MONROVIA, LIBERIA – Central Bank of Liberia (CBL) Governor Henry Saamoi has expressed strong support for the establishment of the Liberia Insurance Commission, describing it as a critical step toward enhancing the country’s financial stability and promoting economic growth.
Speaking at the opening of a three-day Insurance Act Validation 2025 workshop at the Executive Pavilion in Monrovia on Wednesday, March 5, 2025, Saamoi emphasized that the creation of an independent Insurance Commission will strengthen regulatory oversight, protect consumers, and foster a competitive and sustainable insurance market. The workshop was organized by the CBL in collaboration with the Law Reform Commission.
According to Governor Saamoi, the establishment of the commission reflects a collective commitment to building a more robust and inclusive financial system that addresses the needs of Liberians while contributing to long-term national development. He reaffirmed the CBL’s commitment to supporting the transition process and ensuring the new regulatory body is equipped to deliver on its mandate.
“The establishment of the Insurance Commission signals our collective determination to build a stronger, more vibrant financial system that serves the needs of the people and contributes to the long-term economic growth of Liberia,” Saamoi stated.
He noted that for nearly a decade, the CBL has overseen the insurance sector and has made significant progress, including implementing regulations to align Liberia’s insurance industry with regional standards. The proposed Liberia Insurance Commission, once established, will operate as an independent corporate body under government ownership and will regulate all insurance-related activities across the country.
Meanwhile, Commercial Court Judge Eva Mappy-Morgan, also speaking at the workshop, stressed the importance of adopting a comprehensive regulatory framework to guide the new commission’s operations. She highlighted the need for clear standards and a robust legal regime to ensure the commission meets both regional and international best practices.
“A comprehensive and well-documented standard, a robust regime, and a regulatory framework must underpin the shared objective for the establishment of the Insurance Commission,” Judge Mappy-Morgan remarked.
