Special Advisory: NCB Financial Group Limited (NCBFG)

July 01, 2020

NCB Financial Group Limited (NCBFG) has advised that it has started the process of streamlining the insurance business currently offered by its competing subsidiaries – NCB Insurance Company Limited (“NCBIC”/“the Company”) and Guardian Life Limited (“GLL”).
To this end, NCBIC has submitted applications to the Financial Services Commission seeking approval for the following:
    1.  the transfer of 100% of the Company’s portfolio of insurance and annuities business to Guardian Life Limited;
    2. to be licensed as a dealer under the Securities Act; and
    3. registration of the Company as an insurance agent under the Insurance Act.

The submission also indicates that the application for approval of transfer of business and the application for registration as an insurance agent are contingent upon each other. If approved, these applications will allow NCBIC to discontinue its business as an insurance underwriter, retain and continue to operate its business as a Pension Fund Administrator and Investment Manager, while selling insurance products as an exclusive agent of Guardian Life Limited under a new company name. Insurance policies for existing policyholders will not be impacted, as GLL will honour the contracts being transferred on its current terms.

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