By Sue-Ann Wayow
A RIDICULOUS fantasy.
That was how Finance Minister Colm Imbert described the Opposition statements that the National Insurance Board of Trinidad and Tobago (NIBTT) was on the brink of insolvency.
In Parliament on Monday, Imbert was asked by Member of Parliament for Couva South Rudranath Indarsingh what measures were in place to save the NIBTT from insolvency.
Imbert responded that the board was no where close to insolvency and had enough funds to last another 22 years without major intervention.
He said the question speaks about an impending insolvency which was an “absurdity.”
Imbert said, “The word impending means likely to happen soon. The NIS fund currently stands at almost $28billion. In 2020, the national insurance fund generated returns of approximately $1billion and the national insurance was required to pay out approximately $1billion leaving the fund intact at approximately $28billion. If nothing is being done at this point in time it is estimated that the fund will be depleted in 2043. It is false premise.”
He was also asked if any decision has been has been approved by him for NIB’s assets to be disposed of in order to generate revenue to sustain the NIS fund.
Imbert responded, “That is not a matter for the minister. That is a matter for the National Insurance Board which has $28billion in assets. This is a ridiculous fantasy from the other side. If nothing is being done to the national insurance system, the fund will last for another 22 years.”
When asked about contributors. Imbert reminded the Opposition that last Friday he read the NIS report in Parliament where he gave detailed statements on the issue.
