CBL Seeks Legislative Action to Transition Insurance Regulation to Independent Commission

 By Lazota Bility

January 15, 2026

Monrovia: The Central Bank of Liberia (CBL), through its Governor, Henry F .Saamoi, has formally written the Plenary of the House of Representatives, updating lawmakers on the Bank’s efforts to transition the regulatory and supervisory responsibility of the insurance sector to an independent Insurance Commission.

The communication, submitted in line with Part II, Subsection 6(0) of the Act establishing the Central Bank of Liberia in 1999, explains that the CBL was initially mandated to oversee the insurance sector for a five-year period while reforming the industry and preparing for the establishment of an independent regulatory body.

 According to the Bank, following a comprehensive assessment of the insurance sector’s status, the Legislature granted an additional five-year transitional period from 2020 to 2025, allowing the CBL to continue regulatory and supervisory oversight while facilitating the transition process.

Highlighting achievements made in fulfillment of this statutory mandate, the CBL reported that it successfully elevated the former Insurance Section into a full-fledged Insurance Department, providing the visibility and institutional structure required under the law.

The Bank further disclosed that it drafted an Insurance Commission Act, which was submitted to the Office of His Excellency President Joseph Nyumah Boakai and subsequently forwarded to the Honorable Legislature for consideration.

As part of its ongoing efforts, the CBL stated that it has also prepared all required transition documentation, including a detailed roadmap, to ensure a smooth and orderly transfer of responsibilities to the proposed Insurance Commission.

With the completion of these processes, the Central Bank of Liberia is now seeking the guidance and leadership of House Speaker Hon. Richard Nagbe Koon to facilitate the timely enactment of the Insurance Commission Act.

The Bank emphasized that this step is critical to ensuring continuity in insurance regulation and safeguarding the stability, integrity, and credibility of the insurance sector and the broader financial system. The communication has been forwarded to the House Committees on Banking and Currency, Transport, and Judiciary for review and legislative action.