The president and chief executive officer (CEO) of the African Insurance Corporation of Liberia or ALCOL, Collins F. Siafa, has expressed commitment to the open market system in the insurance industry of Liberia.
He said any insurance institution that does not encourage fair practices, should have its activities and policies reviewed. Speaking with reporters in Monrovia the insurance executive clarified that his entity is not in the business of fighting other insurance companies, adding that ALCOL’s policies speak for themselves.
He dismissed as untrue speculations in some quarters that ALCOL has refused to paid premium to some of its beneficiaries, noting that the Central Bank of Liberia, which is the government regulatory arm for insurance business, has satisfied the work of his company.
Meanwhile, Mr. Siafa has challenged the Liberian media to continue to spotlight issues affecting workers and their premiums to ensure transparent and timely payment of insurance premiums to beneficiaries.