WoldStage Newsonline– The National Insurance Commission (NAICOM) has granted a license to CHI Life Assurance Limited as part of plans to strengthen Nigeria’s insurance sector,.
Granting the license on Monday at the Commission’s headquarters in Abuja, the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, charged the CHI Life Assurance executives to make a positive impact in the industry.
Omosehin also assured CHI Life Assurance of the Commission’s commitment to creating an enabling environment for operators to thrive in the sector.
He emphasized the importance of compliance with regulatory requirements and advised the new management to always seek clarification from NAICOM.
Additionally, 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, Enffective Risk Management Mechanism: Efficiently managing risks,
Others are, Anti-Money Laundering Guidelines: Complying with anti-money laundering regulations; Market Conduct: Ensuring fair treatment of consumers and a simple claims settlement process and Inspection: Preparing for regular inspections by NAICOM
In her response, the Managing Director of CHI Life Assurance 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 Nigeria’s insurance industry, furthering NAICOM’s efforts to promote a stable and competitive market.
The highlight of the event was the presentation of the operational license to the Managing Director of CHI Life Assurance by the Commissioner for Insurance.
