September 28, 2020
NCB Financial Group Limited (NCBFG) has advised that following its application to the Financial Services Commission (“FSC”) in June 2020, the Company’s wholly owned subsidiary in Jamaica, NCB Insurance Company Limited (“NCBIC”) has received approval that will enable NCBFG to streamline the insurance business currently offered by its subsidiaries, NCBIC and Guardian Life Limited (“GLL”). This approval obtained is in respect of the following: • the transfer of 100 percent of NCBIC’s portfolio of insurance and annuities business to GLL which is to take effect on September 30, 2020; • licensing of NCBIC as a dealer under the Securities Act; and • registration of NCBIC as an insurance agent under the Insurance Act under a new company name.
Following the transfer of its insurance and annuities portfolio NCBIC will operate under a new company name and will sell insurance products as an exclusive agent of GLL as well as continue to provide pension fund administration and investment management services. Insurance policies for existing policyholders will not be impacted, as GLL will honour the contracts being transferred on their current terms.
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