St. Lucia Association of Insurance and Financial Advisors
Formation
The Life Underwriters’ Association of St. Lucia (L.U.A.S.L.) was formed on May 7, 1987 and formally launched on June 27, 1987.
It was established to represent the interests and professional development of the sales force of the life insurance industry in St. Lucia. The association’s primary objectives, as stated in our constitution, are:
- To support and maintain the principle of legal reserve life insurance and health insurance.
- To advance public knowledge of the concept and uses of legal reserve life insurance and health insurance.
- To promote the adoption and application of higher standards of ethical conduct in the profession of Life Underwriting and the business of life and health insurance.
- To increase the knowledge of members concerning the principles, functions and applications of legal reserve life insurance, and to foster and promote sales of the same.
- To promote legislation, and the adoption of principles which are in the best interest of life and health insurance, the insuring public, and the agency system, which provides for the marketing of insurance through full-time agents and brokers.
- To provide for and foster civic and community service.
- To foster the development of enduring friendships, and to create and maintain a sound public opinion, to promote cooperation and goodwill and to encourage adequate protection against the hazards of disability, old age and death.
- To liase with the Government Departments responsible for insurance, and make recommendations from time to time on matters affecting the Industry and the Members of the Association.
Initially, there were only 29 members, so the Association operated as an Associate Member of the Life Underwriters
Association of Barbados. (L.U.A.B.)
By the end of 1990, the Association had in excess of 50 members and so it applied to become a full-fledged member of
the Caribbean Association of Life Underwriters. (C.A.L.U.)
At C.A.L.U.’s Annual General Meeting in May 1991, after being proposed by L.U.A.B., the L.U.A.S.L. was recognised
as a full-fledged member of C.A.L.U.
Following is a list of Past Presidents of the Association:
1. Egbert Mathurin 1987 – 1988
2. Geoffrey Stephenson 1988 – 1992
2. Urias Bailey 1992 – 1995
3. Weber Thomas 1995 – 1997
5. Leo Harrigan 1997 – 1999
6. Anthony Robinson 1999 – 2001
7. Daria Dalson 2001 – 2003
8. Leo Harrigan 2003 – 2005
9. Godfrey Cox 2005 – Present
STRUCTURE
L.U.A.S.L. now comprises approximately 51 members. [There are in excess of eighty members in the sales force in St.
Lucia. By mid-2008, most of those individuals will be members of LUASL]. There is an Executive, a Board of Directors
and nine Committees.
SERVICES
(a) Builds prestige and enhances image.
(b) Self-improvement: through meetings, seminars.
L.U.A.S.L. provides the opportunity for members to qualify for:
i. Caribbean Quality Award – C.Q.A.
ii. Caribbean Sales Achievement Award – C.S.A.A.
iii. Caribbean President Circle – C.P.C.
iv. Million Dollar Round Table – M.D.R.T.
v. EDUCATION: The L.U.A.S.L. is committed to the development of its members and this is achieved through the educational programmes and motivational seminars which are offered.
(c) Linkage with Industry Organisations worldwide:
i) The Caribbean Association of Insurance and Financial Advisors (CARAIFA) formerly the Caribbean Association of Life Underwriters (C.A.L.U.)
ii) Million Dollar Round Table (M.D.R.T.)
iii) The American College (TAC)
Awards and Professional Development
The Association holds an Annual Awards Ceremony to recognise all members for their achievements during the previous
fiscal year. Accordingly, the following awards are offered:
Quality/Persistency Award
• This Award is offered all members who would have achieved a level of 85% persistency for settled business,
during the last fiscal year, January to December.
Production Awards
• This ward is offered in four (4) categories: Bronze, Silver, Gold and Diamond. The awards are offered on the
following criteria:
Award : 1st Year Production Requirement
1. Bronze Quality Award (BQA) EC$50,000 – EC$75,000 A.P.I.
2. Silver Quality Award (SQA) EC$75,001 – EC$100,000 A.P.I.
3. Gold Quality Award (GQA) EC$75,001 – EC$150,000 A.P.I.
4. Diamond Quality Award (DQA) Above EC$150,001 A.P.I.
In addition, members are also recognised for winning any or all of three (3) Caraifa Awards, namely: Caraifa Quality
Award (CQA), Caraifa Activity Award (CAA) and the Caraifa President’s Award (CPA). The association
encourages its membership to apply for the Million Dollar Round Table (MDRT) award.
EDUCATION
• One of the main functions of the association is to act as the umbrella body to manage and source continuing
education and professional development courses for its membership. Under the Education Committee of the
association the following courses:
• The Life Underwriters Advisors Training Course (LUATC), offered until 1983;
• The Insurance and Financial Advisors Training Course (IFATC), which is a three-part course, offered until
December 2005.
• The Certified Financial Planner (CFP) which is a six subject course, offered to LUTC graduates.
• The Chartered Life Underwriters (CLU) which is a six part course done in conjunction with Canadian
Association of Insurance and Financial Advisors, offered to CFP graduates.
• Chartered Financial Consultants (ChFC) course which is the final rung on the life insurance professional
education ladder.
ETHICAL STANDARDS
The Code of Ethics, based on the Insurance Act, governs the professional conduct of the life insurance sales
representatives. The LUASL acts as the “watchdog” to ensure that these standards are kept.
ACHIEVEMENTS
Membership: Since its inception, the association has grown to a membership of 51 financial members drawn from the six (6) life insurance companies (American Life Insurance Company, British American Life Insurance Company, Clico International Life Insurance Ltd., Demerara Mutual Life Assurance, Guyana & Trinidad Mutual Life and General Insurance and Sagicor) operating on the island.
Education: Within the last three years, more than twenty-five sales representatives have earned their Qualified Life Underwriter qualification.
Sales Congress and Seminars: The association successfully staged one and two-day Sales Seminars in 1999/2000 and was the host of Caraifa’s last Sales Congress, held at the Cocoanut Bay Resort & Spa, Vieux-Fort, St. Lucia. The association is responsible in a major way for having a number of initiatives to be taken by the government.
Tax Benefit: New legislation was passed allowing tax payers to have their deduction for life and health insurance and other retirement benefits limit increased to the lower of 10% of their assessable other income or EC$8,000.00 on an annual basis. In addition, another 10% of assessable income up to EC$8,000.00 can now be claimed for Registered Retirement Savings Plans.
Licensing Requirements: The Association in conjunction with the Sir Arthur Lewis Community College, via its Continuing Education Department, offers a 4-month (60 hours) programme in Ordinary Long Term Insurance. Successful completion of this course allows one to apply to the Registrar of Insurance for a One-Year renewable license, a legal requirement to sell life insurance in St. Lucia.
