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Bahamas: No solvency concerns at NIB — says financial secretary

NASSAU, BAHAMAS — Acting Financial Secretary Marlon Johnson yesterday assured that there are no solvency concerns regarding the National Insurance Board (NIB).

Johnson said NIB has been able to withstand the COVID-19 shock despite paying out some $93 million directly to beneficiaries as result of the pandemic.

“We can state categorically that NIB remains solvent,” he said.

“The money contributed to NIB goes into a reserve that is invested. NIB is properly capitalized, it produces its reports annually to speak to its capitalization and this has allowed it to weather a shock like this.”

He was speaking at a press conference yesterday.

Johnson noted that as a result of the fall-out from the pandemic increasing the number of individuals seeking unemployment benefits, NIB has gone from seeing a few thousand to 30,000 applications.

“NIB remains solvent. There are really no concerns there,” he in response to Eyewitness news inquiries.

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