George Borteh
18 July 2005
The Director of the Financial Sector Reform Secretariat, Wilson K. Tarpeh, has disclosed that the National Transitional Government of Liberia has reached a decision to make appropriate budgetary allocations in the current budget for Liberia in order to service dues it owes the West Africa Insurance Institute (WAII).
Though Mr. Tarpeh did not disclose the amount already allocated in the budget that would rescue the insurance industry, he noted that despite the difficulty Liberia found herself in, more attention is needed to be placed on certain institutions in the country.
Mr. Tarpeh made the disclosure at the formal opening of a 12-week insurance training program held recently at the offices of the company in Sinkor.
He also pointed out that the NTGL stands ready to support the institution to do its work in Liberia.
He indicated that some time ago, the NTGL through some of its officials was in The Gambia on a visit at which time it renewed the commitment of the Liberian government to the West Africa Insurance Institute.
At the same time, Mr. Tarpeh said a proposed Act intended to support the insurance industry in Liberia is in the making.
The Financial Sector Reform Secretariat has drafted an insurance Act for passage into Law, Mr. Tarpeh revealed.
He said further that the proposed Bill is a new regulation intended to reinforce the work of insurers in Liberia.
Mr. Tarpeh, who served as official launcher of the 12-week insurance workshop, stressed that due to the importance of the insurance sector, Liberians need to be educated its functions and modus operandi.
The West Africa Insurance Institute is said to have trained people from over 30 insurance companies during the last three months.
Earlier, Dr. Prince Mike Ikupolati, Director of the West Africa Institute, said that there is a need to bring Liberia back to the Insurance Institute after 14 years of civil conflict.
He added that the insurance foundation certificate program has been designed to provide basic skills to those who are working in the insurance market with low background.
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