CHI Life Assurance secures NAICOM licence to commence operations
Joy Agwunobi
NAICOM has officially presented an operational license to CHI Life Assurance (CLA), a member company of Consolidated Hallmark Holdings Plc, authorising the company to commence life insurance operations in Nigeria.
The license was handed over by Olusegun Omosehin, the commissioner for insurance, to Ose Oluyanwo, the managing director of CHI Life, during a formal event held at the commission’s board room in Abuja.
The ceremony had in attendance Eddie Efekoha, chairman of CHI Life Assurance, Usman Jankara, deputy commissioner for insurance technical, and other distinguished guests.
Omosehin took the opportunity to warmly welcome the CHI Life team and urged them to make a meaningful contribution to the industry. He assured the executives of NAICOM’s ongoing commitment to fostering an environment that supports the growth and success of industry operators.
In his address, he stressed the importance of regulatory compliance, advising the new management to seek clarification from the Commission whenever needed. Omosehin further emphasised the responsibility of the board of directors, highlighting that they would be held accountable for the company’s actions in alignment with NAICOM’s standards.
Usman Jankara, deputy commissioner for insurance technical, also congratulated the CHI Life team, underscoring several key areas essential for the company’s success. These included strict adherence to regulatory requirements, meeting capital thresholds to avoid penalties, establishing effective risk management frameworks, complying with anti-money laundering protocols, ensuring fair market conduct, and being prepared for regular inspections by NAICOM.
Responding to the recognition, Ose Oluyanwo expressed gratitude for receiving the license and reaffirmed CHI Life Assurance’s commitment to working closely with NAICOM. She emphasised the company’s dedication to complying fully with the regulatory frameworks and contributing positively to the development of Nigeria’s insurance sector.
This development is expected to enhance the insurance industry in Nigeria, and NAICOM’s efforts to promote a stable and competitive market are commendable.