NASSCORP, CBL and LRA face interrogation
By Bridgett Milton
The House of Representatives has invited authorities of the National Social Security & Welfare Corporation (NASSCORP), the Central Bank of Liberia (CBL) and the Liberia Revenue Authority (LRA) to appear before full plenary next Tuesday, February 21, to show cause why the Insurance Corporation of Liberia (NICOL) is not complying with the law that established the entity.
Four lawmakers: Rep. Johnson N. Gwailkolo of Nimba County District#9, Rep. J. Marvin Cole of Bong County District#3. Rep. Dorwohn T. Gleekia of Nimba District#6 and Rep. P. Mark Hurry of Maryland says their attention has been draw to the noncompliant posture of Ministries and Agencies of Government in insuring their staff and equipment especially, with the National Insurance Corporation of Liberia.
The lawmakers explain that the law, which was enacted on February 9, 1984 (PRC Decree 81) establishing the National Insurance Corporation of Liberia – under Section III – Powers of the Corporation states that the Corporation shall have EXCLUSIVE power to affect all insurances of the Government of Liberia, public corporations and any other business in which the Government of Liberia is 50 percent (Fifty Percent) shareholder or more.
“Distinguished Colleagues, it has been approximately five (5) years since the President made an appointment at that institution, but we have noticed a complete lack of cooperation by Government Ministries and Agencies as required by law. Despite the lack of cooperation by these Ministries and Agencies, we have seen a great deal of progress by the current management team of NICOL towards the resuscitation of the Corporation”, The lawmakers note.
They reveal that in an effort to lead by example, the House of Representatives placed the insurance of its Central Administration staffers with the National Insurance Corporation of Liberia in June of 2022.
Besides, they continue, the leadership of the House invited several Ministries and Agencies last year to inquire why they have not been complying with the law by placing their insurances with the National Insurance Corporation of Liberia, but up to present, cording to them, there has been no progress by Ministries and Agencies in complying with the law.
“Our research uncovered that there are presently about fourteen (14) registered insurance companies in the country, of which the majority of them are foreign owned; these companies are the ones lobbying for these government insurances from the various government Ministries and Agencies and taking the proceeds to their respective countries, while our state-owned insurance corporation is being neglected”, the four lawmakers lament. Editing by Jonathan Browne