What you need to do for a chip light depends entirely on the RFM. There should be a checklist that spells out what to do for any caution light, and you should follow that to the letter. The relevant government agency will expect it, and may take action if you don't. There may also be more detailed instructions in your Operations Manual. If you haven't already read these, then you're sorely negligent. You need to know the actions to be taken before the light comes on.