By Cynthia Alo
Consolidated Hallmark Insurance, (CHI) Plc said its micro insurance subsidiary, CHI Micro Insurance Limited, will soon commence operations.
The company stated that it has paid the statutory deposit to the Central Bank of Nigeria, CBN, as well as met all the necessary regulatory requirements.
Chairman of the company, Mr. Obinna Ekezie, disclosed this to shareholders during an Extra Ordinary General Meeting held in Lagos, adding that the micro insurance subsidiary is scheduled to commence full operations in the first quarter (Q1’20).
According to him, “The CHI Micro-insurance 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,” he added.
Commenting on the development, Managing Director and Chief Executive Officer, CHI Plc, Mr. Eddie Efekoha, who is also 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.
He said: “We are set to take off 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.”
Efekoha said that the business office for the micro-insurance company has since been acquired and ready for occupation by the new team adding, “The business will leverage on technology and strategic partnerships to give its customers an exciting insurance service experience.’