Republic Life Insurance Company Ltd has officially signed on to the Office of the Financial Services Ombudsman.
The signing took place in December 2021.
On August 18 2021, Republic Financial Holdings Limited (RFHL) expanded its lines of business into T&T’s insurance sector and effective September 15 2021, Republic Life Insurance Company became the newest member of the Republic Group.
Republic Life Insurance Company will now manage and underwrite creditor life insurance coverage for credit products offered by sister company Republic Bank Ltd including personal loans, personal mortgages and personal credit cards.
The company explained that with creditor life insurance, insured borrowers have the protection that should they become disabled or die, the outstanding mortgage, loan, or credit card balance will be repaid by the proceeds of the insurance policy.
Creditor life insurance is the first offering from Republic Life Insurance Company and the company intends to soon introduce other products which will enhance the total insurance product offering from the Republic Group.
The move into the insurance sector is a major milestone for the RFHL Group and supports the Group’s objective of providing customers with greater product choice from a financial services group they know and trust, the entity added.
The company’s signing on to the Office of the Financial Services Ombudsman is consistent with the Group’s strong governance and customer focus principles, it added.