Insurance Act, 2000
An Act regulating the insurance industry in Sierra Leone, providing for the licensing and supervision of insurers and intermediaries.
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Summary
The Insurance Act, 2000 regulated the business of insurance in Sierra Leone. It provided for the licensing and supervision of insurance companies, brokers and agents, and for the protection of policyholders.
The Act set requirements for the carrying on of insurance business — including registration, capital and solvency requirements and the conduct of business — and provided for a supervisory authority to oversee the sector, with powers of inspection and intervention. It was later replaced by the Insurance Act, 2016.
Main provisions
- Requires registration/licensing to carry on insurance business.
- Regulates insurers, brokers and agents.
- Sets capital, solvency and conduct-of-business requirements.
- Provides for supervision, inspection and intervention.
- Protects policyholders (later replaced by the Insurance Act, 2016).