The $20 million the National Insurance Board (NIB) lost in 2016 has forced its Board to make changes.

According to National Insurance Minister Brensil Rolle, the loss of so much money prompted the need to have at least two workshops.

“We’re going to engage our Compliance Division, so that people can pay what is expected of them to NIB,” he said.

NIB’s 2016 annual report showed a decline in its financial performance; the largest decrease since 2008.

Income from investments was also down while payouts to pensioners were up.

“The government either deliberately or otherwise engaged the Board to invest its money and we lost about $20 million for example in the Bank of the Bahamas alone,” the minister said.

This has begged the need for changes to recoup funds.

It also calls for NIB going after delinquent customers and continuing to prosecute those who don’t comply.

“We are going to change those processes and make sure – for example – that if you are scheduled to pay NIB and make a contribution you will. And we will do whatever is necessary to make sure this is fulfilled,” Mr. Rolle said.

However, the minister accepts that turning things also means improving services.

“Regrettably, the services of NIB have not been up to par. I have said this before and I apologize to the Bahamian people about the kinds of service that’s been coming from NIB, he said.

“It is our fervent commitment that we ensure we improve the services at NIB.”

Minister Rolle is expected to reveal further details on NIB’s reform during the upcoming mid-year budget.

reform of NIB.