MONROVIA – The House of Representatives on Thursday passed the Liberia Insurance Commission Bill, clearing the way for the creation of an independent regulator to oversee the country’s long-fractured insurance sector.
The decision came after lawmakers unanimously adopted a joint committee report from the Committees on Banking and Currency, Judiciary, and Transport.
The bill now moves to the Liberian Senate for concurrence.
The joint committee was mandated by plenary following the bill’s first reading on January 15, 2026. Between January 16 and June 2, the committee held executive sessions and consultations with key stakeholders, including the Central Bank of Liberia, the Ministry of Justice, the Liberia Insurance Association, the Liberia Business Association, the Ministry of Transport, and the Law Reform Commission.
In its report, the committee identified what it called a “critical legal and regulatory gap” in the insurance sector, arguing that immediate legislative intervention is needed.
Lawmakers said an independent insurance commission would strengthen oversight, improve consumer protection, enhance industry compliance, and restore public confidence in insurance services nationwide.
The report also stressed the need for a modern regulatory framework to address emerging challenges, including the enforcement of mandatory motor vehicle insurance. “This is a significant step toward financial sector governance and consumer protection in Liberia,” the report noted. The House now awaits Senate action on the legislation.
