The National Insurance Commission (NAICOM) has issued an operational license to CHI Life Assurance Limited, marking a significant milestone in Nigeria’s insurance industry. The license was presented during a ceremony held at NAICOM’s Board Room in Abuja on Monday, March 10, 2025.
Mr. Olusegun Ayo Omosehin, Commissioner for Insurance, congratulated the CHI Life Assurance executives and urged them to make a positive impact in the industry. He assured the company of NAICOM’s commitment to creating an enabling environment for operators to thrive while emphasizing the importance of compliance with regulatory requirements. Omosehin also charged the Board of Directors to fulfill their roles effectively, as they will be held accountable by the Commission.
Dr. Usman Jankara, Deputy Commissioner for Technical, highlighted key areas of focus for the new company, including:
- Compliance: Adhering to regulatory rules and guidelines.
- Capital Requirements: Meeting capital requirements to avoid sanctions.
- Risk Management: Implementing effective risk management mechanisms.
- Anti-Money Laundering: Complying with anti-money laundering guidelines.
- Market Conduct: Ensuring fair treatment of consumers and efficient claim settlement processes.
- Inspections: Preparing for regular inspections by NAICOM.
In her response, Mrs. Ose Oluyanwo, Managing Director of CHI Life Assurance, expressed gratitude for the license and pledged to collaborate with NAICOM. She assured the Commission of the company’s commitment to full compliance with regulatory laws and guidelines.
The issuance of this license is expected to strengthen Nigeria’s insurance sector, promoting stability and competitiveness. The event concluded with the formal presentation of the operational license to the Managing Director of CHI Life Assurance by the Commissioner for Insurance.
