Monrovia — Transport Minister, S. TornorlahVarpilah, has disclosed that 18 insurance companies have been selected by the Central Bank of Liberia to carry out the Ministry of Transport Compulsory Motor Vehicle Insurance registration scheme.
Making the disclosure on Thursday at the Ministry of Information regular press briefing, Minister Varpilah said the insurance companies in collaboration with the Ministry of Transport have brought into the country 50,000 insurance stickers to be purchased by motor vehicle and motorbike owners.
According to the Transport Ministry boss, the process is aimed at reforming the insurance and transport sectors in order to improve public safety, promote economic growth and to generate additional revenue for the government.
Minister Varpilah said the insurance stickers can be purchased from the Guaranty Trust Bank (GT Bank) and will cost around US$12 and US$18 per month.
Meanwhile, Minister Varpilah has called on motor vehicle and motorbike owners to register their vehicles and motorbikes or face impoundment of their property.