The National Insurance Board met on Thursday, October 23, 2025, using Microsoft Teams.
At this meeting, the Board Members:
1. Accepted the following reports:
- CEO’s Report October 2025
- Financial Controller’s September 2025 Variance Report
- IS Manager’s Incident Report
- Internal Audit Department Report 2025
2. Approved the following:
Board Papers:
- Office Complex Proposal: The Board of Directors approved advancing a proposal to construct an office complex for the public service.
- The 11th Actuarial Review Final Report: The Board of Directors approved the 11th Actuarial Review Report. The report will be submitted to the Minister along with the recommendations approved by the Board of Directors for further consideration by the Cabinet and ultimately, to be laid in Parliament.
- Board Meeting Summary: The Board approved the Board Meeting Summary for September 16, 2025, for circulation to staff and publication on the NIB website.
3. Received the following Matters Arising Updates:
- National Insurance Audit Update: The 11th Actuarial Report has been provided to the Auditors. The firm is now concluding a peer review of the Report with its specialists. Once that review is completed, the draft financial statements will be issued for review.
- NIB Cybersecurity Governance Framework: The Cybersecurity assessment has concluded. The consultants have proposed recommendations for consideration; they will be discussed at the November Board meeting.
- Blue Hills Property: A Cabinet Paper has been drafted for Board approval and Cabinet’s consideration.
- Davyn Contract Extension: The TCIG Director of Contracts has approved the extension of the Davyn contract. Further consideration is being given to the additional funding needed for the project.
4. Received the following Matters for Consideration:
- New Spend for 2026/27: The Board of Directors approved submission of new spend items for TCIG’s consideration and inclusion in the proposed budget for 2026/27.
5. Received the following Matters for Noting:
- 33rd CARICOM Heads of Social Security Meeting: Board members were reminded that they were invited to the Opening Ceremony, scheduled for October 27th.
