The 30th anniversary of the National Insurance Services

Editor: I write this article in somewhat belated commendation of the National Insurance Services (NIS) of St Vincent and the Grenadines on the attainment of its 30th anniversary. This is no mean achievement for any social security organization, much less one that is financially sound, meets the needs of its clients and has a reputation for good customer service. Congratulations are definitely in order for this institutional pillar and model of prudence.

I must tell you that I feel a sense of personal attachment to the NIS. I spent some time there as a young economist, researching pension reform.

It is my view that the success of the NIS is to a large degree a tribute to its leadership and management. Ever since the organization opened its doors on January 5, 1987, pursuant to an Act of Parliament as a replacement for the National Provident Fund, it has been in the care of competent men and women who took their job seriously. They adhered to the highest standards of conduct and were guided by best practices in the navigation of a perilous financial landscape. These guardians of public trust did not shirk their fiduciary responsibilities.

Mr Lennox Bowman has been the chairperson of the NIS Board for many years now. He is an insightful, efficient and hardworking chairperson. Mr Reginald Thomas served for a long time as the director (chief executive officer) of the NIS, until he recently left the post to take up a job overseas. The departure of Mr Thomas created a void that was filled by the young and impeccably qualified Mr Stewart Haynes. The mantle of executive authority could hardly have fallen into better hands. “Stew”, as he is fondly called, is a leader from a new generation and ever since taking over he has gone about his business like a man on a righteous mission. He has good support from an experienced deputy executive director in the person of Dr Mineva Glasgow and Financial Comptroller Mr Lennox Timm. The new CEO is also intent on providing opportunities for up and coming stars and finding that right mix of youth and experience.

At 30 years old, the NIS has reached and probably passed a critical point in its maturity. One implication of ageing for a social security institution is that it is likely to have to deal with an increased burden of pension payments. This often creates a need for pension reform, and the institution has demonstrated over the years an ability to institute reforms without too much difficulty for long-term sustainability.

The NIS has performed well at its core functions, and it might be time for it to consider an expansion of its role and contribution to our nation’s socio-economic development. There is a growing discussion, of which I am a part in my ministerial capacity, about adding National Health Insurance to its portfolio. I note that in Singapore the equivalent social security organization deals with the substantive matters of pensions and health insurance, and also provides financing for low income homes. A prominent regional health economist recently shared with me his vision for a wider involvement of social security entities in the Caribbean economy. There are many possibilities which must be carefully assessed and discussed before we embark on any particular course of action.

I am satisfied that the NIS is poised to continue meeting the social security needs of its beneficiaries for a long time to come, and I wish the organization all the best for the future. Hopefully, it will still be around at the time of my retirement.

RT Luke V Browne lukebrowne@yahoo.com