Mrs. Judy Chang, Financial Services Ombudsman was the feature speaker at a breakfast meeting hosted by Guardian Life of the Caribbean and Guardian General Limited at the Guardian Corporate Centre in Westmoorings, in the first of a series of presentations to insurance companies, briefing brokers and agents on the role and operations of the Financial Services Ombudsman.

Established in May 2003 by the Central Bank in conjunction with the commercial banks, the Office of the Banking Services Ombudsman was formed to investigate complaints from individuals and small businesses relating to the financial services provided by the commercial banks and their subsidiary licensed financial institutions.

Today re-branded as the Office of the Financial Services Ombudsman (OFSO), the Office of the Banking Services Ombudsman has now been expanded to incorporate insurance companies and the services which they offer to the public. 

Mrs. Chang noted that the OFSO ministry will consider complaints pertaining to life insurance policies, group life and health insurance, individual annuity contracts, property and casualty insurance, motor insurance and third party property damage claims of $25,000 or less under a motor policy.  It will not consider issues relating to the risk management policies of an institution, premium rates and underwriting decisions, actuarial calculations, surrender values and investment rates for life insurance policies, matters related to marketing practices or unacceptable service and third party injury claims arising out of a motor accident.

According to the OFSO, all insurance companies with the exception of three, have signed the agreement.  The Office of the Financial Services Ombudsman views this significant level of participation in the Scheme as an indication that the vast majority of the insurers in the industry are willing to work along with the OFSO and the Central Bank in ensuring the enhancement of the level of satisfaction and confidence of the public in the service provided by the participating companies.

Guardian Life and Guardian General have appointed Messrs. Keston Nancoo and Gerard Mendez respectively as company appointed as Liaisons to the Office of the Financial Services Ombudsman in line with the OFSO's initiative of promoting greater consumer confidence and satisfaction in the insurance industry.