Various stakeholders to fine-tune the proposed Act, which, once approved, will lead to the creation of the National Insurance Commission.
Monrovia – The Central Bank of Liberia (CBL) launched a crucial three-day validation workshop on March 5, 2025, to review the draft 2020 Insurance Commission Act, a key step toward establishing the National Insurance Commission of Liberia.
By Willie N. Tokpah [email protected]
The workshop, taking place at the Executive Pavilion in Monrovia, will run through March 7, 2025, and aims to finalize the draft Act that will provide the framework for a more regulated and robust insurance sector in Liberia.
This session brings together various stakeholders to fine-tune the proposed Act, which, once approved, will lead to the creation of the National Insurance Commission. The Commission will be tasked with regulating, supervising, and overseeing the growth of Liberia’s insurance industry.
Central Bank of Liberia Governor Henry F. Saamoi opened the workshop by emphasizing the importance of this initiative in the development of the financial sector. He expressed gratitude to President Joseph N. Boakai for his focus on enhancing the insurance sector in Liberia and welcomed the participants for their engagement in the process.
“This is a historic moment for Liberia’s financial sector. The creation of the Insurance Commission will provide the foundation for a stronger, more resilient insurance industry that will complement our efforts at ensuring a stable and inclusive financial sector,” Governor Saamoi stated.
The proposed Insurance Commission Act outlines key regulatory measures, including the licensing of insurance companies, enforcement of compliance, and setting business standards. When enacted into law, it will grant the commission the authority to enforce mandatory insurance policies such as third-party motor insurance, fire insurance, marine insurance, and professional indemnity insurance.
The National Insurance Commission will centralize oversight, ensuring insurance companies operate in a competitive environment that benefits both consumers and the broader economy.
The Commission will also handle complaints against insurance companies, further enhancing consumer protection.
The draft Act is the result of extensive consultations with insurers, regulators, and the public. Despite challenges, including the Central Bank’s oversight of the sector for nearly a decade, Governor Saamoi emphasized that Liberia is on the right path, with this workshop signaling significant progress toward the creation of an independent insurance commission.
A comprehensive Transitioning Report will accompany the draft Act, highlighting the evolution of the sector and outlining next steps.
Minister of Transport Sirleaf Tyler also addressed the workshop, underscoring the importance of the validation process. He noted the significant potential for the insurance sector, citing Liberia’s substantial ship registry, which includes over 5,000 vessels, and the opportunity for the sector to generate revenue by insuring some of these vessels domestically.
Minister Tyler reaffirmed the Ministry of Transport’s commitment to supporting the insurance commission, highlighting the government’s move to make insurance mandatory for vehicle registration.
Deputy Finance Minister for Economic Management, Dehpue Zuo, also spoke, stressing the importance of the draft Act in shaping the future of Liberia’s financial landscape. He highlighted the need for regional cooperation in the insurance sector and praised stakeholders for their efforts in creating a strong foundation for a reliable and responsive insurance industry.
