Turks and Caicos National Insurance Board

What Turks and Caicos National Insurance Board does

The Turks and Caicos Islands National Insurance Board (NIB) is a statutory body established under National Insurance Ordinance No. 10 of 1991, effective April 6, 1992, and is the sole mandated provider of social insurance benefits to all gainfully employed persons aged 16-65 in the Turks and Caicos Islands (a British Overseas Territory). The organization delivers nine benefit programs — Retirement Pension, Sickness Benefit, Maternity Allowance/Grant, Employment Injury Benefit, Invalidity Pension, Survivors Benefit, Death Grant, Funeral Grant, and Disablement Benefit — plus a Non-Contributory Old Age Pension for residents aged 68+ who lack sufficient contribution records. Operationally, NIB runs four branch offices (Grand Turk headquarters, Providenciales, South Caicos, North Caicos), a Member Contribution System (MCS) online payment portal (myportal.tcinib.tc), an appointment booking system, and 23 downloadable forms; a Pension Calculator is exposed on the public website. Underlying technology is conventional transactional web infrastructure with no disclosed AI/ML components, proprietary models, or data flywheels.

NIB generates revenue through mandatory social insurance contributions from four contributor categories: employed persons at 12% of insurable earnings (6.5% employer + 5.5% employee, deducted from wages, capped at a $4,000 ceiling), self-employed persons at 11%, voluntary contributors at 10%, and government public officers at 9.15% (effective April 1, 2024). Employers are required to register and remit monthly; small administrative fees exist (e.g., $20 card replacement). The Fund's asset base surpassed $431 million with reserves exceeding $386 million by 2022, growing from $100 million in 2006/07 and $252 million in 2018. As of 2022, the active contributor base exceeded 20,000 individuals across TCI. Governance is tripartite (insured persons, employers, government appointees); the organization is wholly government-owned, with no equity investors or funding rounds. Leadership includes CEO Rhesa Cartwright-Rolle, Deputy Director of Corporate Services Diandra Mills, Deputy Director of Operations Christa Quelch, Financial Controller Esther-Ann Harvey (CPA, appointed February 1, 2023), and Investment Manager Gerilaine Rigby, supported by a ~15-person staff.

Name

Turks and Caicos National Insurance Board

Legal name

Turks and Caicos Islands National Insurance Board

Website

https://tcinib.tc

Company type

Private

Founded year

1992

Operating status

Operating

Headcount range

11–50 employees

Short description

Turks and Caicos National Insurance Board is the statutory sole provider of social insurance for all employed persons aged 16-65 in the Turks and Caicos Islands, delivering nine mandatory benefit programs through four branch offices and an online portal, funded by employer-employee contributions and managing a $431M+ National Insurance Fund.

Ownership category

akta.pro rank

Product category

Government Social Insurance

NAICS

Health and Welfare Funds (525120), Pension Funds (525110), Other Insurance Funds (525190)

SIC

Accident & Health Insurance (6321), Life Insurance (6311), Services-Social Services (8300)

akta.pro primary industry

Disability Benefits Administration (BPAIAKAC)

akta.pro secondary industries

Short-Term Disability (STD) Insurance (FSAIAIAC), Group Disability Income Insurance (Employer-Sponsored) (FSAIAIAB)

Keywords

• Social insurance
• Retirement pension
• Social security
• Statutory benefits
• Employment injury

Headquarters

HQ city

Grand Turk

HQ country

Turks & Caicos Islands

Offices4 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Others

Revenue model

1. Social Insurance Contributions: NIB generates revenue through mandatory social insurance contributions from three categories: employed persons (employer 6.5% + employee 5.5% = 12% of insurable earnings), self-employed persons (11% of insurable earnings), and voluntary contributors (10% based on declared income). Contributions are calculated on earnings up to a $4,000 ceiling. Revenue is collected monthly from employers with a 30-day grace period.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

The National Insurance Board is the sole statutory provider of social insurance in the Turks and Caicos Islands, delivering nine benefit programmes (Retirement Pension, Sickness Benefit, Maternity Benefit, Employment Injury Benefit, Invalidity Pension, Survivors Benefit, Death Grant, Funeral Grant, and Disablement Benefit) to all gainfully employed persons aged 16 to 65. Funding comes from mandatory contributions deducted from wages and remitted by employers, or self-paid by self-employed and voluntary contributors. Services are delivered through four island offices and the online Member Contribution System (MCS) Portal.

Product overview

The Turks and Caicos Islands National Insurance Board provides a comprehensive suite of nine social insurance benefit programs to working residents aged 16-65, delivered through a network of four island offices and an online MCS Portal. The core offerings include Retirement Pension, Sickness Benefit, Maternity Benefit, Employment Injury Benefit, Invalidity Pension, Survivors Benefit, Death Grant, Funeral Grant, and Disablement Benefit. The MCS Portal enables online contribution management and payments, while the Non-Contributory Old Age Pension serves those ineligible for regular retirement benefits.

Differentiator

Problem solved

Functional benefit

Products and services

• Retirement Pension Monthly pension for insured persons aged 60 and older who meet contribution requirements (minimum 150 paid contributions and 500 total contributions). Rate starts at 30% of average weekly earnings, increasing up to 60% with additional contributions.
• Sickness Benefit Cash compensation at 60% of average weekly earnings when unable to work due to illness or injury not related to employment. Payable after 3-day waiting period for up to 156 days.
• Maternity Benefit Maternity Allowance (60% of average weekly earnings for up to 17 weeks covering 5 weeks before and 12 weeks after confinement) and Maternity Grant ($680 lump sum) for insured women.
• Employment Injury Benefit Compensation for workplace injuries or occupational diseases with no minimum contribution requirement. Includes Injury Benefit (60% of earnings for up to 52 weeks), Disablement Benefit for permanent disability, and Death Benefit for fatal injuries.
• Invalidity Pension Monthly pension for insured persons aged 16-60 who become permanently unable to work before age 60. Base rate of 30% of average weekly earnings, converting to Retirement Pension at age 60.
• Survivors Benefit Pension for spouse (50% of deceased's pension) and dependent children (25% per child, up to 40% if no surviving spouse) of deceased insured persons who had at least 150 paid contributions.
• Death Grant Lump sum payment to the estate or dependents of a deceased insured person, calculated at 60% of deceased's average weekly earnings.
• Funeral Grant One-time lump sum of $2,720 for death of insured person or $1,765 for dependent, to assist with funeral expenses.
• Disablement Benefit Ongoing pension or lump sum for permanent disability resulting from workplace injury, based on degree of disablement as assessed by a medical board. Falls under Employment Injury provisions with no minimum contribution requirement.
• Non-Contributory Old Age Pension Social assistance pension for TCI residents aged 68+ who don't qualify for regular Retirement Pension due to insufficient contributions. Requires 20 out of 30 years residency in TCI.

Quantifiable outcome

• Over 20,000 active contributors protected
• +3 more outcomes

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Scale indicators8 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• Cayman Islands National Insurance Company (CINICO): Direct peer as the statutory health and pension insurance provider in the Cayman Islands. Operates a similar mandatory social insurance model for working residents with employer/employee contributions and government oversight, in a comparable British Overseas Territory economy.
• Bahamas National Insurance Board: Direct peer operating the National Insurance Scheme in The Bahamas — a Caribbean statutory body providing retirement, sickness, maternity, and injury benefits via mandatory employer/employee contributions on a similar contributory model.
• National Insurance Board (Bermuda): Direct peer operating under the same social insurance model in another British Overseas Territory. Administers contributory pension and social insurance benefits to working residents of Bermuda with similar statutory authority, contribution-based funding, and actuarial review structure.
• British Virgin Islands National Insurance Board: Direct peer administering social insurance benefits in another British Overseas Territory with virtually identical structure — mandatory contributions, retirement pensions, sickness/injury benefits, and statutory government oversight. Highly comparable operating environment and benefit design.
• Social Security Commission of Montserrat: Direct peer operating social security for working residents of Montserrat — another small British Overseas Territory with a similar contributory scheme, benefit structure, and government statutory oversight model.
• National Insurance Board of Trinidad and Tobago (NIBTT): Direct peer administering the National Insurance System in Trinidad and Tobago with retirement, invalidity, survivors, and employment injury benefits funded by mandatory contributions. Comparable statutory social insurance model in a larger Caribbean economy.
• Jamaica National Insurance Commission (NIC): Direct peer regulating and operating elements of Jamaica's National Insurance Scheme, including pension administration for public sector workers. Similar Caribbean statutory social insurance context with mandatory contribution-based funding.
• Anguilla Social Security Board: Direct peer providing social insurance coverage to employed persons in Anguilla. Operates the same contributory model with retirement, disability, and survivors benefits under statutory authority — another small British Overseas Territory social security institution.
• Antigua and Barbuda Social Security Board: Direct peer administering social security benefits in Antigua and Barbuda with retirement, invalidity, survivors, and employment injury benefits funded by mandatory contributions. Same Caribbean statutory social insurance structure and small-island operating environment.
• National Insurance Scheme (NIS) Barbados: Direct peer administering social insurance benefits in Barbados with retirement pensions, injury, sickness, and maternity benefits funded by mandatory contributions. Similar Caribbean statutory structure though operating at much larger scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/channel/UCYXh9BAS291QCBr-QcXb2gw
• Facebookfacebook.com/tcnib
• LinkedInlinkedin.com/company/turks-and-caicos-national-insurance-board

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Turks and Caicos National Insurance Board