The National Insurance Commission (NAICOM) has granted a license to CHI Life Assurance Limited. The official ceremony took place on Monday, March 10, 2025, at the Commission’s Board Room in Abuja.
During the event, the Commissioner for Insurance, Olusegun Ayo Omosehin, extended a warm welcome to the executives of CHI Life Assurance Ltd. He encouraged them to make a meaningful contribution to the industry and assured them of NAICOM’s continued support in creating a conducive environment for operators to succeed.
Omosehin emphasized the importance of strict adherence to regulatory requirements and urged the new management to seek clarification from NAICOM whenever necessary. He also reminded the Board of Directors of their responsibilities, highlighting that they would be held accountable by the Commission.
The Deputy Commissioner Technical, Usman Jankara, also congratulated the CHI Life Assurance executives and outlined key areas of focus. These included compliance with regulatory rules, meeting capital requirements to avoid sanctions, effective risk management, adherence to anti-money laundering guidelines, ensuring fair treatment of consumers, simplifying claim settlement processes, and preparing for regular inspections by NAICOM.
This licensing move is expected to bolster the Nigerian insurance industry, fostering a more stable and competitive market.
A key moment of the event was the presentation of the operational license to the Managing Director of CHI Life Assurance by the Commissioner for Insurance.
