The Insurance Council of St. Lucia -  then and now

The insurance industry players came together in 1975 primarily to lobby government over the provision of the proposed amendment to the 1968 Insurance Act, in particular the proposed amendment of section 61. This related to financial deposits of Insurers, Agents and Brokers, especially as the deposit was to be made a requirement of registration, whereas previously it had been an option available to the Minister.

Arising out of this lobbying exercise came the realization by many in the industry that there would be a benefit in forming an association to give the insurance industry one voice in its dealings with government. Thus the Insurance Advisory Council was formed and its first constitution agreed in June 1976.  At that time the Secretariat comprised of a desk which was housed in the office of Nemwil on Micoud Street.

Since its early days the Council has dropped the “Advisory” part of its title, as it was felt it was no longer just a body with its main aim being to consult and lobby government, but that it had many more functions relating to the conduct of insurance business in St. Lucia.

The constitution was revised and agreed to by members 1989 and set out its objectives as follows:

• To bring together those transacting insurance business in Saint Lucia in order to afford opportunities for consultation and co-operation in all matters affecting their common interest.
• To secure the advancement of the business of insurance in the island on a sound basis and to encourage the highest standards of professional etiquette and ethics in the industry.
• To create a better understanding of insurance among all sectors of the community.
• To act as a medium of consultation with Government, other similar associations, including the Insurance Association of the Caribbean, on legislation and other matters.

Whereas the Council still maintains its original function as a body to act “as a medium for consulting with government”, it now also lists amongst its objectives as being a body to foster the development of insurance on the island.

The Council maintains regular and close contact with the Registrar of Insurance on matters pertaining to the industry and a system of regular quarterly meetings, between the Executive of the Insurance Council and the Registrar’s office has been in place for many years.

Market consensus is reached on many issues concerning the conduct of insurance business through the many sub-committees representing the various sectors of the market being local, Motor, Life and General.

The Insurance Council of St. Lucia is a non Government organization (NGO) and relies mainly on membership subscriptions for its subsistence.  It consists of an executive committee which includes a President, Vice President, Secretary/Treasurer and Chairpersons of the various Sub-committees i.e. Life and Health, Motor, General and Local as well as ex-officio members The Insurance Institute of St. Lucia Inc. and the Life Underwriters Association of St. Lucia.

Faced with an increasing number of complaints from members of the public on dissatisfaction with the manner in which, claims were being dealt with by their insurers, the Insurance Council approximately twelve years ago began what is known as a complaints procedure. The public can be assured that every complaint is dealt with efficiently, expeditiously and professionally. Thus far, the sub-committees have had a very high level of success.

Among its achievements the Council boasts of the following:-

1. Regulation of the various garages who conduct vehicle inspections islandwide;
2. Installation of a motor vehicle database with the ability to provide information on motor vehicles insured through the various insurance companies;
3. A Complaints Committee which is set up to assist both the Council’s members as well as members of the public to lodge complaints with a view to reaching amicable solutions to grievances related to insurance whether it be one insurer against another or a member of the public against an insurer;
4. A scholarship programme for the children/wards of employees within the industry;
5. The Council is currently working on developing a website which it is anticipated will be launched within the next few weeks.

The Insurance Council has clearly come a long way in dealing collectively with industry issues.  An industry Code of Ethics was drawn up to guide the behavior of members and this has gone a long way towards harmonizing procedures on the market and safe guarding the interests of the insuring public.

The Secretariat as per the Constitution of the Council falls under the direct jurisdiction of the Secretary/Treasurer and its day to day operations are managed by the Executive Secretary, an Administrative Secretary, an Administrative Assistant and a part-time office cleaner.  It provides administrative support to the Council as well as the Insurance Institute of St. Lucia Inc. and assists the various sub-committees in carrying out their mandates.

The Council is well equipped to continue its vital function in the St. Lucia insurance industry. It continues to be the envy of many of its counterparts within the region several of whom have commented on the Council’s level of success at so many varied initiatives. We are proud to note not even the industry bodies in the larger regional territories have been able to rival the work and achievement of the Insurance Council of St. Lucia.

For more information on the Council you may contact us at:-

The Insurance Council of St. Lucia

# 44 Brazil Street

Castries

Tel: (758) 452 7872/3

Fax: (758) 452 5365

Email: icsl@candw.lc