NCB Financial Group has received approval from the Financial Services Commission (FSC) in Jamaica for subsidiary JNCB Insurance Company Limited (NCBIC) to streamline the insurance business offered by subsidiaries, NCBIC and Guardian Life Limited (GLL).
The application was made in June. Having received approval, the Group said it will permit the transfer of 100 per cent of NCBIC’s portfolio of insurance and annuities business to GLL which is to take effect on September 30, 2020.
It will also allow the licensing of NCBIC as a dealer under the Securities Act; and the registration of NCBIC as an insurance agent under the Insurance Act under a new company name.
NCB Group said 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.
The company said insurance policies for existing policyholders will not be impacted as GLL will honour the contracts being transferred on their current terms.
President and Group CEO at NCBFG, Patrick Hylton, said, “We are very pleased to receive approval for our application from the FSC,” said.
“Being able to streamline this area of our business means that we can start benefitting from economies of scale and experience, and continue to optimise our product and service offerings for our customers,” he said, adding, “Especially in times like these where more people have realised the importance of insurance, we want to be able to give them the best solutions to fit their needs.”
Hylton said not only will customers benefit from the consolidated offerings in NCBFG’s insurance portfolio, but its business is also expected to see improvements in its operating efficiency and financial performance. According to Hylton, these are key for maintaining viability and stakeholder value in the current economic climate.
The NCB Group includes NCBJ, NCB Capital Markets Limited and its subsidiaries in Barbados and Cayman, NCB Insurance Company Limited, NCB (Cayman) Limited, Clarien Group Limited and its subsidiaries in Bermuda, Guardian Holdings Limited and its subsidiaries as well as NCB Global Finance Limited in Trinidad and Tobago.
NCB Insurance Company Limited, the company offers insurance and long-term life investments. Guardian Life is engaged in the underwriting of all classes of long-term insurance business. The company operates in ten branches across Jamaica.