The House of Representatives passed a landmark Bill last month to establish an independent insurance commission for Liberia, a move aimed at strengthening regulatory oversight and accelerating the growth and development of the country's insurance sector.
The Central Bank of Liberia (CBL) has organised a review of proposed changes to legislation aimed at establishing an independent insurance regulator. The plan is to transfer supervision of the insurance sector from the CBL to the proposed Insurance Commission for more effective regulation.
A common insurance market in West Africa will lead to important prospects as well as bring about cost savings, among other benefits to the population, according to Mr Mamadi Dampha, deputy permanent secretary at the Ministry of Finance and Economic Affairs.
The West African Insurance Companies Association (WAICA) is engaging governments to insure infrastructural projects across the sub-region.
An independent agency should be established to regulate the insurance sector to enable it to attain its fullest potential and contribute meaningfully to national development, according to Mr Saye Gbalazeh, who is the immediate past president of the Liberia Insurance Association.
The West African Insurance Supervisors Association (WAISA) has established the College of Insurance Supervisors for the West African Monetary Zone (CISWAMZ).
A top insurance executive has told members of the Senate Banking and Currency Committee and Judiciary Committee that it is now time for the formation of an Insurance Commission as required by the 2013 Insurance Act.