CHI gets NAICOM approval to operate Micro Insurance

From Edet Udoh, Lagos

Leading underwriter, Consolidated Hallmark Insurance (CHI Plc) has received approval-in-principle from the National Insurance Commission (NAICOM) to operate CHI Micro Insurance Limited, a new Micro Life Assurance subsidiary.

The positive development is coming on the heels of a recent disclosure by the company’s Chairman, Mr. Obinna Ekezie, to shareholders during the Extra Ordinary General Meeting held to approve additional capital raise for the Company, that the Micro Insurance subsidiary is scheduled to commence full operations in the first Quarter of 2020.

He had told the shareholders who gathered to approve the additional capital raise plan of the Company that “the CHI Microinsurance Limited is on the verge of being granted an operational license by NAICOM, after having met all the regulatory requirements and paid the statutory deposit to the Central Bank of Nigeria”.

With the approval by NAICOM, the Micro Insurance Life subsidiary is thus set for full operations. This approval is considered a demonstration of confidence by NAICOM in the capacity of CHI Plc to successfully operate a Micro Life Assurance business, having successfully delivered on its General Insurance business line.

Responding to the positive development, the Managing Director/CEO of CHI Plc, Mr. Eddie Efekoha, who doubles as the current President of the Chartered Insurance Institute of Nigeria (CIIN), said the operational license would further help in the effort to deepen the retail segment of the insurance market.

“We are set to take off,” he said, “having put in place a robust network of retail and agency team that have contributed and continue to contribute immensely to the growth of the parent company. The future is in retail business and micro insurance if we are to reach the mass of the Nigerian people with quality, reliable and affordable insurance solutions. This low-income segment has remained largely untapped and we are ready to give it our best shot”.

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