipping two government cars with both chuffed to go out dinner courtesy PubllicPurse's entertainment allowances. Double dipping PublicPurse generous paycheques, pensions, health benefits, travel, etc, etc...... whilst so many thousands families among the same 91,409 voting in 35 red shirts candidates are left forgotten. Hard have family dreams when both breadwinners low esteem Gage running on or near empty. When is too many PublicPurse paycheues, NOT enough.... more so when the same red shirts can't seems stop accusing former PLP government of practicing questionable hiring policies.
observer2 5 years, 9 months ago
Major conflict of interest to have a husband and wife team responsible for 2 of the 3 critical parts of the Bahamian financial system. It gets worse when you look at their lack of success in their track records.
Why can't some of these positions be advertised?
Why can't we get qualified people from the private sector?
Why do they just play musical chairs and all the gravy go to the select few?
Rolle implimented VAT and promised to reduce the national debt. It has skyrocketed. Now VAT is up 60% and everyone in complaining.
Under Rolle the commercial banking system is essentially dysfunctional for most Bahamians. E.g. incredible long lines in banks, inability to transfer funds between banks electronically, inability to have messengers deposit checks at bank - only the person who owns the account can deposit checks, limits on levels of electronic deposits, 4 days to clear a checks, extreamly high banking fees, bad service, lip service liberalization of exchange controls and ineffective capital markets so businesses can't raise working capital.
While national insurance now has a failed computer systems. National insurance investments have very poor performance. Ratio of administration to contributions way to high.
National insurance to run out of money in 2030 after this couple retires on full pension.
Push for Digial ID which no developed country will implement due to privacy issues. Orwealean ("1984") in character.
Implimentation of crypto Bahamian currency. An unproven technology subject to hacking.
I think I will stop there.
TalRussell 5 years, 9 months ago
When it comes hiring for most plum of government positions - Comrade PM Minnis, KP and ministerial colleagues have got start paying attention to how their own hiring process is seriously flawed among their own kinds.... focusing less on the PLP politicians who had their ability hand out plum salaried and benefits jobs taken away from them by the 91,409 voting-in 35 red shirts as their MP's shirts 10th May, 2017.... for doing exactly what the Imperial reds now thinks falls within their Mandate to abuse. { Ma Comrades, often truth is hurtful }, Such openly blatant abuse of the Mandate given is why only after 13 months in office - polling consistently speaks to why 80% of the 91,409 done are seen be running away and encouraging others run away from each and every one 35 red shirts MP's - so angry that there's hardly a spotting single red MP in any the 35 constituencies stretched across colony islands..... in fact such a sighting would be akin weirdest sightings of the legend and conspiracy theories Elvis Presley claimed have be been spotted almost daily at a KFC's around globe.I'd like see greatly elevated dollar figures since 10th May 2017 its costing PublicPurse on an daily basis to pay salaries all policeman's surrounding our elected politicians and appointee officials... the same people who combined take up driving or being chauffeured more government vehicles than are currently on road for the policeman's to respond, serve and protect the 91,409.... seems some families have two, or even more, government vehicles assigned just their comforts... Grand Bahamalanders by the thousands, done hungs out "NO LONGER WELCOMED" signs.
ThisIsOurs 5 years, 9 months ago
Congratulations Mrs Virgill-Rolle. I've never heard a negative attached to her name and she appears to be quite competent. NIB is going to be very challenging, from reports that last national ID project created a giant mess. I wish her well.
sheeprunner12 5 years, 9 months ago
This FNM Government better get NIB right ......... Over $1 Billion of its funds "invested" by past Governments with little concrete evidence of any profits realized ....... Slippery slope....... They have a window of FIVE years to sort it out or else NIB will be no more by 2029.
screwedbahamian 5 years, 9 months ago
All Bahamians need to be mindful of making any retirement financial plans based on receiving y monthly pension income from NATIONAL INSURANCE , and consider their monthly contributions as an employment tax to the government. Together with many Bahamians, I have personal experience of after contributing to NIB from its inception in 1974 at retirement age having my monthly NIB retirement pension taken away by the PAPA INGRAHAM (FNM) government in 2011 due to lack of FUNDS due to the GROSS MISMANAGEMENT AND CORRUPTION AT THE NATIONAL INSURANCE BOARD. With the NIB funds being used as a CASH COW for BOB and other MISMANAGED and CORRUPT GOVERNMENT AGENCIES, another 2011 can and will unfortunately happen again.
sheeprunner12 5 years, 9 months ago
Sad case ........ Hope you sued NIB....... If you earned a pension, how can it be taken away by the PM???????? ....... That sounds fishy.
Well_mudda_take_sic 5 years, 9 months ago
International agencies like the IMF do not include unfunded pension liabilities of our public sector departments, agencies and government corporations in our national debt for a very good reason - they know that with the stroke of a pen the government of the day can unilaterally reduce these liabilities to pensioners rather than put the burden on Bahamian taxpayers to meet these outrageously generous commitments. Minnis and Turnquest will no doubt be exploring a suitable reduction in these pension benefits much to the chagrin of the pensioners concerned. Fair is fair given that in most instances the pension arrangements were very unfair to Bahamian taxpayers from day one. The required unilateral reductions in pension benefits will also need to be applied to existing retirees already collecting their pension benefits. All of these overly-generous and unfunded pension obligations will need to be settled for at most 50 cents on the dollar. Representations were long ago made to the IMF, Moody's, Standard & Poor's, etc. that our 'public sector' unfunded pension obligations should not form part of our national debt because of our government's ability to unilaterally reduce all future pension benefit payments with the simple stroke of its pen. Most public sector employees and retirees are unfortunately unaware of this fact. But, after all, if private sector employers and employees cannot count on receiving their meagre national insurance benefits, including the portion contributed by themselves, then why should our existing and former public sector employees expect to be able to count on receiving their overly generous pension benefits in the future.
bogart 5 years, 9 months ago
@screwedbahamian, there are many stories of pore Bahamians getting the short end of thd stick when dealingbwith large government agenvies, banks etc..... Realistically, after going through excruiating pain knocking on doors of officials you will find no help as noone wants to rock the system....then you will by then be broke...as peple only complain of being ripped of, financial shortfall.....next you will try for legal help...but will find many lawyers want money upfront....of course you will realize and actually get free legal advice that these agencies have the best lawyers?.who can appeal and drag it out it seems for ever..?with banks you will find lawyers will claim a 'conflict' on taking your case....they dont want to be cut out from anf future business from or by the bank...and of course have to go up against the best battery of lawyers banks can use....after these frustrations ......almost all pore people who have been wronged will give up.....it seems that criminal wrongdoings only happen to the wealthy, well known government offivials like a former governor general money allegedly stolen by banker, established business missing money alleged computer error, banker and alleged incorrect email sending funnds overseas, large institutions,COB employee case with major money laundered in four bank,..............
sheeprunner12 5 years, 9 months ago
The Minister of the Public Service said that 40% of the Government employees were not P&P (not eligible for a retirement pension) ..... but the Government has $1 Billion+ per year retirement pension bill now ....... So, who is collecting all of this pension?? ......... How much pension (total) are Pindling, Ingraham and Perry collecting each year????? ....... and all those old PLP and FNM crooked Ministers, MPs, Senators, and GGs who helped to ruin our country today???? ........ How much is the top 5% of senior civil service retirees collecting in pension as opposed to the "grunts"?????? ......................... and some of them collecting 3 or 4 pensions (each) and still coming back to serve as "consultants" ........ Then we wonder why we are paying 12% VAT and have a $8 Billion national debt???????????
hrysippus 5 years, 9 months ago
NIB was started by the corrupt lynden Swindling as a way to give money to thousands of his diehard supporters who had reached retirement age without being clever enough to prepare a retirement plan. Free Tings kill Nassau People, as the old saying goes. We love free money and these nib funded pensions bought a generation and more of plp votes. They also made sure that nib became the mismanaged financial disaster that it is now. The best thing that I can say about the outgoing director is that she did not appear on the front pages of the local dailies patting herself on the back for spending hundreds of thousands of our investment dollars on ambulances like her predecessor, Ms, Rowena Bethel, did. Both ladies now receive ridiculously large pensions for doing the job in a way that no one in their right mind could describe as proficient.
sheeprunner12 5 years, 9 months ago
Agreed ........... These political appointees continue to fleece Bahamians with NO conscience or remorse ...... They do anything to keep favour with their political bosses ........... and at the end of the day THE PEOPLE pay dearly.
TalRussell 5 years, 9 months ago
You can spot affect Pindling's ghost in dark must have some Ma Comrade bloggers...I mean, is there nothing or anything you consider bad that has happened, happening or might happen in or to colony islands - that the longer man is dead that you holdover from another time and place UBPers - couldn't possibly reach back far enough find ways trace back former prime minister being its root evil?
hrysippus 5 years, 9 months ago
As long as politician people continue to deify him while vilifying his ubp predecessors I will continue to present a contrasting view in the interests of balance. And I wonder just which of the historical facts that I presented do you take issue with? Has not LOP been credited with introducing nib? Did it not pay pensions to those who had not contributed to the fund? Did not these pension recipients feel grateful and give their political loyalty to him and his party for the rest of their lives? Has not nib been a mismanaged financial disaster from it's inception? The truth is that the actions of that first prime minister continue to be felt in the modern Bahamas and nib going broke at current levels of contributions is just one example. The present reality is due to prior actions. You stop teaching un formed children's minds that pingling was a hero who "fought" and won independence and emancipation for women, etc.. and I will happily shut up with my historical corrections.
TalRussell 5 years, 9 months ago
Well Ma Comrade Hrysippus, If that’s the governing measurement you wish apply, then this bunch Imperial red shirts - done flunking, big time.
hrysippus 5 years, 9 months ago
I enjoy your posts, TalRuffler.
tetelestai 5 years, 9 months ago
Hrysippus, I enjoy your posts, too...usually well thought out and not the nonsensical hysterical miasma of foolishness that is pervasive on message boards. Here is where I would like to quibble with you. Sir Lynden has been out of power longer than he was in power (if you count August 18, 1992 as his last day as Prime Minister). Surely, at some point, we need to stop attacking what he has done and recognize that, in this modern Bahamas, we as a group have not done much to change what he did. To me the question isn't, what did Sir Lynden do (or not do as the case may be) but, rather, if he was so awful for this country, why haven't successive administrations deviated from what was done (National Investment Policy, NIB, RBDF, RBPF, all basically the same as Sir Lynden left it). To me, that is more of an indictment on us a people than anything Sir Lynden did. So, we should be angry with ourselves rather than him.
TalRussell 5 years, 9 months ago
Ma Comrades, UBPism mischief mythologists have long held idea that if they can just repeat how the Pindling curse of the past has remained the engine behind all colony islands social disorders - they will keep electing Bay Street Boys govern people... Bay Street boys who just over years - happen have developed darker skin colors - over Conchy Joe's..... I have copies video tapes with transfers of the TV commercials the UBP ran against Pindling in trying hold onto power - they ran out Miami, Florida on Miami TV programs reaching the Bahamaland.... and what I hear, read and see today is likes watching Sir Stafford's and POP Symonette's older 1967 and 1968 campaign ad videos.... exact same message. They featured Pindling as a "Penguin."
Economist 5 years, 9 months ago
While I am concerned with the fact that her husband is the Governor of the Central Bank and provides for a clear conflict of interest, I am also aware that Dr. Rolle does have a good grasp of the problems facing the Country and NIB.
Her input, at NIB, is much needed.
bogart 5 years, 9 months ago
She is actually much more needed in executing the vision of a better over the hill program.............than pigeoned holed in NIB and BoB Director positions....where the solution to dere problems are very visible...!!!
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