NAICOM Grants License to CHI Life Assurance
…Expands Insurance Sector
By Patience Ikpeme
The National Insurance Commission (NAICOM) has issued an operational life insurance license to CHI Life Assurance Limited.
The event took place at the Commission’s Board Room in Abuja on Monday.
Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, urged the CHI Life Assurance Ltd executives to contribute positively to the industry.
He promised NAICOM’s dedication to establishing an environment where insurance operators can flourish.
Mr. Omosehin also spoke of the importance of adhering to regulatory requirements and advised the new management to seek clarification from NAICOM whenever needed.
He placed responsibility on the Board of Directors to fulfill their duties, as the Commission will hold them accountable.
Deputy Commissioner Technical, Dr. Usman Jankara, congratulated the CHI Life Assurance executives and outlined key areas of focus. These included compliance with regulatory rules, meeting capital requirements to avoid sanctions, efficient risk management, adherence to anti-money laundering guidelines, ensuring fair treatment of consumers and simple claim settlements, and preparing for regular NAICOM inspections.
In response, the Managing Director of CHI Life Assurance Mrs. Ose Oluyanwo expressed gratitude for the license and pledged to work closely with NAICOM, ensuring full compliance with regulatory laws and guidelines.
This development is expected to improve the overall health of the insurance industry in Nigeria, and NAICOM’s dedication to promoting a stable and competitive market is noteworthy.
