THE FUNCTIONS OF THE COMMISSION
1) Licensing and registration of insurance operatives – Insurance Companies, Brokers, Loss Adjusters and Agents
2) Supervision of the solvency of insurance companies;
3) Market-place supervision and consumer protection;
4) Policy-making and establishment of the industry guidelines, and
5) Public education on insurance business;
6) National and international public relations on behalf of the Sierra Leone Insurance Industry.
The Board is the governing body of the Commission. The Commission currently has 4 Directorates or functional departments who carry out the actual internal day-to-day management of the Commission.
A) The Office of the Secretary/Legal and Administration. The responsibilities of this of this office are as follows:
1) Provision of secretarial services to the Board of Directors;
2) Overseeing the legal, administrative and human resource matters of the Commission;
3) Administration of ancillary committees of the Commission such as the Complaints and Settlements Bureau.
B) The Office of the Director of Technical. This office is responsible for the technical work of the Commission, which includes:
1) Licensing and registration of insurance companies, brokers, agents, loss adjusters and agents;
2) Collection and analysis of market data; claims ratio; premium ratio, market share, retention ratio, solvency margin, compensation fund etc.;
3) Liaison with and supply of information to external agencies.
C) The Office of the Director of Compliance. The on and off site inspectorate is directly under this office. The compliance division is also under this directorate. It covers all aspects of the Insurance Act of 2016 to ensure that total compliance of the Act is achieved by all insurance institutions. This includes compliance with anti-money laundering, and other related matters.
D) The Office of the Director of Finance. This office is responsible for the internal financial management and book-keeping of the Commission. It also covers the financial supervision of the industry through off site inspection, analysis and evaluation of the annual financial statements of all the players in the industry.
