New health insurance and retirement plans launched
this week will benefit small Virgin Islands firms, according to representatives of the BVI Chamber of Commerce and Hotel Association.
BVICCHA Chair Dr. Birney Harrigan said the organisation partnered with local companies to design and create group health insurance and multi-employer pension plans to take advantage of the economies of scale that small firms can achieve from pooling their resources.
The firm Pension Management Interactive created the pension plan, which requires firms to enrol a minimum of five employees in order to comply with provisions of the 2010 Labour Code, Dr. Harrigan said at an event held at The Moorings on Monday.
In a separate event held at Fort Burt Hotel on Tuesday, BVICCHA officials and representatives of the firms NAGICO and Premier Financial Consultants publicly introduced the chamber’s group health insurance plan.
The plan, which is designed for firms with two to four participating employees, currently covers 15 employers, according to Herman Creque, the managing director of Premier Financial. His firm will act as agent for the insurance plan, which is being administered by NAGICO.
See the Feb. 23, 2012 edition for full coverage.