Acting Financial Secretary Marlon Johnson
NASSAU, BAHAMAS — Acting Financial Secretary Marlon Johnson yesterday assured that there are no solvency concerns regarding the National Insurance Board (NIB).
Johnson said NIB has been able to withstand the COVID-19 shock despite paying out some $93 million directly to beneficiaries as result of the pandemic.
“We can state categorically that NIB remains solvent,” he said.
“The money contributed to NIB goes into a reserve that is invested. NIB is properly capitalized, it produces its reports annually to speak to its capitalization and this has allowed it to weather a shock like this.”
He was speaking at a press conference yesterday. Read more >>