TCI NATIONAL INSURANCE BOARD ILO PRESENTATION ON DIFFICULT TO COVER - - PDF document

TCI NATIONAL INSURANCE BOARD

ILO PRESENTATION ON DIFFICULT TO COVER GROUPS PRESENTED BY: CHRISTA QUELCH, BRANCH MANAGER OPERATIONS

COVERAGE OF THE SCHEME

THE TCI NATIONAL INSURANCE WAS ESTABLISHED ON 6 APRIL 1992 AND IS ONE OF THE YOUNGEST IN THE REGION. A: WHO IS COVERED? UNDER THIS ORDINANCE, EVERY PERSON WHO IS BETWEEN THE AGES OF 16 AND 65 YEARS AND GAINFULLY OCCUPIED IN INSURABLE EMPLOYMENT WITHIN THE ISLANDS. B: WHO IS EXCLUDED? THE UNEMPLOYED C: STATISTICS ABOUT COVERED PEOPLE, CONTRIBUTORS & BENEFICIARES SOME 20k FOR WHOM CONTRIBUTIONS ARE BEING MADE. SOME 3700 REGISTETED EMPLOYERS 1580 BENEFICIARIES- RETIREMENT REPRESENTING 68%

CONTRIBUTION RATES

PRIVATE SECTOR & TCIG NON-PUBLIC SECTOR-----8%

• EMPLOYER 4.6% EMPLOYEE 3.4%

SELF EMPLOYED-----6.8% TCIG PUBLIC OFFICERS-----6.85% GOVT- 4.025%: IP-2.835% FOR AN INSURED PERSON OVER THE AGE OF 65 YEARS 1.2% PAID BY THE EMPLOYER FOR INJURY ONLY.

CONTRIBUTION RATES (CONTD)

MAXIMUM CONTRIBUTION CEILING $3,500 FOR INSURED PERSON SELF-EMPLOYED CAN ELECT ONE OF THE FOLLOWING BANDS:-

• $100 PW

$200 PW $400 PW OR $600 PW SELF-EMPLOYED RATE IS 6.8% NOTE: THIS GROUP OF PEOPLE IS NOT COVERED FOR EMPLOYEMNT INJURY.

Administrative Procedures for affiliation, contribution collection & benefit payments

EMPHASIS IN DIFFICULT-TO-COVER GROUPS SELF -EMPLOYED DELIQUENT CONTRIBUTORS ARE ASSESSED A 10% SURCHARGE FOR THE FIRST MONTH WITH AN ADDITIONAL 3% FOR EACH SUBSEQUENT MONTH

INCENTIVES TO FORMALIZATION

REACH OUT PROGRAMS ENCOURAGING THEM TO PAY AND LETTING THEM KNOW THE BENEFITS ENTITLED TO OR TO FILE NIL RETURNS TO ADVOID BEING ACCESSED. B: NO

DIFFICULT TO COVER GROUPS

SELF-EMPLOYED ARE THE MOST DIFFICULT GROUP A: THESE ARE THE FISHERMAN AND SMALL/PETTY CONTRACTORS B: NO LEGAL OR ADMINISTRATIVE BARRIERS PREVENTING THEM. C:NONE