The National Insurance Commission (NAICOM) this Monday issued a license to CHI Life Assurance Limited, describing it as another step to strengthen the insurance industry in Nigeria.
Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, at the event urged the executives of CHI Life Assurance Ltd to make a positive impact in the industry and assured them of NAICOM’s commitment to creating an enabling environment for operators to thrive.
A statement by the commission added that Mr. Omosehin also emphasized the importance of compliance with regulatory requirements and advised the new management to always seek clarification from NAICOM while charging the Board of Directors to fulfill their roles, as they will be held accountable by the Commission.
Deputy Commissioner Technical, Dr. Usman Jankara highlighted key areas of focus for the new entrants to include compliance, capital requirements, effective risk management mechanism, anti-money laundering guideline, market conduct and inspection.
In her response, the Managing Director of CHI Life Assurance Mrs. Ose Oluyanwo, pledged to collaborate with NAICOM to ensure 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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