Good morning all. It is with great pleasure that I welcome you all to the Commission this morning.
I know that sometime in 2018, I had an engagement with the entire market and some of you were present at that meeting. During that meeting, I tried to lay out to those present my vision for this market. I stated then that I wanted us all to build a trusted insurance market.
I still believe in that so I have requested you all to come today so that we can all be part of the process of building a “Trusted Insurance Market” especially when one takes into consideration that this is generally a broker-driven market and besides the brokers and agents are the first underwriters. You moreover play a vital role in the supply chain for insurance and as insurance intermediaries in this market.
The Commission wants Brokers to be in the fore front of the marketing of the compulsory insurance covers as enacted in the 2016 Insurance Act.
Consequently, the Commission is in the process of opening offices in the provincial district headquarter towns of Bo, Makeni and Kenema. We would expect the support of the brokers at the events. Our intention is to bring the activities of the Commission closer to the public and to encourage public patronage of insurance business.
Today, the Commission is about to launch a new checklist for the renewal of broker’s license. I thought that we should all discuss it so that you clearly understand what is required of you. Moreover, I know that you also as major players in this market may have your own concerns. You are therefore equally invited to table them so that we can discuss and have a resolution of those concerns.
Secondly, the Commission will soon be launching Market Guidelines and Practice. Please therefore leave your email addresses so that we can forward a copy to each of you. We encourage you all to read those guidelines and Market Practice and try to monitor within your brokerages their outcomes.
Whilst the public perception of insurance is improving, the image of the insurance industry to the ordinary Sierra Leonean is still not very favorable. This unfortunately has not helped in the efforts to increase the patronage of insurance. Some reasons attributed to this are, but not limited to; delayed and inadequate claims payment, insurance intermediaries, that is, brokers and agents’ inability to explain policy terms and conditions to the satisfaction of a potential policyholder, the use of insurance jargons in policies and statements.
The Guidelines and Market Practice therefore outline how the Commission aims to achieve our vision for a fair, strong and efficient industry, in other words, a trusted insurance industry.
The Guidelines represent the most significant ways in which the Commission will be addressing consumer complaints, punishing wrong doing, and encouraging better culture and behavior, including a greater emphasis on fairness and professionalism – throughout the industry.
Finally, I wish to say a few words about the issue of the statutory deposits paid into the Central Bank, the Bank of Sierra Leone by brokers. The amount involved currently is on the low side. The Commission therefore plans to announce new Statutory Deposit requirements during this year. Appropriate consultations on the modalities and transitional arrangements will be held with relevant stakeholders in due course.
I wish to thank you all again for honoring my invitation to this meeting. Please feel free to table issues that will help us to grow your business and this market.
I wish to thank you all again.
