Capacity building for the actuarial valuation of the Social Insurance Scheme of St Lucia as of 2006

This project follows on the 8th Actuarial Review of the National Insurance Fund as of 30 June 2003 and the feasibility studies on health insurance, unemployment insurance and extension of social security to farmers and fishermen, conducted by the NIC in collaboration with the ILO. The present project focuses more specifically on continuing earlier efforts to build up national capacities of financial governance for the St Lucia National Insurance System. The National Insurance system will be reviewed with a view to formulating recommendations to ensure its long-term actuarial and financial sustainability in the context of Saint Lucia’s overall social protection framework and the National Insurance Act of 2000. The project will deliver a technical actuarial report to satisfy the requirements of Article 24 of the National Insurance Act of 2000 and the actuarial practice of ILO’s Social Security Department. Advance training will be provided in-house to the NIC on the use and maintenance of the ILO projection modeling tools to better support policy makers. This project is situated in the context of discussions planned between the Government of St Lucia and the ILO towards the adoption of a Decent Work Country Programme for St Lucia and is recognizant of other efforts at the level of the UN and other international organizations.

Project symbol

STL/07/01/STL

Admin unit

SEC/SOC

Start date

01/07/2007

End date

31/03/2009

Total allocation

31860

Total expenditure

Status

Closed

31860

Development Partners

Saint Lucia, National Insurance Corporation

Country/Countries

Caribbean Islands

Outcomes

Social Security