Cllr. Eva Mappy-Morgan, Chief Judge of the Commercial Court in Liberia, advocates for the establishment of a National Insurance Commission, emphasizing the need for robust regulation, consumer protection, and adherence to international best practices. She highlights historical challenges, recent positive developments, and the importance of modernizing outdated laws to enhance the insurance sector.
The Chief Judge of the Commercial Court of Liberia, Cllr. Eva Mappy-Morgan, has emphasized the significance of a robust regulatory framework for the establishment of a National Insurance Commission in Liberia. During a three-day Insurance Act Validation Workshop organized by the Central Bank of Liberia and the Law Reform Commission, she highlighted that effective supervision and a comprehensive standard are imperative for transforming the nation’s insurance industry.
Judge Mappy-Morgan commended Central Bank Governor Henry F. Saamoi for prioritizing insurance reforms within his first year in office, recognizing his leadership in advancing crucial regulatory changes. Citing historical challenges, she described the dominance of foreign insurance companies in the 20th century, attributed to barriers faced by local firms, such as inadequate capital and regulatory oversight.
She pointed out the detrimental effects of the Liberian civil conflict on the insurance sector but noted positive developments, such as the emergence of Liberian insurance companies and increased consumer confidence. She argued that a National Insurance Commission is essential for effective regulation, ensuring compliance while promoting growth and maintaining stability within the industry.
Mappy-Morgan underscored the importance of consumer protection, stating that a well-regulated commission would safeguard policyholders’ rights and ensure responsible company practices. Furthermore, she emphasized that a national insurance body would stimulate market development, draw investment, and encourage innovation in insurance products.
Advocating for strong risk management practices, Judge Mappy-Morgan asserted that enforcing high standards would improve insurer resilience and compliance. She further insisted on the alignment of Liberia’s regulations with international best practices to enhance local companies’ competitiveness.
Referencing successful commissions in Ghana and Nigeria, she argued that these models exemplify the potential benefits of establishing a National Insurance Commission in Liberia and urged stakeholders to adapt successful practices.
Additionally, she called for a review of Liberia’s outdated Insurance Law of 1973 to modernize legal frameworks, reflecting contemporary industry realities. As an advocate for regional compliance, she affirmed her commitment to enhancing Liberia’s insurance regulations, pointing to significant economic and citizen benefits.
Finally, Judge Mappy-Morgan reiterated the Commercial Court’s commitment to timely adjudication of insurance disputes, maintaining the legal mandate for swift resolution of such matters, thus ensuring legal integrity within the insurance sector.
In summary, the call for a structured regulatory framework led by the establishment of a National Insurance Commission in Liberia is vital for the industry’s transformation. Judge Eva Mappy-Morgan advocates for effective supervision, consumer protection, and alignment with international practices, highlighting the need for modernization of outdated regulations. The commitment to prompt dispute resolution further underscores the efforts to build resilience and trust within Liberia’s insurance market, ultimately fostering economic growth and stability.
Original Source: www.liberianobserver.com
