1978-1980

NIB faced its first real crises during this stage in its development. These included the death of the Director in 1980 and the resignation of the Chairman, also in 1980.

Major achievements during this period included:

• First Actuarial review as of 31st December, 1978;

   

• Introduction of the Industrial Benefits Branch, offering the following benefits for employed persons who suffer industrial injury/prescribed diseases arising out of their employment; Injury Benefit, Disablement Benefit; Death Benefit and free unlimited Medical Care for the injured worker.

   

• Increase in the rate of monthly Assistance payments from $40 to $60 on 1st December, 1980.
  
  
  ADMINISTRATION & FINANCE
  From June, 1977, Cabinet responsibility for NIB rested with the Honourable Perry Christie, M.P., Minister of Health and Housing. Mr. George Mackey, M.P., was appointed Chairman in 1980, and following the death of the first (Bahamian) Director, a management team was appointed to coordinate the day-to-day administration of NIB.
  Total contributions collected during this period amounted to over $70 million; over $14.8 million was paid out as benefits/assistance and the Reserve Fund stood at some $107 million.