Monrovia – The Central Bank of Liberia (CBL) has set March 31st, 2018 as the deadline for all insurance companies to comply with the bank’s new capital requirements for insurance companies operating in Liberia. The new regulation sets the capital requirement for each class of insurance business, and requires each insurance company to maintain a minimum capital requirement based on the category of insurance activity being undertaken by a company. Under the regulation, General/Non-Life Insurance Business, must maintain a minimum capital requirement of U$1.500, 000.00; Life Insurance Business, a minimum capital requirement of US $750,000.00; and Reinsurance, a minimum capital requirement of US$5,000,000.00. Dr. Siaplay encouraged non-compliant companies to either merge with or be acquired by viable companies. The move the Bank noted is in line with its mandate under the New Insurance Act of 2014 as the Regulator and Supervisor of the Insurance Industry of Liberia.

Source: Front Page Africa December 14, 2017 02:37 UTC