Insurance Act, 2016
The current Act regulating the insurance industry in Sierra Leone, providing for the licensing, supervision and conduct of insurers and intermediaries.
Summary
The Insurance Act, 2016 is the principal statute regulating the insurance industry in Sierra Leone. It modernises the framework for the licensing, prudential supervision and conduct of insurance business and strengthens the protection of policyholders.
The Act provides for the registration and licensing of insurers, reinsurers, brokers and agents, sets capital, solvency and governance requirements, regulates the conduct of insurance business and the handling of claims, and provides for the supervisory authority's powers of oversight, inspection, intervention and enforcement, with offences and penalties.
It supports a sound and stable insurance market and the fair treatment of policyholders.
Main provisions
- Provides for the registration and licensing of insurers and intermediaries.
- Sets capital, solvency and governance requirements.
- Regulates the conduct of insurance business and claims handling.
- Provides for supervision, inspection, intervention and enforcement.
- Protects policyholders and promotes a stable insurance market.
- Creates offences and penalties for breach.