Liberia: Central Bank of Liberia Liquidates International Insurance Company of Liberia

press release

Monrovia — The Central Bank of Liberia (CBL) has designated BICON Inc. a Certified Public Accounting and Forensic examination firm to institute compulsory liquidation proceedings of International Insurance Company of Liberia (IICL).

It can be recalled that on June 15, 2017, the Central Bank pursuant to its authority under the New Financial Institutions Act of 1999 and the Insurance Act of 2013, suspended the license of, seized and took possession of IICL due to insolvent and liquidity problems caused by poor management and weak internal control. IICL was incorporated and licensed in 2007 as an insurance company to carry out life and non-life insurance business in Liberia.

The Central Bank appointed a Provisional Administrator to commission an independent audit of the IICL to determine its viability. Based on the findings of the audit conducted, the CBL petitioned the Civil Law Court for the compulsory liquidation of the IICL. In keeping with Section 11.4 (4) of the Insurance Act, 2013, the court appointed the Central Bank of Liberia as Liquidator.

In line with the CBL's authority and the court-approved liquidation plan, the CBL has contracted BICON Inc. to conduct the liquidation exercise which involves the establishment of all remaining assets and liabilities (secured and unsecured) of IICL.

Individuals, institutions or business entities having claim against IICL are advised to bring along valid document(s) to substantiate their claims. All claims should be directed to BICON Inc. located on Randall Street 1st Floor, Gibson Building adjacent Jeans Travis Building, beginning July 6, 2020 to September 30, 2020.

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