The National Insurance Commission (NAICOM) phase of reawakening the insurance market with the issue new operating licence moved up again with the issuing a license to CHI Life Insurance. The event took place at the Commission’s Board Room in Abuja on Monday, March 10, 2025.
Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, at the presentation ceremony urged CHI Life Assurance executives, to make a positive impact in the industry at at the same time said NAICOM’s commitment is to create enabling environment for operators to thrive.
Mr. Omosehin and the Deputy Commissioner Technical Dr. Usman Jankara, emphasized that this is the era of compliance with regulatory requirements. Moreso, he said the Board of Directors should adhere to rules and be held to account.
NAICOM said the spreadsheet of compliance includes adhering to regulatory rules and regulations:
- Capital Requirements: Meeting capital requirements to avoid regulatory sanctions
- Effective Risk Management Mechanism: Efficiently managing risks
- Anti-Money Laundry Guideline: Complying with anti-money laundering guidelines
- Market Conduct: Ensuring fair treatment of consumers and simple claim settlement processes
- Inspection: Preparing for regular inspections by NAICOM
In her response, the Managing Director of CHI Life Insurance, Mrs. Olutope Bamidele Ilesanmi, expressed gratitude for the license and pledged to collaborate with NAICOM, ensuring full compliance with regulatory laws and guidelines.
Featured picture: From left: Mr. Eddie Efekoha(Chairman, CHI Life), Mr Olusegun Ayo Omosehin (Commissioner for Insurance), Mrs. Ose Oluyanwo (Managing Director, CHI Life) and Dr. Usman Jankara (Dep. Commissioner for Insurance Technical)
