Gibson said the government will use the reports to put mechanisms in place to prevent abuse and manipulation at NIB.
Government contracted auditors Grant Thornton Bahamas have determined that the total cost of their work is valued at $861,000.
If suspended NIB Director Algernon Cargill fails to report to the Board before May 21 he may lose the opportunity to clarify certain “adverse findings.”
The Bahamas has the potential to establish itself as an international insurance player given its huge ship registry, Timothy Ingraham, president of Summit Insurance Company Ltd., told Tribune Business.
National Insurance Minister Shane Gibson allegedly tried to cover up a reported NIB policy violation in which a $15,000 payment to Doctors Hospital was authorized.
Prime Minister Christie said the government spends nearly $100 million on insurance for public servants on an annual basis with the figure expected to increase this year as negotiations continue with various unions.
It appears that Prime Minister Perry Christie has finally had enough of Gregory Moss’ “freewheeling” at the National Insurance Board (NIB).
NIB Director Algernon Cargill took $194,791 in bonuses. His income and benefits (at $393,000) are highest of any government position in the past two years. Total bonuses paid to NIB executives was $723,333.
International insurance products could play a key role in the Bahamas’ financial services industry, the 22nd annual Caribbean Actuarial Association (CAA) conference was told.