Eleventh Actuarial Review of the National Insurance Board of Trinidad and Tobago (NIBTT) as of 30 June 2020

The conduct of the Eleventh Actuarial Review (“the Review”) as at 30 June 2020 is primarily aimed at assisting the National Insurance Board of Trinidad and Tobago (NIBTT) in ensuring the long-term financial sustainability of the National Insurance System (NIS). The Review is mandated by statute and its report is a public document which serves to inform stakeholders of the current and projected financial status of the Fund. In addition, the project entails an assessment of the approved design of the NIS aimed at extending the coverage to the self-employed. Finally the project also entails the development of a funding policy to govern the adjustment of system parameters in the long term. The project covers actuarial valuation services for the old-age, invalidity, death, sickness and maternity benefits to be provided by the Actuarial Services Unit of SOCPRO (SOC/ASU) and employment injury benefits to be provided by the Actuarial Services of the Global Employment Injury Programme of the Enterprises Department (ENT/GEIP). Specific policy advisory services on employment injury benefits are included in the project. The review will also include an update of the previous analysis about the compliance with the ILO Convention No 102 and aims at building up capacities among the NIBTT staff, mainly on actuarial, statistical and legal principles relative to social insurance. The overall coordination of the project and policy advice will be the responsibility of the ILO Decent Work and Office for the Caribbean. Finally, and in light of the challenges brought by the COVID-19 pandemic in providing income support to the unemployed, this project document includes an option to conduct a cost assessment for the Implementation of an Unemployment Insurance in Trinidad and Tobago.

Project symbol

TTO/21/01/TTO

Admin unit

DWT/CO-Port-of-Spain

Start date

26/03/2021

End date

31/10/2022

Total allocation

176764

Total expenditure

Status

Closed

111570

Development Partners

Trinidad and Tobago, The National Insurance Board

Country/Countries

Trinidad and Tobago

Outcomes

Outcome 8: Comprehensive and sustainable social protection for all