Key actuarial review on state of NIS begins

Feb 13, 2018 News

NIS Chairman, Dr. Surendra Persaud (left) and his team meeting with Senior Actuary Georges Langis (second from left) yesterday.

Yesterday marked the launching of the 9th Actuarial Review of the National Insurance Scheme (NIS).
Conducting the review and representing the International Labour Organisation (ILO) is Senior Actuary, Georges Langis, who is a Fellow of the Canadian Institute of Actuaries and the Society of Actuaries respectively, NIS disclosed in a statement.
“He also 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 where he is expected to meet all key stakeholders of the National Insurance Scheme.”
NIS is the state’s social insurance scheme which is involved in old age pension; eye-care, funeral and dependents’ benefits; and a number of other benefits.
Langis also paid a courtesy call on the Minister of Finance, Winston Jordan, at his office yesterday.
He was accompanied by NIS’ General Manager, Holly Greaves and other officials of the scheme.
The National Insurance Scheme is one of the agencies that falls directly under the umbrella of the Ministry of Finance. As such, all investment decisions are guided and approved by the Minister of Finance.
“The main purpose of the actuary’s visit is to learn about NIS Guyana and to collect data from all stakeholders to assist the Board of NIS 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,” the NIS explained.
Yesterday, the Actuary also met with the Senior Management of the NIS, and the Chairman and Directors of NIS Board, Dr. Surendra Persaud.
He is also scheduled to meet with representatives of Consultative Association of Guyanese Industry (CAGI); the Chief Statistician, Government, Statistical Bureau; Leader of the Opposition, Office of the Opposition;
Private Sector Commission; President of 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.
NIS has been finding the going tough in recent years. While it has billions in cash, its long term viability is in question after a number of investments, including at CLICO, and falling collections from businesses, continue to erode its revenues.

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