As a way of giving back and contributing to the lives of the employees of its members the Insurance Council of St. Lucia started a scholarship programme in 2002.  Since its inception every year at least two students are selected from several applications submitted for a five (5) years scholarship of $1,000 per year towards their secondary school education.  There have been extraordinary circumstances where a third scholarship has been awarded in one year, the most recent being in 2010.

The criteria for receiving the scholarship award include the following:-

• The qualifying student must have sat and succeeded the most recent Common Entrance Examination;
• While the highest grade is an asset, the ability of the parent in providing financially for the student, in other words, the salary scale within which the parent falls, will factor significantly in determining the scholarship awardees;
• The awardees must maintain a grade point average of 3.0 (75%) or more; copies of terms reports must be submitted to the Council's office at the end of every term without coercion from the Council;
• The Council reserves the right to revoke the scholarship should the student's performance level drop significantly;
• The active participation of the member company in the affairs of the Council is a prerequisite;
• As the member company qualifies the parent, the parent must throughout the life of the scholarship remain employed within the industry and with a member company.

Persons who have benefitted from the scholarship are:-

Gareth is currently employed with 1^st National Bank while Leolla is employed with the Bank of St. Lucia.

While the scholarship is intended for a five year period, the Council has on one occasion, extended the scholarship award for a further period of two years.  In 2007, when their scholarship awards came to an end, the very first awardees i.e. Gareth and Leolla performed exceptionally well at their CXC examinations and the Council decided to extend their scholarships to cover their studies at Sir Arthur Lewis Community College.