CHI Life Assurance
In a significant development for Nigeria’s insurance sector, the National Insurance Commission (NAICOM) has officially granted an operational licence to CHI Life Assurance (CLA), a member of Consolidated Hallmark Holdings Plc, to commence life insurance operations in the country.
The licence was formally presented today by the Commissioner for Insurance, Olusegun Omosehin, to the Managing Director of CHI Life Assurance, Mrs. Ose Oluyanwo, at an event held in NAICOM’s Board Room, Abuja. The ceremony was attended by prominent industry stakeholders, including the Chairman of CHI Life Assurance, Eddie Efekoha; NAICOM’s Deputy Commissioner for Insurance (Technical), Dr. Usman Jankara; and other distinguished dignitaries.
Omosehin warmly welcomed the executives of CHI Life Assurance, urging them to make a meaningful impact on Nigeria’s insurance landscape. He reaffirmed NAICOM’s commitment to fostering a conducive business environment for insurance operators, ensuring sustainable growth and development in the sector.
The Commissioner emphasized the importance of regulatory compliance, urging CHI Life’s management to seek clarification from NAICOM whenever necessary. He also reminded the Board of Directors of their responsibilities, stating that they will be held accountable for the company’s adherence to industry regulations and ethical standards.
Dr. Usman Jankara, the Deputy Commissioner (Technical), also extended his congratulations to the CHI Life Assurance team and highlighted critical areas that the new entrant must focus on, including:
- Regulatory Compliance: Adhering strictly to NAICOM’s guidelines and industry regulations.
- Capital Requirements: Ensuring financial stability and meeting capital thresholds to avoid sanctions.
- Risk Management: Establishing effective risk management mechanisms to safeguard policyholders and stakeholders.
- Anti-Money Laundering Measures: Complying with anti-money laundering regulations and maintaining transparency.
- Market Conduct: Promoting ethical business practices, fair consumer treatment, and streamlined claims settlement.
- Regulatory Inspections: Cooperating with NAICOM’s routine inspections to maintain industry standards.
In her acceptance speech, Mrs. Ose Oluyanwo, Managing Director of CHI Life Assurance, expressed gratitude to NAICOM for the licence, assuring that the company would operate with full regulatory compliance and uphold the highest standards in life insurance services. She pledged to collaborate with the regulator and other stakeholders to foster growth and stability within the industry.
This latest development is expected to enhance Nigeria’s insurance market by increasing competition, improving service delivery, and expanding access to life insurance solutions for individuals and businesses. NAICOM commended the initiative, noting that it aligns with its strategic goal of strengthening the industry and ensuring that insurance services remain accessible, reliable, and beneficial to Nigerians.
Earlier, NAICOM had announced the process of registering CHI Life Assurance Limited. In a publication titled ‘Public Notice on the Proposed Registration of an Insurance Company’, the regulatory body disclosed that it had received an application from CHI Life Assurance Limited for registration as a life insurance company in Nigeria.
According to NAICOM, the Directors of CHI Life Assurance include Edward Efekoha, Douglas Osimi, Obaro Osah, Osemiyenmen Oluyanwo, Uwama Igen, and Oladapo Oladimeji. The company’s registered office is located at Plot 33D Bishop Aboyade Cole Street, Victoria Island, Lagos.
CHI Life Assurance is a subsidiary of Consolidated Hallmark Holdings Plc, a diversified financial services group that provides innovative solutions in general insurance, health management, micro-insurance, and finance. The group’s Chairman, Eddie Efekoha, is a renowned figure in the insurance industry, having served as the past Chairman of the Nigerian Insurers Association (NIA), President of the West African Insurance Companies Association (WAICA), and President of the Chartered Insurance Institute of Nigeria (CIIN).
Additionally, the Managing Director of Consolidated Hallmark Insurance Limited, Mrs. Mary Adeyanju, is a Council Member of the Chartered Insurance Institute of Nigeria, further reinforcing the firm’s leadership strength and commitment to industry excellence.
The entry of CHI Life Assurance into Nigeria’s life insurance market is expected to further deepen insurance penetration and contribute to the overall growth of the financial services sector. With its experienced leadership and commitment to customer-centric solutions, CHI Life Assurance is poised to offer innovative and accessible life insurance products to Nigerians.
