The National Insurance Commission has issued an operational license to CHI Life Assurance Limited to boost insurance penetration in the country.
According to a statement from NAICOM on Monday, the license was handed over at a ceremony held at the Commission’s Board Room in Abuja.
NAICOM had last issued an operational license in November, and it was to the NPF Insurance Co. Ltd.
Commissioner for Insurance, Mr Olusegun Omosehin, who presented the license to CHI Life Assurance Ltd. executives, urged them to make a positive impact in the industry, and 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 fulfil its roles, as it 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: Adhering to regulatory rules and regulations, Capital Requirements: Meeting capital requirements to avoid regulatory sanctions. Effective Risk Management Mechanism: Efficiently managing risks. Anti-Money Laundering 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, Mrs Ose Oluyanwo, 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.
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