The Central Bank of Liberia (CBL) has approached Nigeria’s National Insurance Commission (NAICOM) for technical steering on risk-based capital necessities, insurance supervision, and regulatory transition because it seeks to strengthen Liberia’s insurance trade.
The engagement was disclosed in an announcement by NAICOM following a strategic working go to by a CBL delegation led by Mr Mulbah Francis Bowah.
According to the assertion, the Liberian regulator recognized the implementation of risk-based capital necessities and the administration of regulatory transitions as key areas wherein it hopes to learn from NAICOM’s expertise.
Other areas of engagement
Beyond risk-based capital and regulatory transition, Bowah recognized danger evaluation and mitigation frameworks, insurance supervision practices, and examination methodologies as precedence areas for cooperation.
He mentioned the go to was supposed to deepen regulatory collaboration and allow Liberia to attract on Nigeria’s expertise in strengthening insurance regulation and supervision.
- “The Central Bank of Liberia remains committed to strengthening its insurance regulatory framework and is confident that insights and technical guidance from NAICOM will play a significant role in supporting Liberia’s ongoing reform efforts and ensuring a seamless transition towards a more robust and resilient insurance sector,” Bowah mentioned.
He thanked NAICOM for its reception and continued help for Liberia’s insurance regulatory authority, describing Nigeria as a “big brother” and a strategic accomplice in advancing insurance regulation and supervision throughout Africa.
NAICOM dedicated to regional partnership
The delegation was acquired by NAICOM’s Deputy Commissioner for Finance and Administration, Mr Ekerete Ola Gam-Ikon, who represented the Commissioner for Insurance.
Gam-Ikon reaffirmed the fee’s dedication to regional partnerships, capability constructing, and data alternate amongst African insurance regulators.
- “The Commission is ready to share experiences and best practices that contribute to stronger regulatory institutions and sustainable growth of the insurance industry across the continent,” he mentioned.
The engagement highlights the function of regional cooperation and peer studying in strengthening regulatory establishments, bettering supervisory requirements, and creating extra resilient insurance markets throughout Africa.
Nigeria completes insurance trade recapitalisation
The engagement follows the completion of Nigeria’s insurance trade recapitalisation train below the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
The train ran from August 2025 to July 31, 2026, following the enactment of the brand new insurance regulation, which President Bola Tinubu signed on July 31, 2025.
The 12-month compliance interval required insurance operators to fulfill revised minimal capital thresholds supposed to strengthen the trade’s monetary capability and resilience.
NAICOM mentioned 50 insurance and reinsurance corporations had complied with the brand new capital necessities, elevating roughly N720 billion.
The fee described the completion of the train as a serious milestone within the transformation of Nigeria’s insurance trade.
