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Kamla: Where are the NIB reports?
Posted On 10 Mar 2021
Leader of the Opposition, Hon. Kamla Persad-Bissessar, S.C., MP,
Under this PNM administration, we have seen a lack of accountability and transparency regarding the governance of State institutions. Over the last six years, we have witnessed a complete collapse of the National Insurance Board. The NIB falls under the remit of the Minister of Finance, who has a responsibility to report to the people of Trinidad and Tobago on the operations and state of the Board.
Pursuant to the National Insurance Act Chap 32:01:
“13. (1) The financial year of the Board shall be the twelve-month period ending on 30th June.
(2) Subject to subsection (3), the Board shall within three months of the end of each financial year make a report of its proceedings and of the operation of this Act in respect of that financial year to the Minister who shall, within two months of the receipt of such report, lay it before Parliament.
(2A) The report referred to in subsection (2) shall include the—
(a) number of contributors and beneficiaries in the National Insurance Scheme;
(b) contribution income collected;
(c) fixed expenditure incurred in respect of the administration of the National Insurance System;
(d) composition of the investment portfolio;
(e) yield on investments; and
(f) statement of any financial or commercial arrangement with subsidiaries or associated companies.”
Based on the law, the Minister of Finance has the statutory duty and responsibility to the Parliament to lay a report of the operations of the NIB by the end of November each year.
The last NIB Report which was laid in Parliament was for the financial year ending June 2018. The Minister of Finance has failed to lay the NIB reports for two consecutive years, for financial years ending June 2019 and June 2020.
The Minister has continuously denied the public sight of the Report relating to the NIB. I call upon the Minister of Finance to immediately lay in the Parliament the NIB Annual Reports for the years 2019 and 2020.
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