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NIC was established by an Act of Parliament in 1964. Before 2005, all of the company was owned by the Ugandan government. In June 2005, the government divested 60 percent of its shares in NIC. These shares were acquired by Industrial and General Insurance Company Limited of Nigeria.

A total of 10% of insurable earnings should be made on behalf of each employee; 5% to be deducted from the employee's wages or salary and matched by 5% from the employer. In the case of self-employed/voluntary contributors it is 10% of an agreed stipulated amount.

Social security contributions The individual's share of National Insurance Corporation (NIC) contributions (for retirement, sickness, and disability benefits) is 5% of gross salary, up to a maximum contribution of XCD 250 per month (i.e. on a monthly salary of XCD 5,000).

National Insurance Corporation – For the benefit of us all.

An employed person must have: Contributed to the National Insurance for a minimum of 180 months; and. Attained the age of sixty-five (65) years.

How do they benefit? Employees receive some financial help either in the form of an allowance when there is a loss of income. Employers are relieved from the burden of paying the employees who are unable to work.

To ensure that every St. Lucian enjoys social and financial protection and to assist in the development of our nation through the efficient collection of contributions, payment of relevant benefits, prudent management of assets, use of cutting edge technology, and a cadre of highly skilled staff.

The individual's share of National Insurance Corporation (NIC) contributions (for retirement, sickness, and disability benefits) is 5% of gross salary, up to a maximum contribution of XCD 250 per month (i.e. on a monthly salary of XCD 5,000).