Turks and Caicos National Insurance Board
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.
- Company typePrivate
- Founded1992
- HeadquartersGrand Turk, Turks & Caicos Islands
- Headcount11–50
- GTM typeB2C
- OfferingServices
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.
Turks and Caicos National Insurance Board firmographics
Firmographics- 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
Turks and Caicos National Insurance Board industry classification
Industry- 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
Where Turks and Caicos National Insurance Board is headquartered
LocationHeadquarters
- HQ city
- Grand Turk
- HQ country
- Turks & Caicos Islands
Offices4 records
Markets served
Turks and Caicos National Insurance Board business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Infrastructure, Technology or R&D, Others
Revenue model
- 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
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Employed Persons: 12% total contribution (employer 6.5% + employee 5.5%) |
| Subscription | Monthly | Self-Employed Persons: 11% contribution rate |
| Subscription | Monthly | Voluntary Contributors: 10% contribution rate |
| Subscription | Monthly | Public Officers (Government Employees): 9.15% contribution rate |
| Other | One time/ perpetual license | NIB Card Replacement: $20.00 administration fee |
Go-to-market motion1 record
Distribution channels4 records
Marketing channels6 records
Turks and Caicos National Insurance Board product offering
Product offeringCore 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
Companies that use Turks and Caicos National Insurance Board
Customer profileSegments5 records
Ideal customer profiles5 records
Turks and Caicos National Insurance Board technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
Turks and Caicos National Insurance Board partnerships and signals
Strategic signalScale indicators8 records
Recent moves5 records
Expansion highlights4 records
Turks and Caicos National Insurance Board competitors and assessment
Company assessmentDirect 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
Turks and Caicos National Insurance Board social profiles
Digital presenceTurks and Caicos National Insurance Board financial estimates
Financial estimateRevenue estimate
Valuation estimate
Turks and Caicos National Insurance Board leadership team
Management profileNumber of profiles
Profiles12 records
Turks and Caicos National Insurance Board funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Turks and Caicos National Insurance Board M&A and investment
M&A and investmentM&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
What does Turks and Caicos National Insurance Board do?
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.
Is Turks and Caicos National Insurance Board a public or private company?
Turks and Caicos National Insurance Board is a private company. It is classified as state government owned and is currently operating.
When was Turks and Caicos National Insurance Board founded?
Turks and Caicos National Insurance Board was founded in 1992. It employs 11 to 50 people.
Where is Turks and Caicos National Insurance Board based?
Turks and Caicos National Insurance Board is headquartered in Grand Turk, Turks & Caicos Islands.
How does Turks and Caicos National Insurance Board make money?
One revenue line is on record: social Insurance Contributions.
Who are Turks and Caicos National Insurance Board's main competitors?
Direct peers on record are Cayman Islands National Insurance Company (CINICO), Bahamas National Insurance Board, National Insurance Board (Bermuda), British Virgin Islands National Insurance Board, Social Security Commission of Montserrat, National Insurance Board of Trinidad and Tobago (NIBTT), Jamaica National Insurance Commission (NIC), Anguilla Social Security Board, Antigua and Barbuda Social Security Board and National Insurance Scheme (NIS) Barbados.
Does Turks and Caicos National Insurance Board have an API?
No public API is recorded for Turks and Caicos National Insurance Board.
What industry is Turks and Caicos National Insurance Board in?
Turks and Caicos National Insurance Board's product category is Government Social Insurance. Its primary akta.pro industry code is BPAIAKAC, Disability Benefits Administration, with a secondary code of FSAIAIAC, Short-Term Disability (STD) Insurance. Its NAICS code is 525120 and its SIC code is 6321.