About

JAIFA

 

 

OVER 70 YEARS OF EXCELLENCE IN SERVICE TO THE ASSOCIATION AND THE NATION

Established July 4, 1932, The Jamaica Association of Insurance and Financial Advisors (JAIFA), formerly The Life Underwriters Association of Jamaica (LUAJ), is one of the oldest membership organizations in Jamaica. It is located at 72 Hope Road and is a non-profit organization which represents the sales ‘force’ of the life insurance industry.

The Association’s primary function is to:

  • Administer professional education courses
  • Promote the adoption of high standards of ethical conduct in the profession
  • To promote legislation, and the adoption of principles which are in the best interest of life and health insurance, the insurance public and the agency system, which provides for the marketing of life insurance through full time agents and brokers.
  • To provide for and foster civic and community service
  •  To create and maintain  sound public opinion, to promote cooperation and good will and to encourage adequate protection of disability, old age and death
  • Provide the linkage with the life insurance industry, life underwriters associations worldwide and the government. 

EDUCATION

The Jamaica Association of Insurance and Financial Advisors (JAIFA) is committed to the development of its members and this is achieved through the educational programmes and motivational seminars which are offered. Formerly JAIFA offered four professional courses:

  • The Insurance and Financial Advisors Training Course (IFATC) which is a three part course.
  • The Certified Financial Planner (CFP) which is a six subject course
  • The Chartered Life Underwriters which is a six part course done in conjunction with Canadian Association of Insurance and Financial Advisors.
  • Chartered Financial Consultants course which is the final rung on the life insurance professional education ladder.

At present JAIFA offers courses such as the Financial Services Specialist (FSS) and the Life Underwriters Training Course (LUTC).  The FSS is a three part course and the LUTC a six part course done in conjunction with the American College.   

ETHICAL STANDARDS

The Code of Ethics, based on the Insurance Act, governs the professional conduct of life insurance sales representatives.  JAIFA, in conjunction with the Financial Services Commission acts, as the “watchdog” to ensure that these standards are kept.

LINKAGE

JAIFA formerly LUAJ is the link between its members and:

  • Million Dollar Round Table (MDRT)
  • Caribbean Association of Insurance and Financial Advisors (CARAIFA)
  • Canadian Association of Insurance and Financial Advisors (CAlFA)
  • The Life Insurance Companies Association of Jamaica – LICA; now Insurance Association of Jamaica  (IAJ)

Through these links members are given the opportunity to qualify for:

  • Caribbean Quality Awards (CQA)
  • Caribbean Sales Achievement Awards (CSAA) Caribbean President Circle (CPC)
  • Million Dollar Round Table (MDRT)

RECOGNITION

JAIFA awards members of the Association each year for outstanding performances. These awards are life insurance industry awards and agents in different companies compete for the various awards.

These awards are in recognition of:

  •  
    • Membership Communication Committee (MCC) representative of the year.
    • Agent of the Year for each company.
    • Top Ten Production Members of the year.
    • Top three agents – First year commission (earnings from new business in that year)
    • Awards top Three Agent – Cases
    • Production Member of the year – (Bancassurance and Life Companies categories) the agent who earns the highest first year commission and who has a low percentage of lapse cases.
    • Association Member of the year – this person must be a member of JAIFA for at least 10 years and is involved in industry and community activities.

To encourage productivity, JAIFA organizes competitions annually.

ACHIEVEMENTS

Several organizations have been born out of the LUAJ (now JAIFA). Some of these are:

  •  
    • The Insurance Employees Co-operative Credit Union (IECCU) which was incorporated in 1977.
    • Caribbean Association of Insurance and Financial Advisors (CARAIF A) formerly Caribbean Association of Life Underwriters (CALU) which was formed during 1977 -1978 administrative year.
    • The JAIFA Tennyson Palmer Basic School in Montego Bay. The school was adopted by the government as a model school. This was a project of the JAIFA Western Chapter.

OUTREACH PROGRAMME

JAIFA provides for the interaction of its members with the wider community through its Outreach Programme. Each year the Association targets a community need and raises funds to offset the cost. The Association’s Outreach Programme has provided funding for needy students at both secondary and tertiary institutions. A University of the West Indies scholarship fund was set up in 1977 and several persons outside of the life insurance industry benefited. Our association with the UWI came to an end in the late 1990s during the fallout of the financial sector. However, the membership rallied with extra fundraising activities to ensure that the scholarship recipients were not affected.

 

 

 

Our most recent projects are:

  •  
    • 1999 – 2000 – assistance in providing a computer lab for Penwood                                           Comprehensive High School.
    • 2000 – 2001 – funding for the establishment of a reading-room at Sir John                               Golding Centre formerly Mona Rehabilitation Center.
    • 2001 – 2002 – funding for Dare to Care – A hospice for orphans living with                                         AIDS.
    • 2003 – 2003 – Funding for the Golden Age Home.

 

  • 2009 –     Building of   ramp for physically challenged persons

 

  •  
    • 2009 -      Construction of play area at the “Kiddie Caring Basic School                                                          (Elspeth  Avenue)
    • 2009 -       Donation of computer and printer to the Assessment and  Guidance Centre  for                               persons  with Disabilities (Paradise  Street, Kingston)

The LUAJ (now JAIFA) was the first organization in Jamaica to raise funds for AIDS support.

TAG DRIVE

This is an annual event for which public support has never been less than gratifying.  The proceeds are used to fund JAIFA outreach programmes.