NAICOM Grants CHI Life Assurance Operational Licence

The National Insurance Commission (NAICOM) has issued operational license to CHI Life Assurance Limited as part of efforts to strengthen the insurance industry in Nigeria.

The event took place at the commission’s Board Room in Abuja on Monday, the commission said in a statement.

Commissioner for Insurance, Olusegun Ayo Omosehin, welcomed the CHI Life Assurance Ltd executives, urging them to make a positive impact in the industry. He assured them of NAICOM’s commitment to creating an enabling environment for operators to thrive.

Omosehin also emphasised the importance of compliance with regulatory requirements and advised the new management to always seek clarification from NAICOM.

He charged the board of directors to fulfill their roles, as they will be held accountable by the commission.

Deputy commissioner, technical, Dr. Usman Jankara also congratulated the CHI Life Assurance executives and highlighted key areas of focus, including: compliance, capital requirements, effective risk management mechanism and efficiently managing risks.

In her response, the managing director of CHI Life Assurance, expressed gratitude for the license and pledged to collaborate with NAICOM, ensuring full compliance with regulatory laws and guidelines.

This development is expected to enhance the insurance industry in Nigeria, and NAICOM’s efforts to promote a stable and competitive market are commendable.

The highlight of the event was presentation of the operation license to the managing director of the company by the CFI.