The National Insurance Commission (NAICOM) on Monday granted an operational license to CHI Life Insurance.

Handing over the license in Abuja, the Commissioner for Insurance, Olusegun Ayo Omosehin, tasked CHI Life Insurance promoters to make a positive impact in the industry, adding that its entry will strengthen the insurance industry in Nigeria.

The commissioner was assured of NAICOM’s commitment to creating an enabling environment for operators to thrive.

He 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 Usman Jankara also congratulated the CHI Life Assurance executives and highlighted key areas of focus, which include compliance, adhering to regulatory rules and regulations, and capital requirements, amongst others.

In her response, the Managing Director of CHI Life Insurance, Olutope Bamidele Ilesanmi, 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 the presentation of the operation license to the Managing Director of the Company by the CFI.