Monrovia – The Central Bank of Liberia (CBL) has endorsed the operation of the Equity Assurance Limited, which has been rebrand as the SUNU Assurances, to operate general insurance businesses in the country.
Report by Augustine T. Tweh, [email protected]
CBL endorsement comes as a result of the firm’s capital compliance after several engagements with the institution (Then Equity Assurances LTD) of its dire capital situation.
Speaking at the official rebranding ceremony of Equity Assurance to SUNU Assurances in Monrovia on Wednesday, September 19, the Deputy Director for Insurance Regulation and Supervisor Department at the CBL, Jay G. Brown said the CBL has placed major priority on the reform of the insurance sector because of it believes that the sector has high potential and when properly harnessed can bolster sustained economic growth in the country.
“During the first half of 2018, when the CBL intensified its enforcement of the capital compliance of insurance companies, there were extensive engagements with the SUNU Group regarding the dire capital situation of Equity Assurance. SUNU Group fully recapitalized Equity Assurance with a total of USD$1.7million and informed the CBL of its plan to rebrand the company,” said Director Brown.
“A process that was approved by the CBL and is being given an impetus today. The CBL is pleased with the confidence the SUNU Group has demonstrated in the insurance industry of Liberia and the Liberian economy in general.”
Brown added that CBL will allow only companies that meet the minimum capital resources of USD$1.8 million in June 2018 and USD$2.3 million in December of 2018 to operate both life and general insurances in the country, while those companies that fall below the composite capital requirements will be restricted to either life or general insurance.
“In this connection, the CBL has endorsed the request of the Equity Assurance for its operations to be in the area of general insurance business. The Insurance Section of the CBL shall work with the Equity, now SUNU to ensure that all of its existing life businesses are properly transferred to viable companies or other acceptable arrangements with the insureds be pursued,” he said.
He also mentioned that the passage of the Insurance Act of 2014 has provided a coherent legal foundation for robust regulation and supervision of the insurance sector, adding that a draft new guideline on regulatory and financial reporting has been shared with insurance companies.
He said the new guideline seeks to improve the quality of reporting by insurers and, among other things, requires periodic publication of financial and prudential information on insurers.
Giving the overview of the company, the Chairman of SUNU Assurances, Steven S. Kolubah said Equity Assurance started in 2013 with the dream and interest to do insurance business in the country.
“We were able to receive our license in March 21, 2014 and in April 8, 2014 we launched the company in Liberia. Equity coming to Liberia has made significant contribution to the economy; we have done the best we can.”
We were the first insurance company to introduce a mobile insurance right in the streets, that was an idea we brought that people should not be stress just to get their vehicle (s) register when inspection is going on daily,” Kolubah added.
For his part, SUNU Assurances Head of Management Control and Financial Management Divisions, Karim-Franck Dione said the company offers complete packages of life and non-life insurance to enhance quality services and strengthen ties with its customers.
Dione added that the institution aims to also serve as a reference for Pan-African insurance through it financial strength, professionalism and core values.
He also noted that SUNU Assurances offers insurance services as: Motor Insurance, Fire Insurance, Money Insurance, Personal Accident Insurance and Burglary Insurance among other things.
He said SUNU Assurances is now operating in more than 14 sub-Saharan African countries through over 20 insurance subsidiaries and affiliated companies.