Members of the House of Representatives have passed the New Insurance Act of 2014 repealing certain provisions of the old Insurance law of 1973.
The House Plenary decision comes in the wake of recommendations from its Committee on Banking and Currency as well as the Judiciary.
The New Insurance Law seeks to give both regulatory and supervisory powers to the Central Bank of Liberia over all persons involve in general or life insurance business, or business as an insurance broker, agent or loss adjuster and set up a system for the licensing of insures, insurance brokers, insurance agents and loss adjuster.
The Bill entitled "An Act to repeal certain provisions of the Act Adopting an Insurance Law, 1973 and other laws relating to insurance and to enact in lieu thereof an Act to provide for the Regulation and Supervision of Insurance Business and the Business of Insurance Brokers, Insurance Agents and Loss Adjusters (Insurance Act 2014)" was submitted by President Ellen Johnson Sirleaf.
The Act will be forwarded to the Liberian Senate for concurrence.