Chief Judge Eva Mappy-Morgan calls for a National Insurance Commission in Liberia, emphasizing the need for strong regulation and oversight to improve the insurance sector. She commends ongoing reforms by Central Bank Governor Henry F. Saamoi, highlights historical challenges within the industry, and advocates for updated legal frameworks that align with best practices. The creation of a commission is seen as vital for consumer protection and market development, with a commitment to resolving disputes swiftly.
Chief Judge of the Commercial Court of Liberia, Cllr. Eva Mappy-Morgan, stresses the necessity for a robust regulatory framework to establish a National Insurance Commission in Liberia. During the Insurance Act Validation Workshop on March 5, 2025, she asserted that a comprehensive, well-documented standard and effective supervision are essential for transforming the insurance sector within the country.
Judge Mappy-Morgan praised Central Bank Governor Henry F. Saamoi for prioritizing insurance reform, noting his leadership in advancing vital regulatory initiatives. She acknowledged, “I commend the Central Bank Executive Governor, the Honorable Henry F. Saamoi, for taking the proverbial bull by the horns—making insurance reorganization a seminal part of his less than 300 days in office.”
Providing historical context, Judge Mappy-Morgan pointed out the predominance of foreign insurance companies throughout the 20th century, which overshadowed Liberian entities due to various challenges, including insufficient capital and technical expertise. She stated that these obstacles allowed foreign firms, equipped with more resources, to dominate the industry significantly.
The Liberian civil conflict further jeopardized the insurance sector; however, recent developments indicate a resurgence of Liberian-owned insurance companies and growing competition for policyholders. Judge Mappy-Morgan argued that establishing a National Insurance Commission is vital for regulating and supervising the industry, ensuring consumer protection, and preventing fraudulent practices.
According to her observations, a national commission could enhance market development, stimulate innovation, and attract investment, thereby expanding Liberia’s insurance market. She emphasized, “Strong risk management practices must be a core function of the commission,” to improve resilience and solvency in the sector.
Additionally, alignment with regional and international best practices is crucial. A transparent insurance commission would bolster public confidence, motivating Liberians to engage with insurance products and services. Judge Mappy-Morgan referenced successful models like Ghana’s National Insurance Commission and Nigeria’s National Insurance Commission, which have improved oversight and regulatory compliance in their sectors.
She advocated for a thorough evaluation of Liberia’s outdated Insurance Law of 1973 to create a legal framework that reflects contemporary industry realities. As a graduate of the West African Insurance Institute, Judge Mappy-Morgan affirmed her commitment to aligning Liberia’s regulations with best practices and pledged support for the establishment of a National Insurance Commission, highlighting its potential benefits for the economy.
Finally, she reiterated the Commercial Court’s dedication to efficiently resolving insurance disputes as mandated by law, affirming, “The Commercial Court shall continue to adjudicate insurance, and reinsurance matters with the prompt determination required by law.”
In conclusion, Chief Judge Eva Mappy-Morgan has articulated the urgent need for a National Insurance Commission in Liberia, emphasizing the importance of a regulatory framework that promotes effective supervision, consumer protection, and market integrity. Her call for modernized legislation and alignment with best practices, alongside commendation of current reforms, underscores the potential for significant growth and resilience in the Liberian insurance sector. The commitment of institutions, such as the Commercial Court, to address disputes promptly is also pivotal in achieving these objectives.
Original Source: www.liberianobserver.com
