Sierra Leone Insurance Industry – Governance, Risk and Compliance

Sierra Leone Insurance Industry Regulation Overview

The insurance industry in Sierra Leone is supervised by the Sierra Leone Insurance Commission (Slicom) along with the African Insurance Organization (AIO) and the West African Insurance Supervisors Association (WAISA).

The Sierra Leone insurance industry governance regulation report provides a 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 also gives insurers access to information on prevailing insurance regulations and recent and upcoming changes in the country’s regulatory framework, taxation, and legal system. It includes the scope of non-admitted insurance in the country as well.

Sierra Leone Insurance Industry – Key Regulators and Legislation

Sierra Leone Insurance Commission (Slicom): The Slicom was established as the insurance regulatory authority in 2004 and is instrumental in ensuring the stability and efficient functioning of insurance and reinsurance companies. It functions in accordance with the guidelines stipulated in the Insurance Act 2016. Slicom is responsible for the overall development of the industry and the protection of consumer interests.

African Insurance Organization (AIO): The insurance industry is regionally regulated by the AIO, established in 1972. AIO is a non-governmental organization recognized by many African governments. It has 287 members from 50 countries in Africa and international associate members from five countries. The AIO was constructed to promote inter-African cooperation and to develop a healthy insurance and reinsurance industry in Africa. There are several bodies established by the AIO under the African Reinsurance Forum, the Association of African Insurance Supervisory Authorities and the Association of African Insurance Educators and Trainers.

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Sierra Leone Insurance Industry - Compulsory Insurance

Some of the key compulsory insurances required within the Sierra Leone insurance industry are:

• Motor Third-Party Liability Insurance
• Marine Liability Insurance
• Professional Indemnity Insurance
• Social Security Insurance
• Property Insurance

Sierra Leone Insurance Industry Analysis by Compulsory Insurances

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Sierra Leone Insurance Industry - Company Registration and Operation

A license is required to operate in the Sierra Leone insurance industry. Insurers, foreign (re)insurers, reinsurers, and intermediaries are required to be registered and obtain a license from Slicom to carry out business in Sierra Leone. Insurance companies in the country can obtain a composite license, reinsurance license, and license for insurance intermediaries.

Furthermore, Foreign investors are permitted to have 100% ownership in the insurance companies of Sierra Leone. Foreign insurance and reinsurance companies are permitted to establish a branch and operate in the country’s insurance business, provided they have a license issued by Slicom. Prospective foreign insurers or reinsurers must apply for licensing to Slicom. The application procedure for foreign insurance companies is the same as that of local companies.

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Sierra Leone Insurance Industry – Taxation

The key taxes imposed in the Sierra Leone insurance industry are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax. Taxation in Sierra Leone is administered and supervised by the National Revenue Authority, according to the Income Tax Act 2000 and the Goods and Services Tax Act 2009. The authority is responsible for achieving an effective, efficient, transparent, and taxpayer-oriented administration.

Corporate Income Tax: The standard corporate income tax rate is 30% for both resident companies and non-resident companies. In addition to standard corporate income tax, branches of foreign companies are taxed at a rate of 10% on the income transferred abroad.

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Scope

This report provides:

• Details of the insurance regulatory framework in Sierra Leone
• Details of the rules and regulations governing insurance products and insurance entities
• Lists and analysis of key trends and developments pertaining to the country’s insurance regulatory framework
• Analysis of the rules and regulations pertaining to the establishment and operation of insurance businesses in the country
• Details of the taxation imposed on insurance products and insurance companies

Key Highlights

• 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.

Reasons to Buy

• Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
• Gain insights into the insurance regulatory framework in Sierra Leone.
• Track the latest regulatory changes and expected changes impacting the Sierra Leone insurance industry.
• Gain detailed information about the key regulations governing the country’s establishment and operation of insurance entities.
• Understand key regulations and market practices pertaining to various types of insurance products.