From left: Mr. Eddie Efekoha(Chairman, CHI Life), Mr Olusegun Ayo Omosehin (Commissioner for Insurance), Mrs. Ose Oluyanwo (Managing Director, CHI Life) and Dr. Usman Jankara (Dep. Commissioner for Insurance Technical)
As Nigeria’s insurance industry evolves to meet global standards, the National Insurance Commission (NAICOM) has once again reinforced its commitment to industry growth by granting an operational license to CHI Life Assurance Limited. The symbolic event, which took place at the Commission’s Board Room in Abuja on March 10, 2025, marks a new chapter in Nigeria’s insurance landscape.
Reflecting on the journey of regulatory reforms, Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, underscored NAICOM’s unwavering dedication to fostering a resilient and competitive insurance sector. Over the years, the Commission has implemented strategic policies to encourage market stability, consumer protection, and innovation. The licensing of CHI Life Assurance Ltd is a testament to these efforts, reinforcing NAICOM’s commitment to expanding the industry’s reach and impact.
For decades, the Nigerian insurance market grappled with issues such as low penetration, weak capital bases, and compliance challenges. However, NAICOM’s reforms, including stricter capital requirements and improved regulatory oversight, have led to a more robust sector. The entry of CHI Life Assurance Ltd into the market represents a renewed confidence in Nigeria’s insurance industry.
The ceremony served as a reflection of the sector’s progress. Mr. Omosehin’s words resonated deeply as he welcomed CHI Life Assurance Ltd executives, urging them to uphold professionalism and compliance with regulatory standards. His message was clear: insurers must not only adhere to the rules but also contribute meaningfully to the sector’s transformation.
Dr. Usman Jankara, Deputy Commissioner Technical, provided further insight into the critical areas of focus for new entrants—compliance, capital adequacy, risk management, and fair market conduct. These elements, once considered mere guidelines, have now become the pillars of a thriving insurance ecosystem.
As the Managing Director of CHI Life Assurance Ltd received the license from the CFI, it was more than just a formal presentation—it was a moment of reflection on NAICOM’s role in shaping the industry’s future. The MD’s assurance of full compliance and collaboration with the Commission further demonstrated the industry’s collective commitment to maintaining trust, transparency, and efficiency.
With this development, Nigeria’s insurance industry moves one step closer to its vision of becoming a leading financial services sector in Africa. NAICOM’s relentless push for reform and innovation continues to create opportunities for insurers to thrive while ensuring that policyholders receive the best possible service.
The licensing of CHI Life Assurance Ltd is not just an event—it is a milestone in the broader narrative of Nigeria’s insurance evolution, signaling growth, confidence, and an unwavering commitment to a more secure financial future for all.
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