NAICOM Licenses New Entrant Into Life Insurance, Harps On Need To Comply With Regulatory Requirements 

The Insurance industry on Monday witnessed a new entrant in life insurance as the National Insurance Commission (NAICOM) issued operating license to CHI Life Assurance Limited.

With the latest entrant, NAICOM  has taken another step towards strengthening the insurance industry in Nigeria for competitive business as it warned on need to adhere strictly with regulatory requirements.

The event took place, Monday, at the Corporate Headquarters of NAICOM in Abuja.

While welcoming CHI Life Assurance Ltd executives, Commissioner for Insurance, Mr. Olusegun Ayo Omosehin,  urged 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.

Mr. Omosehin 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 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 Laundry Guideline  (Complying with anti-money laundering guidelines),  Market Conduct (Ensuring fair treatment of consumers and simple claim settlement processes), and 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.

The highlight of the event was presentation of the operation license to the Managing Director of the Company by the CFI.