Cllr. Eva Mappy-Morgan advocates for the establishment of a National Insurance Commission in Liberia, emphasizing necessary regulatory frameworks and consumer protection. She commends current efforts for insurance reform and highlights historical challenges faced by local businesses. Mappy-Morgan calls for alignment with global standards and updating outdated laws to facilitate growth in the insurance sector.
Cllr. Eva Mappy-Morgan, the Chief Judge of the Commercial Court of Liberia, has emphasized the necessity of establishing a comprehensive regulatory framework for the creation of a National Insurance Commission in Liberia. During the Insurance Act Validation Workshop on March 5, 2025, she highlighted that an effective standard and regulatory regime are vital for the transformation of the country’s insurance industry.
Judge Mappy-Morgan commended Central Bank Governor Henry F. Saamoi for prioritizing insurance reform within his first 300 days in office. She noted that such leadership is critical for advancing the necessary regulatory changes within the sector, asserting that a robust insurance commission is essential for effective industry transformation.
Providing context, Mappy-Morgan discussed the domination of foreign insurance companies over Liberian entities throughout the 20th century due to challenges such as limited capital and inadequate technical expertise. She pointed out that this landscape was exacerbated by the Liberian civil conflict in the 1990s, which further weakened the local insurance sector. Despite this, she observed a resurgence of Liberian-owned businesses and growing consumer confidence in the market.
The establishment of a National Insurance Commission is deemed necessary for monitoring ethical compliance and fiscal responsibilities within the industry, according to Judge Mappy-Morgan. Such a body would protect policyholders’ rights and prevent fraudulent practices, boosting consumer trust in the insurance market. Additionally, it would foster market growth by encouraging innovation and attracting investment.
Judge Mappy-Morgan underscored the importance of strong risk management as a primary function of the commission to ensure resilience and solvency within the sector. She advocated for aligning Liberia’s regulations with regional best practices to enable local companies to compete globally. A transparent commission would improve public confidence, encouraging more engagement from Liberians with insurance products.
Citing regional examples, Mappy-Morgan referenced successful reforms in Ghana and Nigeria where their respective National Insurance Commissions replaced outdated structures, resulting in enhanced oversight and compliance. She argued that similar reforms in Liberia are vital for economic growth and market stability.
She urged stakeholders to revisit the outdated Insurance Law of 1973 to establish regulations that reflect contemporary industry needs. Mappy-Morgan’s commitment to aligning Liberia’s insurance regulations with international standards stems from her educational background in insurance, and she pledged her support for the National Insurance Commission’s establishment.
Furthermore, she reaffirmed the Commercial Court’s dedication to efficiently resolving insurance disputes, which falls under its legal mandate. Established in 2010, the court is responsible for timely adjudication of insurance matters as mandated by law.
Cllr. Eva Mappy-Morgan’s insights underline the critical need for a National Insurance Commission in Liberia to transform the local insurance sector. Her emphasis on robust regulation, consumer protection, and alignment with international best practices reflects a forward-looking approach to enhancing the industry. The need to modernize outdated legislation is also vital for fostering growth and stability within the market. With these reforms, Liberia can expect to bolster confidence in its insurance system and promote economic development.
Original Source: www.liberianobserver.com
