NAICOM moves to strengthen insurance industry in Nigeria

The 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 on Monday, March 10, 2025. 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 also congratulated the CHI Life Assurance executives and highlighted key areas of focus, including:
Compliance : 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 Assurance, expressed gratitude for the license and 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.