NAICOM issues operational licence to CHI Life Assurance

The National Insurance Commission (NAICOM) has issued CHI Life Assurance Limited a licence to commence operation in Nigeria.

In a statement on Monday, Olusegun Omosehin, the commissioner for insurance, urged the company to make a positive impact on the industry.

Omosehin urged the company’s board of directors to diligently fulfill their duties, stressing that the commission would hold them accountable.

The commissioner underscored the significance of adhering to regulations and encouraged the new management to seek guidance whenever needed.

He reaffirmed NAICOM’s commitment to fostering a conducive environment for insurance operators to thrive, highlighting key compliance areas such as capital requirements, risk management mechanisms, and anti-money laundering regulations.

Omosehin said other areas include market conduct and regulatory inspections.

Speaking on behalf of the company, Ose Oluyanwo, CHI Life Assurance’s managing director, expressed gratitude for the licence and assured full compliance with NAICOM’s regulations and guidelines.