NAICOM Boosts Insurance Sector with CHI Life Assurance Licence

The National Insurance Commission (NAICOM) has bolstered Nigeria’s insurance industry by granting an operational licence to CHI Life Assurance Limited. The official presentation took place at the Commission’s Board Room in Abuja on Monday, March 10, 2025.

Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, welcomed the CHI Life Assurance executives and urged them to contribute meaningfully to the sector.

He reaffirmed NAICOM’s commitment to fostering a conducive environment for industry players while stressing the need for regulatory compliance.

He also reminded the Board of Directors of their responsibilities, warning that the Commission would hold them accountable for the company’s governance and operational standards.

Deputy Commissioner Technical, Dr. Usman Jankara, congratulated CHI Life Assurance and outlined key regulatory expectations, including compliance with capital requirements, risk management, anti-money laundering regulations, and fair market conduct. He also emphasised the importance of maintaining a smooth claims settlement process and being prepared for NAICOM’s routine inspections.

In response, CHI Life Assurance Managing Director, Mrs. Olutope Bamidele, expressed gratitude for the licence and pledged to uphold industry best practices while collaborating with NAICOM to ensure regulatory compliance.

The issuance of this licence marks another step in NAICOM’s ongoing efforts to strengthen Nigeria’s insurance sector, promoting stability and competition within the industry.

The event concluded with Mr. Omosehin officially presenting the operational licence to CHI Life Assurance, signifying a new chapter for the company in Nigeria’s financial landscape.