It is in this respect that rigid enforcement, by government, of third-party liability insurance coverage is not only a necessary and reasonable public policy designed for public protection against risks of loss…
An Open Letter to
Executive Governor, Central Bank of Liberia
Minister of Finance & Economic Planning, R.L.
Indeed, where is the National Insurance Corporation of Liberia (NICOL), conceived and established by Decree of the People’s Redemption Council, in response to the critical need for all classes of insurance coverage for, beginning with, the men and women in arms, paramilitary employees – the Police, immigration and related security personnel – thence, executive, diplomatic and all employees of government, including all properties such as office-buildings and related real estate, automobiles, etc.
There is, absolutely, no doubt that you are informed and aware of the role of insurance in the economic development of any country, particularly, Third World or poor, developing countries, relatively uninformed and, therefore, traditionally suspicious about the crucial, economic role of insurance.
Not only for (insurance) employment benefits, general health, one’s very life, social welfare, property and all classes of risk coverage, but also, for local capital formation, necessary for loans to and/or investments in local business entities for production of goods and services in our effort to minimize and, eventually, eradicate our excessive, and dangerous, demand for and dependence on imports.
It is in this respect that rigid enforcement, by government, of third-party liability insurance coverage is not only a necessary and reasonable public policy designed for public protection against risks of loss – life and property – but also assures compulsory revenue-intake – cash – into the treasuries of insurance companies, which can or may be available as loan and/or investments, as indicated.
Now, we have been informed that of the 18 insurance companies approved/recommended for business in Liberia, the National Insurance Corporation of Liberia, a publicly- or government-owned and capitalized corporation is not one of them. In the light of the role of insurance in developing countries, outlined above as a reminder, there need for public information/education.
Bai M. Gbala, Sr.