The National Insurance Commission (NAICOM) has issued a licence to CHI Life Assurance Limited in a bid to strengthen the insurance industry in Nigeria. The event took place at the Commission’s Board Room on Monday in Abuja.
The Commissioner for Insurance, Mr Olusegun Ayo Omosehin, welcomed the CHI Life Assurance Ltd executives and urged 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 emphasised 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 fulfil their roles, as they would be held accountable by the Commission.
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Deputy Commissioner Technical, Dr Usman Jankara, also congratulated the CHI Life Assurance executives and highlighted key areas of focus, including compliance with regulatory rules and regulations, meeting capital requirements to avoid regulatory sanctions, efficiently managing risks, adhering to anti-money laundering guidelines, ensuring fair treatment of consumers with simple claim settlement processes, and preparing for regular inspections by NAICOM.
In her response, the Managing Director of CHI Life Assurance expressed gratitude for the licence and pledged to collaborate with NAICOM to ensure full compliance with regulatory laws and guidelines.
The Commission stated that this development is expected to enhance the insurance industry in Nigeria as NAICOM continues to promote a stable and competitive market.
The highlight of the event was the presentation of the operating licence to the Managing Director of the company by the Commissioner for Insurance.
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