The National Insurance Commission (NAICOM) has expanded the number of insurance companies providing life insurance services in Nigeria to 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, 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.
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.
