Monrovia – The Central Bank of Liberia (CBL) has designated BICON Inc. a certified public Accounting and forensic examination firm to institute compulsory liquidation proceeding of International Insurance Company of Liberia (IICL). It can be recalled, that the International Insurance Company of Liberia limited (IICL) was incorporated and licensed in 2007 as an insurance company to carry out non-banking services life and non-life insurance business in Liberia. The International Insurance Company of Liberia limited (IICL) was relicensed by the CBL in 2014 in line with CBL reform of the insurance sector. Prior to the supervisory role prescription, the International Insurance Company of Liberia Limited was a major asset of the First International Bank, the Central Bank dissolved the International Insurance Company of Liberia limited Board of Directors, dismissed the Managing Director and appointed an acting Managing Director. The CBL decision is in keeping with section 11.4 of the New Insurance Act of Liberia and appoints the petitioner CBL as liquidator pursuant to the notice dated June 15, 2017, concerning the International Insurance Company of Liberia (IICL).

Source: Front Page Africa July 01, 2020 02:15 UTC