By Henry Uche
National Insurance Commission (NAICOM) has taken another step to strengthen the insurance industry in Nigeria by issuing a license to CHI Life Assurance Limited. The event took place at the Commission’s Board Room in Abuja.
Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, warmly welcomed the CHI Life Assurance Ltd executives, urging them to make a positive impact in the industry. He assured them of NAICOM’s commitment to creating an enabling environment for operators to thrive.
Mr. Omosehin also emphasized the importance of compliance with regulatory requirements and advised the new management to always seek clarification from NAICOM. 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 congratulated the CHI Life Assurance executives and highlighted key areas of focus, including:
Compliance, stating that adhering to regulatory rules and regulations is sacrosanct.
Capital Requirements is another focal point. Here NAICOM maintained that neeting capital requirements is a must to avoid regulatory sanctions..
Other areas of priority are Effective Risk Management Mechanism which has to do with efficiently managing risks. Then anti-money laundry guideline which speaks about complying with anti-money laundering guidelines. Then Market Conduct and Inspection which points towards ensuring fair treatment of consumers and simple claim settlement processes; and Preparing for regular inspections by NAICOM, respectively.
Responding, the Managing Director of CHI Life Assurance, Mrs Ose Oluyanwo, who expressed gratitude for the license, pledged to collaborate with NAICOM, ensuring 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. The highlight of the event was presentation of the operation license to the Managing Director of the Company by the CFI.