Nigeria’s insurance regulatory reforms are attracting regional interest, with Liberia seeking technical support from the National Insurance Commission (NAICOM) on risk-based capital requirements, supervisory practices and regulatory transitions as it moves to strengthen the financial resilience of its insurance industry.
The Central Bank of Liberia (CBL), which regulates the country’s insurance industry, requested support during a working visit to NAICOM by a delegation led by Mulbah Francis Bowah, identifying Nigeria’s experience as a potential guide for improving insurance supervision and strengthening regulatory institutions.
According to NAICOM, the Liberian delegation identified risk-based capital implementation, risk assessment and mitigation, insurance supervision and examination methodologies as priority areas for technical cooperation.
Bowah said Liberia was committed to strengthening its regulatory framework and expected Nigeria’s experience to support its ongoing reforms and the development of a more resilient insurance market.
He described Nigeria as a strategic partner in advancing insurance regulation across Africa, expressing appreciation for NAICOM’s willingness to share its experience and technical expertise.
NAICOM’s Deputy Commissioner for Finance and Administration, Ekerete Ola Gam-Ikon, received the delegation and represented the Commissioner for Insurance, Olusegun Ayo Omosehin.
Gam-Ikon reaffirmed the commission’s readiness to share regulatory experience and best practices with other African jurisdictions, highlighting the importance of regional cooperation, institutional capacity building and knowledge exchange in strengthening insurance supervision. Credit: guardian.ng
