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15th NIS Actuarial Review of the National Insurance Fund, Published

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When government debt is viewed with NIS holdings excluded, the implicit assumption is that these assets are not “real” and that government raising taxes to repay the NIS is akin to raising the contribution rate on NIS contributors. This is because government tax revenue and NIS contributions come largely from the same sources – businesses, workers and consumers.

While the above discussion is primarily academic, the Fund faces the risk of GOB restructuring some or all of the debt that NIF holds. A restructuring of Government debt could include the face amount being reduced and/or yields drastically reduced. Both scenarios have occurred in the Caribbean in recent years as governments with high debt to GDP ratios sought ways to improve their fiscal positions.

Extracted from the 15th NIS Actuarial Report

Click to read the Actuarial Report

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150 responses to “15th NIS Actuarial Review of the National Insurance Fund, Published”

  1. peterlawrencethompson Avatar
    peterlawrencethompson

    The link to the report is not working for me.

  2. peterlawrencethompson Avatar
    peterlawrencethompson

    It is now. Thanks.

  3. NorthernObserver Avatar
    NorthernObserver

    After a quick scan. The NIS has several “Funds”. The Unemployment Fund is up the creek, and required a $3M injection in 2015 to stay afloat. To remedy this, they will be transferring a small percentage of contributions from the Severence Fund to the Unemployment Fund.
    The investment strategy of the overall NIS, did not follow plan. Subsequently the NIS via its various Funds, holds a larger portion in GoB Debt than projected. Therefore, any debt re-profiling by the GoB, could have a severe effect on the revenues of the NIS.
    As an aside, the firm performing the review, one Morneau-Shepell, is the same Morneau as the Finance Minister of Canada, Bill Morneau. From a Bahamas based office. Memory says, the prior review also came from another Bahamian office. I thought Barbados has actuarial operations who could do such work?

  4. Well Well & Consequences Observing Blogger. Avatar
    Well Well & Consequences Observing Blogger.

    “As an aside, the firm performing the review, one Morneau-Shepell, is the same Morneau as the Finance Minister of Canada, Bill Morneau. From a Bahamas based office.”

    The firm uses both Barbados and Bahamas as low tax jurisdiction, why are they doing actuarial work for Barbados government, the island has actuaries, besides, if memory serves Morneau-Shepell is/was part of the Panama Leaks investigation.

    Why can’t government use their own people, most of whom were educated in Canada, US, UK etc, to perfom these duties, more the reason the island’s scholars stay the hell away.

  5. Pachamama Avatar
    Pachamama

    David

    Does this represent the fulfillment of a promised made by Walter Blackman.

    We seem to recall that Blackman had taken responsibility for previous acts of omission.

    And had promised the people of Barbados that he would make things right.

    We have not had the time to review and likely will not anytime soon

    However, on balance, if we are right it would be a good thing for at least one political figure to have the courage to make such a promise and kept it, ah lie?

  6. Well Well @ Consequences Observing Blogger Avatar
    Well Well @ Consequences Observing Blogger

    i did not want to voice it, but Walter, a son of the soil actuary, immediately sprung to mind, i can name at least 20 bajan scholars who were at foreign universities, with various relatives of mine… studying to be actuaries…over the last 7 years..

    why is this Canadian company, now a subject of debate and scrutiny in their parliament, handling actuary work for this government…and how much is taxpayers being soaked by them, for work that can be done by local actuaries.

  7. Hal Austin Avatar
    Hal Austin

    Plse name, not 20, but five Bajans who have qualified as actuaries at overseas universities during the last seven years.

  8. Well Well @ Consequences Observing Blogger Avatar
    Well Well @ Consequences Observing Blogger

    do i owe you names…name 20 you know that have NOT qualified as actuaries …in the last 7 years.

  9. Hants Avatar
    Hants

    Do-it-yourself drain cleaning

    “There was a well that was behind my house for many years that was open,” he said. “The Government came and closed it and we have been having this problem where it builds up with debris.”

    http://www.nationnews.com/nationnews/news/101589/-drain-cleaning

  10. Heather Avatar
    Heather

    Petition Exposure on the Loop News Barbados. 760 Signatures to Date. http://www.loopnewsbarbados.com/content/600-sign-petition-calling-ag-start-probes

  11. Well Well & Consequences Observing Blogger. Avatar
    Well Well & Consequences Observing Blogger.

    Good for you Heather…a government and it’s ministers must be kept in check by their bosses, the people…

    ……ministers must learn that they have to be held accountable for their actions or lack of…it is time.

  12. David Avatar
    David

    @Pacha

    BU will not take any credit but after a brisk exchange between Chairman Robinson on Facebook page FB Senate David was advised that the document had been uploaded to the NIS website.

  13. Walter Blackman Avatar
    Walter Blackman

    “Pachamama October 26, 2017 at 7:19 AM #
    David

    Does this represent the fulfillment of a promised (sic) made by Walter Blackman.

    We seem to recall that Blackman had taken responsibility for previous acts of omission.

    And had promised the people of Barbados that he would make things right.

    We have not had the time to review and likely will not anytime soon

    However, on balance, if we are right it would be a good thing for at least one political figure to have the courage to make such a promise and kept (sic) it, ah lie?

    Pachamamum,
    I trust neither you, nor your advisors (the voices you hear in your head every minute urging you to spew forth foolishness) so when I see you splashing my name all over BU, I know that you and your entourage cannot be up to anything good.

    Can you please tell me what the load of crap you have written above is all about?

  14. Walter Blackman Avatar
    Walter Blackman

    Well Well @ Consequences Observing Blogger October 26, 2017 at 7:59 AM #
    “i can name at least 20 bajan scholars who were at foreign universities……studying to be actuaries…over the last 7 years..”

    Hal Austin October 26, 2017 at 8:03 AM #
    “Plse name…… five Bajans who have qualified as actuaries at overseas universities during the last seven years.”

    Hal,
    Given the excerpt above, it is obvious that Well Well never claimed that anyone has ever qualified as an actuary at an overseas university. The university allows the student to study for a degree in actuarial science. This is the first step on the road to becoming an actuary.

    The next step is to sit and pass the professional actuarial exams (sponsored by an actuarial body) which will lead to the individual becoming a qualified actuary.
    The actuarial professional exams are long, rigorous, and brutal, and, generally speaking, much more than half of the candidates sitting an exam will fail. Consequently, many students who leave university with degrees in actuarial science never become qualified actuaries.
    The two major actuarial bodies in the USA are The Society of Actuaries and The Casualty Actuarial Society.

  15. Hal Austin Avatar
    Hal Austin

    Thanks Walter. I know the process of qualifying to be an actuary, having worked closely with the Institute and Faculty of Actuaries and their senior officers for a number of years. I have also worked closely with the Association of British Insurers, winning a number of their Awards..

  16. watchman. Avatar
    watchman.

    @ Pachmamum It seems you got your answer when you wrote the load of crap linking Walter a DLP yard-fowl now given the role of paling cock to keeping a promise to make anything right

  17. Well Well @ Consequences Observing Blogger Avatar
    Well Well @ Consequences Observing Blogger

    ..Walter…at least you noticed when i make a statement…it`s very clear, how can anyone believe that 20 actuarial students over a 7 year period not to have at least half of those students change their course of studies to something they like better, drop out of UNI for whatever reason or even if they graduate….specialize and work in a totally unrelated field…

    the point i was trying to make….Barbados has actuaries, on and off island who can be used to do actuarial work….Morneau`s people are no more qualified than a local actuary….so why are they not being employed by their own government.

  18. Well Well @ Consequences Observing Blogger Avatar
    Well Well @ Consequences Observing Blogger

    to make it clear..why were local or bajan actuaries, only, based off island not used for this particular NIS project.

  19. Vincent Haynes Avatar
    Vincent Haynes

    Herbert is on VoB Brasstacks now discussing this report lamenting that it has confirmed his worst fears,the year when the fund will go bankrupt,cited how the govt borrowed from us and cannot pay back,agrees with the auditor that a board with teeth should be appointed.

    Ellis is now encouraging every one to download and read the document.

  20. NorthernObserver Avatar
    NorthernObserver

    @Hal
    IF you know the process, why don’t you just admit you made an error in stating “who have qualified as actuaries at overseas universities” and you should have omitted “at overseas universities”. Its a simple matter?
    Instead, you have to reply with bullshit about “working closely”, and “winning a number of their Awards”…. journalistic awards? salesperson awards?.
    Really. Who cares?

  21. NorthernObserver Avatar
    NorthernObserver

    Herbert is on VoB Brasstacks……that should get Anegla Skeete filling the blog with her anti-Herbert rhetoric within hours!!!! The GoB borrowed for social economy, wtf does Herbert know about that, it is about country (or is that cuntry). The report didn’t say one shiite abount bankruptcy, that was just a “scenario”. Our government will appoint whomever the hell they want to the Board, and they all have teeth.

  22. Well Well @ Consequences Observing Blogger Avatar
    Well Well @ Consequences Observing Blogger

    lol…i swear.

  23. Hal Austin Avatar
    Hal Austin

    i can name at least 20 bajan scholars who were at foreign universities, with various relatives of mine… studying to be actuaries…over the last 7 years (the mad one).

    Hal Austin ….Plse name, not 20, but five Bajans who have qualified as actuaries at overseas universities during the last seven years.

    Northern Observer,
    Taking things out of context can often be misleading. In the original I was simply teasing out the resident cut-and-paste agent and fantasist. It had nothing to do with the process of being a actuary. I was testing the veracity of the claim made.
    I only mentioned that I was aware of actuaries and that I have worked with them as proof that I was not fabricating the claim. It was not a boast. I mentioned that because it has already been mentioned in this blog by A.N. Other. I refrained from saying what t he Awards were.
    But, if it satisfies you, to be qualified as an actuary takes more than just a university degree. Yes. Walter is right.

  24. Bush Tea Avatar
    Bush Tea

    LOL @ NorthernObserver
    Hal is a real goat…!!

  25. David Avatar
    David

    Now we need to hear from our resident actuary!

  26. Bush Tea Avatar
    Bush Tea

    @ Vincent
    Herbert is on VoB Brasstacks now discussing this report..
    +++++++++++++++++++++++++++++++++++++++++++++++
    Heard him…
    Herbert is a national asset…. (as Bushie said all along)
    Our NIS money is dead…. given away to the likes of COW, Bizzy, Baloney and jerkham

    Basically, whatever is done by anyone now will boil down to the politicians taking MORE money from us brass bowl Bajans ..to put into the NIS …so that some pittance pensions and benefits can be doled back out to the same BBBBBs that the money came from in the first place.

    What the Hell…!!!
    A fool and his money are soon parted..
    But a Black Bajan Brass Bowl Blockhead can be parted from his money..
    over and over and over again…

  27. Vincent Haynes Avatar
    Vincent Haynes

    Hmmm…….in 30 days…….come and run Bim……Up and On

    £72 million in 30 days 🇧🇧🇧🇧🇧🇧
    Rihanna’s Fenty Beauty Caused Kylie Cosmetics To “Tank” According To New Study
    The R&B songstress dropped her new line last month.
    capitalxtra.com
    https://l.facebook.com/l.php?u=http%3A%2F%2Fwww.capitalxtra.com%2Fartists%2Frihanna%2Fnews%2Ffenty-beauty-kylie-jenner-cosmetics-makeup%2F%3F93757&h=ATP0_FER7ZJO1wvHEbrVU1XQfRh5tJluy6Bzyr5HWZa4Re3vct8Y8XFGsIqAy7HA583-2CZz4lkyZNgw33nG5X2YP6UfvPBHgohU8m88x_wZormy_G0269N7wjBo_tx-n-KD2BNF0parzen8rPMIObUO3eHgErCZfIvw0t0ifgbmNX63SEeWp0pAOxngXdrz1bgG3Vb1Ap6yE3vkNVHRJCHWZ4b9hbq9T8pgCipCFgwQvLr2YJ_lLNWbFoebdcDxR4GpoN6_QLucqQLLBDNsG1M225jq

  28. Vincent Haynes Avatar
    Vincent Haynes

    Bushie

    I wonder if any found its way accidentally into the war chest?

  29. NorthernObserver Avatar
    NorthernObserver

    While I appreciate the initial reason……. in a contextual sense…. it maybe similarly suggested you were implying that no 5 Bajans could have passed the actuarial exams in the last 7 years?

  30. Hal Austin Avatar
    Hal Austin

    Northern Observer,
    You are wrong again. I was implying that the Mad One could not name seven Bajans who had qualified at foreign universities in actuarial studies, as claimed. The doubt stands.
    S/he it is a liar and fabricator and mentally defective who enjoys nothing more than cutting and pasting from publications and websites from around the world and publishes them without adding any original thought..

  31. Bush Tea Avatar
    Bush Tea

    @ NorthernO
    500 lawyers and 2000 shiite economists (whatever the hell THOSE are) will graduate (with their LEC where needed) before 5 Bajan actuaries do….
    It takes ACTUAL working brains to complete all the needed stages of qualification…

  32. Well Well @ Consequences Observing Blogger Avatar
    Well Well @ Consequences Observing Blogger

    Hal….el cabron is implying that 5 Bajans are NOT capable of graduating as actuaries in foregn universities and being the idiot he is wanted 5 names…

    …Walter had to point out to him that i stated at least 20 scholars left the island to study as actuaries over a 7 year period…i never claimed they graduated….Walter showed where 10 could have graduated…

    it`s el pendejo jumped in talking about how many rewards he received…which has nothing to do with the subject matter…now he is angry…lol

    that is why i dropped the topic since yesterday…lol.

  33. Pachamama Avatar
    Pachamama

    Bushie

    You continue to attach all types of grandiose labels to Herbert

    You are, in the final analysis, a bible loving Christian waiting for a white savior

    Despite previous warnings from us

    A man who spent most of his life robbing Bajans of their rights in their own organization while at the same time lending these same people the savings of ordinary Bajans to create the very same distortions in ownership as successive governments have also been doing.

    There has never been any difference between Herbert and Cow and the rest.

  34. Well Well @ Consequences Observing Blogger Avatar
    Well Well @ Consequences Observing Blogger

    out of any univerity class, which are very large in any course study, in foreign ivy league universites, ya can get 20 actuaries graduating quite easily.

    whether there will be 20 bajans are not, was foolish to even ask, because you will not get 20 bajan scholars leaving Barbados every year to study actuarial science in foreign ivy league universities.

    so it was stupid to even engage Hal in his folly yesterday.

  35. Well Well @ Consequences Observing Blogger Avatar
    Well Well @ Consequences Observing Blogger

    Columbia University is famous for spitting out top of the line actuarial scientists…in large numbers.

  36. NorthernObserver Avatar
    NorthernObserver

    @BT
    don’t be so…..I actually went to school with a few who are/were actuaries. We didn’t have any undergrad program in actuarial science, though I know it exists today. Most did Math.

  37. Pachamama Avatar
    Pachamama

    We think that Bajans attach too much value, middle class snobbery, to education

    Who is an actuary and who is not

    In the USA the average actuary is paid less than a 100K per years.

    There is no particular uniqueness attached to these people.

  38. Hal Austin Avatar
    Hal Austin

    i can name at least 20 bajan scholars who were at foreign universities, with various relatives of mine… studying to be actuaries…over the last 7 years..

    whether there will be 20 bajans are not, was foolish to even ask, because you will not get 20 bajan scholars leaving Barbados every year to study actuarial science in foreign ivy league universities.

    Hal….el cabron is implying that 5 Bajans are NOT capable of graduating as actuaries in foregn universities and being the idiot he is wanted 5 names…

    Here goes the resident mental defective again. One only has to read the various contributions from this congenital liar to see what we are dealing with.
    First, he, she it claimed to know 20 Bajan scholars who were at foreign universities …studying to be actuaries.
    When s/he it was called out it then tried to wriggle out of it by claiming it was ‘foolish’ to even ask, because you ‘will not get 20 Bajan scholars leaving Barbados every year to study actuarial science…’
    In other words, the original post about knowing 20 Bajans….was inaccurate, or as I prefer, a deliberate lie.
    Then the idiot tried to shift blame again by claiming I was implying that five Bajans were NOT capable of graduating as actuaries.
    Nonsense. I made no such claim. What I did say was that the idiot could not NAME five people (given s/he it claimed to know 20).
    This is the fool who floods BU with nonsense every day, who lies to create an impression, and who influences like-minded people.
    @Northern Observer, this is the fraudulent contributor to BU that many people find convincing.

  39. Pachamama Avatar
    Pachamama

    In any event

    AI, artificial intelligence, is making the job of actuary extinct.

    Is this not a hint that we should have a change of mind.

  40. Walter Blackman Avatar
    Walter Blackman

    David October 27, 2017 at 2:23 PM #
    “Now we need to hear from our resident actuary!”

    David,
    I believe that you are referring to me.

    At present, I am researching a topic for Sunday’s Walter.2 program which will air on CBC TV and 100.7 FM at 11 a.m.

    Next in line will be comments on the 15th actuarial review of the Barbados NIS.

    As Bajans would say: “Hold strain.” As Jamaicans would say: “Soon come.”

  41. Well Well @ Consequences Observing Blogger Avatar
    Well Well @ Consequences Observing Blogger

    which part of 20 scholars leaving and studying ……..OVER A 7 YEAR PERIOD ….dont you understand…

    how do you know many were not my relatives….and their friend.

    why continue to make yourself seem unknowledgeable about everything…and want to argue

  42. Well Well @ Consequences Observing Blogger Avatar
    Well Well @ Consequences Observing Blogger

    how do you know many were not my relatives….and their friends.

  43. Well Well @ Consequences Observing Blogger Avatar
    Well Well @ Consequences Observing Blogger

    ya think i will put the names of people i know on BU for a joker like you to read and go doing linkedin and facebook searches creeping and stalking people….you know that is what you do.

  44. Hal Austin Avatar
    Hal Austin

    You are a fraud, a charlatan, a liar, go away.

  45. Well Well @ Consequences Observing Blogger Avatar
    Well Well @ Consequences Observing Blogger

    piss me off and i will tell everyone what ya did with the names of 2 fake email address of mine ya had…

    …ya predator, ya dont want to google information to learn something, but ya are a cyberstalker…

    ..instead of gathering info on CGI Insurance as ya claimed ya would….remember what ya did…….

  46. Artax Avatar
    Artax

    NorthernObserver October 27, 2017 at 2:12 PM #

    “Herbert is on VoB Brasstacks……that should get Anegla Skeete filling the blog with her anti-Herbert rhetoric within hours!!!!”

    @ Northern Observer

    Just in case…… Angela Skeete is now using her real name (?)…. Angela Cox.

    She does not have any time for Herbert…………. LEC is now her “pet topic.”

  47. Well Well @ Consequences Observing Blogger Avatar
    Well Well @ Consequences Observing Blogger

    claiming to be this big journalist in UK…writing letter to Lloyds of London, of course there was never any reply, next thin ya know you can be tracked trying to track me down…

    and i am the fraud according to you, but Karma hates ugly and when ya tried to suck up to barbadostoday, they banned you…lol

    big time journalist my ass.

  48. Walter Blackman Avatar
    Walter Blackman

    watchman. October 27, 2017 at 1:54 PM #
    “@ Pachmamum It seems you got your answer when you wrote the load of crap linking Walter a DLP yard-fowl now given the role of paling cock to keeping a promise to make anything right”

    watchman,
    To show your face on BU again, after your villainous acts were revealed for everyone to see in an unchallenged “eye witness” report, shows that you have spunk. I give you credit for that.

    However, to come back here pedaling your worthless nonsensical utterances shows that you have no shame. For that, you deserve a public flogging.

    I advise you to sit silently and try to absorb and digest some of the more enlightening and educational ideas that the progressive-minded often bring to BU.

  49. Hal Austin Avatar
    Hal Austin

    Here you go again bluffing…you are such a compulsive liar. Don’t forget I know your real email address from the time you tried passing on nonsense about CGI to me. When I asked for the evidence you went in to your lying mode. You are sick; you need counselling. Go and see a psychiatrist.
    You are the resident fraud, liar, you are bogus. Go away and seek help.

  50. Pachamama Avatar
    Pachamama

    Walter Blackman

    How did trust get into this. Yes, you certainly have no reason to trust us. And neither do we you.

    Trust is not a currency in the environment in which we exist. It is your currency, not ours.

    Well, we guess the only good we could be up to is being a DLP lackey, like you.

    What you are hearing are your own innate insecurities.

    Let an election be called and let’s see how much trust you can muster.

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