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Chuks Udo Okonta
Having met the necessary registration requirements, the National Insurance Commission (NAICOM) today presented an operational licence to CHI Life Assurance (CLA) a member company of Consolidated Hallmark Holdings Plc, to commence life insurance operations in Nigeria.
The licence was presented by the Commissioner for Insurance Olusegun Omosehin, to the Managing Director, CHI Life Mrs. Ose Oluyanwo, at an event which took place at the Commission’s Board Room in Abuja and had in attendance the Chairman, CHI Life Assurance Eddie Efekoha; Deputy Commissioner for Insurance Technical Dr. Usman Jankara and other dignitaries.
Omosehin, warmly welcomed the CHI Life Assurance Limited 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.
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 Mrs. Ose Oluyanwo 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, NAICOM submitted.
NAICOM has few months back announced the process of registering Consolidated Hallmark Insurance (CHI) Life Assurance Limited.
The insurance regulator in a publication entitled: ‘Public Notice on the Proposed Registration of an Insurance Company’ noted that it has received an application from CHI Life Assurance Limited for registration as an insurance company to transact insurance business in Nigeria.
It named the Directors as: Edward Efekoha; Douglas Osimi; Obaro Osah; Osemiyenmen Oluyanwo; Uwama Igen and Oladapo Oladimeji, adding that the firm’s address is Plot 33D Bishop Aboyade Cole Street, Victoria Island, Lagos.
CHI Life Life Assurance Company is a subsidiary of Consolidated Hallmark Holdings, which also provides accessible and innovative solutions in general insurance, health management, micro-insurance and finance.
The Chairman of the Holdco, Eddie Efekoha is a seasoned insurer and past Chairman of Nigerian Insurers Association (NIA); President, West African Insurance Companies Association (WAICA) and President, Chartered Insurance Institute of Nigeria (CIIN).
The Managing Director Consolidated Hallmark Insurance Limited, Mrs. Mary Adeyanju is Council Member of the Chartered Insurance Institute of Nigeria.
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