The National Insurance Commission (NAICOM) has expanded the number of insurance companies providing life insurance services in Nigeria to a total of 14.
This follows the issuance of a life insurance license to CHI Life Assurance Limited at the Commission’s headquarters in Abuja yesterday.
A statement from NAICOM described the approval as part of its commitment to strengthening the insurance industry and fostering a more competitive market.
Speaking at the event, Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, urged CHI Life Assurance to make meaningful contributions to the industry.
He assured the company of NAICOM’s commitment to creating an enabling environment for insurance operators, ensuring that businesses can thrive under a stable regulatory framework.
Mr. Omosehin also stressed the importance of compliance with regulatory requirements. He advised CHI Life Assurance’s management to seek guidance from NAICOM whenever necessary to avoid lapses.
Addressing the Board of Directors, he stated that they must take their responsibilities seriously, as the Commission will hold them accountable for the company’s corporate governance and operational standards.
Also speaking at the event, Deputy Commissioner Technical, Dr. Usman Jankara, outlined key areas of focus for CHI Life Assurance. He urged the company to strictly adhere to regulatory rules, meet capital requirements to avoid sanctions, implement effective risk management strategies, and follow anti-money laundering guidelines.
He also called for fair market conduct, simplified claims settlement processes, and readiness for NAICOM’s routine inspections.
In response, the Managing Director of CHI Life Assurance, Mrs. Ose Oluyanwo, pledged full collaboration with NAICOM. She assured the Commission that the company would operate in line with regulatory laws and guidelines, contributing to the development of Nigeria’s insurance sector.
The statement from NAICOM added that this development is expected to enhance the industry’s stability and growth, reinforcing efforts to build a more competitive and reliable insurance market.
