President Joseph Nyuma Boakai has formally submitted two major financial reform bills to the National Legislature, including a landmark proposal to establish the Liberia Insurances Commission—an independent regulatory body intended to modernize and strengthen the nation’s insurance sector. The communication, addressed to Senate President Pro Tempore Nyonblee Karnga-Lawrence, was read in Tuesday’s session at the Capitol Building in Monrovia.
In his letter dated November 13, 2025, President Boakai informed the Legislature that the proposed bills are central to his administration’s agenda for restructuring and enhancing the legal and regulatory framework governing Liberia’s financial institutions. The instruments submitted are:
The Bank Financial Institutions and Bank Financial Holding Companies Act of 2025, and
An Act to Amend Title 30, Public Authorities Law, Liberian Codes of Laws Revised, to Establish the Liberia Insurances Commission. According to the President, the first bill seeks to repeal and replace the existing Bank Financial Institutions Act, which he said no longer reflects the full scope of institutions it was designed to regulate. He noted that the current law contains interpretive ambiguities and structural gaps that undermine consistent enforcement and weaken overall financial sector governance.
The proposed replacement aims to harmonize the regulatory framework for banks, financial institutions, and financial holding companies, thereby improving oversight, operational efficiency, and systemic stability. The second bill fulfills a commitment President Boakai made during his State of the Nation Address on January 27, 2025, where he announced plans to create an autonomous insurance regulatory authority.
The proposed Liberia Insurances Commission would serve as a modern and independent body adhering to international standards of supervision, consumer protection, and financial sector soundness. The President described the creation of the Commission as “an important milestone in the transformation of Liberia’s insurance sector.” President Boakai emphasized that strengthening the integrity, resilience, and inclusiveness of the financial sector remains a top priority for his administration, citing its importance to national economic development and long-term sustainability.
He urged lawmakers to take prompt action on the bills, noting their “strategic importance and far-reaching implications” for financial sector reform. Following the reading of the communication, Senate leadership ordered that the two instruments be officially received and scheduled for further legislative action. Pro Tempore Karnga-Lawrence instructed that copies be made available to senators for review, with the measures expected to return to the floor for discussion during Thursday’s session.
The bills would mark a significant step toward modernizing Liberia’s financial regulatory environment, addressing long-standing governance challenges, and expanding institutional capacity within both the banking and insurance industries.
Author: Zac T. Sherman
