This scholarship was formerly known as The Caribbean Actuarial Scholarship in honor of Basil L. and Monica G. Virtue, established by their son-in-law S. Michael McLaughlin. It has been in effect for more than 15 years with over 40 scholarships awarded to students from countries around the Caribbean region. In 2025, the name has changed to The McLaughlin Actuarial Scholarship, with administration now being under the UWI Office of Student Financing.
The scholarship is intended to be an annual award to University of the West Indies (UWI) actuarial student(s) who demonstrate a strong record of accomplishment, leadership qualities and commitment to becoming an actuary.