Chairman of the National Insurance Board, Jacqueline Quamina, recommends that appropriate changes be made to the legislation, which will allow the NIB to invest in more jurisdictions.
She made the proposal while speaking before a Joint Select Committee today.
Ms Quanima said the measure, if granted, will help ensure sustainability in the organisation.
The NIB has already proposed that the age of retirement be raised to sixty-five and its contributions be increased from 13.2 percent to 15.6 percent.
Ms Quanima also expressed confidence that the proposed changes, which will be highlighted through its public education efforts will get the support of the public.