Insurance Regulation and Liberia Insurance Commission Act
Review and validation of legislation to establish an independent Liberia Insurance Commission and modernise regulation of the insurance sector.
Where this project sits in the reform process
Current recorded stage: Legislative Consideration. The pathway above is an indicative public view of the reform cycle; individual projects may follow different sequences.
Overview
The Central Bank of Liberia and the Law Reform Commission convened a three-day validation workshop from 5–7 March 2025 to review and finalise the Draft Insurance Act of 2020. The reform proposes an independent Liberia Insurance Commission with specialised responsibility for licensing, supervision, compliance and consumer protection. On 15 June 2026, the House of Representatives passed the bill and forwarded it to the Senate for concurrence.
Project scope
- Area of law
- Civil & Commercial Law
- Geographic scope
- National
- People affected
- Policyholders; insurance companies; brokers and agents; businesses; consumers; financial-sector institutions; investors
- Commenced
- 5 March 2025
- Public participation
- See published consultations and project updates
Issue, objectives and review questions
The issueWhy reform is being consideredInsurance regulation has historically been housed within the Central Bank of Liberia. The growth and increasing complexity of the sector has…
Insurance regulation has historically been housed within the Central Bank of Liberia. The growth and increasing complexity of the sector has created a case for a specialised regulator with a dedicated statutory mandate, clearer enforcement powers and stronger consumer-protection responsibilities.
ObjectivesWhat the reform seeks to achieveModernise Liberia's insurance legal framework; establish a specialised independent regulator; strengthen licensing, supervision and enforcement…
Modernise Liberia's insurance legal framework; establish a specialised independent regulator; strengthen licensing, supervision and enforcement; protect policyholders and consumers; improve transparency and market confidence; and align regulation with contemporary international practice.
Key questionsQuestions guiding the reviewWhat powers and governance safeguards should apply to an independent Insurance Commission? How should licensing, solvency supervision…
What powers and governance safeguards should apply to an independent Insurance Commission? How should licensing, solvency supervision, compliance and consumer protection be structured? How should regulatory responsibilities transition from the Central Bank of Liberia?
Project outcome
The draft was validated with stakeholders in March 2025. The House of Representatives passed the bill on 15 June 2026 and forwarded it to the Senate for concurrence. The Commission should maintain the record as the proposal proceeds through the legislative process.
