CHI Plc gets NAICOM’s approval for micro insurance
Consolidated Hallmark Insurance Plc has received approval-in-principle from the National Insurance Commission to operate CHI Micro Insurance Limited, a new micro life assurance subsidiary.
CHI in a statement said the development came after a recent disclosure by the company’s Chairman, Mr Obinna Ekezie, to shareholders during the extra ordinary general meeting held to approve a capital raise for the company in Lagos.
He said that the micro insurance subsidiary was scheduled to commence full operations in the first quarter of the year 2020.
During the meeting, he told the shareholders who had gathered to approve the additional capital raise plan of the company that, “The CHI Micro insurance Limited is on the verge of being granted an operational licence 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, it stated that, the micro insurance life subsidiary was set for full operations.
The approval, the firm said was 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.