It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.
The report brings together research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.
The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Sierra Leone, including:
- An overview of the insurance regulatory framework in Sierra Leone.
- The latest key changes, and changes expected in the country’s insurance regulatory framework.
- Key regulations and market practices related to different types of insurance product in the country.
- Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Sierra Leone.
- Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
- Details of the tax and legal systems in the country.
- The report covers details of the insurance regulatory framework in Sierra Leone.
- The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.
- The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and insurance companies.
- Gain insights into the insurance regulatory framework in Sierra Leone.
- Track the latest regulatory changes, and expected changes impacting the Sierra Leonean insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance product.
- The Sierra Leonean insurance industry is regulated by the Sierra Leone Insurance Commission (Slicom).
- Motor third-party liability insurance, professional indemnity for brokers, medical professionals insurance and employers’ liability insurance are compulsory classes of insurance.
- Composite insurance is permitted in Sierra Leone.
- 100% FDI is permitted in the Sierra Leonean insurance industry.
- Non-admitted insurance is not permitted in the Sierra Leonean insurance industry.
1.1 What is this Report About?
2 Governance, Risk and Compliance
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulations
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Motor third-party liability insurance
2.4.2 Workers’ compensation insurance
2.4.3 Liability insurance for ships with respect to oil pollution
2.4.4 Professional indemnity insurance for brokers and loss adjusters
2.5 Supervision and Control
2.5.1 African Insurance Organization
2.5.2 Sierra Leone Insurance Commission
2.6 Non-Admitted Insurance Regulations
2.6.3 Market practices
2.6.4 Fines and penalties
2.7 Company Registration and Operations
2.7.1 Types of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margins
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.9 Legal System
2.9.2 Access to court
2.9.3 Alternative dispute resolution
List of Figures
Figure 1: Sierra Leone - Insurance Supervision and Control at Various Levels
Figure 2: Sierra Leone - Insurance Regulatory Frameworks for Company Registration and Operation
List of Tables
Table 1: Insurance Industry Definitions
Table 2: Sierra Leone - Insurance Regulatory Framework Key Features
Table 3: Sierra Leone - Life Insurance Regulatory Framework
Table 4: Sierra Leone - Property Insurance Regulatory Framework
Table 5: Sierra Leone - Motor Insurance Regulatory Framework
Table 6: Sierra Leone - Liability Insurance Regulatory Framework
Table 7: Sierra Leone - Corporate Tax Rates for the Financial Year 2017