THE National Insurance Scheme on Monday launched its Ninth Actuarial Review being conducted by a representative of the International Labour Organisation (ILO).
The ILO Senior Actuary, Mr. Georges Langis, a Fellow of the Canadian Institute of Actuaries and the Society of Actuaries respectively met with several officials on Monday, NIS said in a release. According to NIS Langis possesses a wealth of experience in conducting actuarial studies for many countries such as Trinidad, Grenada, Tanzania and Haiti to name a few. The Actuary’s first mission will last for a period of four days when he is expected to meet all key stakeholders of the National Insurance Scheme.
Mr. Langis paid a courtesy call on the Honourable Minister of Finance, Winston Jordan at his office this morning. He was accompanied by NIS’ General Manager Ms Holly Greaves and other officials of the scheme. The National Insurance Scheme is one of the agencies that fall directly under the umbrella of the Ministry of Finance. Thus, all investment decisions are guided and approved by the Minister of Finance.
The main purpose of the actuary’s visit is to: (i) learn about NIS Guyana; (ii) collect data from all stakeholders to assist the Board of National Insurance Scheme in ensuring the long term financial sustainability of the Scheme.
The main objective of the project is to provide the Government of Guyana, the Board and the Management of the NIS with an analysis that will assist in the reform and strengthening of the scheme. On Monday the actuary also met with the Senior Management of NIS, and the Chairman and Directors of NIS Board. He is scheduled to meet with the following persons during this first mission: representatives of Consultative Association of Guyanese Industry (CAGI); Chief Statistician, Government, Statistical Bureau; Leader of the Opposition, Office of the Opposition; Private Sector Commission and President, Consumers Advisory Bureau Ltd and the Guyana Trades Union Congress. The Actuarial valuation is mandated by statute and its report is also a public document.
