The National Insurance Commission, NAICOM, on Monday presented operational license to CHI Life Assurance Company to commence life insurance operations in Nigeria.
The event took place today at the Commission’s head office in Abuja , 2025.
Speaking at the event, the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, urged the company management to make a positive impact in the industry.
He assured them of NAICOM’s commitment to creating an enabling environment for operators to thrive.
He also emphasized 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 highlighted key areas of focus, including:
Compliance : Adhering to regulatory rules and regulations
– *Capital Requirements*: Meeting capital requirements to avoid regulatory sanctions
– *Effective Risk Management Mechanism*: Efficiently managing risks
– *Anti-Money Laundry Guideline*: Complying with anti-money laundering guidelines
– Market Conduct*: Ensuring fair treatment of consumers and simple claim settlement processes
– Inspection*: Preparing for regular inspections by NAICOM
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.
