Photo credit: Central Bank of Liberia

MONROVIA – March 3, 2018: The Central Bank of Liberia (CBL) is reminding all insurance companies

 

who have not complied with the new capital requirements for insurance companies to do so or risk

 

have their licenses revoked. The deadline for complying with the new capital requirements is March 31,

 

2018.

 

 

It can be recalled that CBL Deputy Governor for Economic Affairs Dr. Mounir Siaplay, during a two-

 

day Insurance Sector Consolidation Workshop held at the CBL on December 11-12, 2017, reminded

 

participants of the March 31, 2018 deadline; giving them enough time to either comply with the new

 

requirement, merge with other insurance companies or be purchased by viable insurance companies.

 

 

Under the new regulation, General/Non-Life, Life, and Re-insurance companies must maintain capital

 

requirements of US$1,500,000 (One Million Five Hundred Thousand United States Dollars),

 

US$750,000 (Seven Hundred and Fifty Thousand United States Dollars), and US$5,000,000 (Five

 

Million United States Dollars), respectively.

 

 

The new capital requirement is part of the CBL reform agenda intended to ensure that insurance

 

companies operating in Liberia are adequately capitalized at all times to meet their claims and other

 

future obligations under their insurance policies as well as unexpired risks, as and when they are due.

 

 

The New Insurance Act of 2013 empowers CBL to regulate and supervise Liberia’s insurance industry

 

but, in spite the gains made since the enactment, compliance with the new capital requirement

 

remains a challenge. The CBL remains committed to the full implementation of the capital requires

 

contained in its regulation.

 

 

For Inquiries Contact:

 

 

Cyrus Wleh Badio

Head of Corporate Communications

Central Bank of Liberia

Email: cwbadio@cbl.org.lr/wlehbad@gmail.com

Website: www.cbl.org.lr