House of Representatives Cites NASSCORP, CBL and LRA for Failure to adhere to NICOL Law
Monrovia: The Honorable House of Representatives- HOR has cited Authorities of the National Social Security and Welfare Corporation, the Central Bank of Liberia, and the Liberia Revenue Authority to appear before it on February 21, 2023, to state why they are not complying with the law establishing the National Insurance Corporation of Liberia- NICOL.
According to the House of Representatives Press and Public Affairs Bureau, plenary reached the decision Tuesday, 14 February during the 9th day sitting of the 1st quarter of the 6th session, following a communication from Representatives Johnson Gwaikolo, Marvin Cole, Dorwohn Gleekia, and P. Mike Jurry respectively.
“We present our compliments and herewith respectfully call the attention of Members of the Honorable House of Representatives to the non-compliant posture of Ministries and Agencies of Government to insure their staff and equipment with the National Insurance Corporation of Liberia,” they added.
The law, was enacted on February 9, 1984 (PRC Decree 81) established the National Insurance Corporation of Liberia – under Section III – Powers of the Corporation.
It states that the Corporation shall have the 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% (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 lamented.
They added that in an effort to lead by example, this Honorable House of Representatives placed the insurance of the Central Administration staffers with the National Insurance Corporation of Liberia in June of 2022.
Additionally, the leadership of the Honorable House of Representatives 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, there has been no progress made on the part of those 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.
The Proponents said 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 been neglected.
