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Sierra Leone Insurance Commission welcomes you in

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Business Guidelines for Service

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Our Mission Statement

To develop an effective system of prudential regulation that would ensure the solvency of insurance companies, provide for a sound, fair, effective interaction between the Insurance Companies, Intermediaries, the Insured and the general public, and strive to be the custodian of the national interest at large as relates insurance matters in Sierra Leone.

Our Vision Statement

To lead the Sierra Leone Insurance Industry to the stage where it will largely be self-regulatory, with well-developed structures within its operations that would ensure its growth and prosperity, having the capacity to operate independently, with a strong sense of accountability and social responsibility, so as to become a model and a leading financial regulator in the West Africa sub-region.

Welcome to SLICOM!

The Sierra Leone Insurance Commission (SLICOM) was established by the Insurance Act 2000 and became effective in 2004 as an autonomous body. The duty of SLICOM is to regulate and supervise the activities for the Sierra Leone Insurance Industry to a point where it would be largely self-regulatory, with a strong sense of accountability and social responsibility to the people of Sierra Leone. As the insurance supervisor, our foremost focus is to create the enabling environment where public confidence could be enhanced and sustained in the insurance industry.

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SLICOM Checklist

For the Renewal of Brokerage License

A.  Duly completed Application Form;

B.  Evidence (receipt) of payment of Renewal Application Fee;

C.  Tax Clearance Certificate and NASSIT Clearance Certificate;

D.  Professional Indemnity Policy/Renewal Endorsement;

E.  Certificate of Compliance of the Insurance Act from the External Auditor;

F.  Statutory Declaration on Oath which shall contain the following:

i.  Company does not hold financial interest in excess of 10% in an Insurance/Reinsurance Company in Sierra Leone;

ii. Company does not hold directly or indirectly financial interest in any loss adjusting company;

iii. Sworn Declaration of reasonable care to ensure compliance with the Insurance Act and authenticity of any statement, information, book or any document whatsoever submitted;

G.  Other Declarations which shall contain the following:

i.  That proper records are kept of all business transacted during the preceding year;

ii. Premium Income Collected/Received on behalf of Insurance Companies;

iii. Declaration that no Director of the Brokerage is an employee of any Insurer/Reinsurer;

iv. Current contact details of the CEO and one Top Management Staff;

v. Summary of annual business transacted/commissions received;

vi. Evidence of payment of requisite Levy;

vii. Original copy of the expired certificate;

viii. Evidence of the current CEO's qualification;

ix. Payment of any other outstanding fee/penalty (if applicable)

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Market Conduct and Business Practice Guidelines for Insurance Institutions

Preamble, Objectives and Practices

a. These Guidelines are issued in exercise of the powers conferred on the Sierra Leone Insurance Commission (SLICOM) under the Insurance Act 2000 and the Insurance Act 2016. 

b. These Guidelines shall form part of the extant insurance regulatory and supervisory tools and shall be read in conjunction with the provisions of the Insurance Act as well as other regulations, directives, notices and circulars that the Commission may issue from time to time.

c. These Guidelines shall apply to all Insurance Institutions.

d. Every insurance institution shall establish internal policies and procedures to give effect to the provisions of these Guidelines and shall form part of its internal control.

e. All Insurance Institutions are required to formally direct their staff to comply and ensure strict compliance with these Guidelines.

To get full document, please click the below link to download.

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Sierra Leone Insurance Commission, Our Key Functions

What makes us so special and awesome?

a) To ensure strict compliance with the provisions of the insurance laws and regulations, and any other enactment relating to insurance;

b) to license and register insurance operatives - Underwriters, Brokers, Loss Adjusters and Agents in Sierra Leone who transact insurance business;

c) To establish standards for the conduct of insurance business through policy making, and the establishment of guidelines, which the industry would have to comply with;

d) To approve rates of insurance premiums and commissions in respect of all classes of insurance;

e) To protect policyholders, Insurance Beneficiaries and Third Parties to any insurance contract;

"Policy holders are fairly treated in accordance with the terms and conditions of the insurance contracts"

Sierra Leone Insurance Commission

Market Conduct and Business Practice Guidelines for Insurance Institutions

SLICOM

A.  These Guidelines are issued in exercise of the powers conferred on the Sierra Leone Insurance Commission (SLICOM) under the Insurance Act 2000 and the Insurance Act 2016;


B.  These Guidelines shall form part of the extant insurance regulatory and supervisory tools and shall be read in conjunction with the provisions of the Insurance Act as well as other regulations, directives, notices and circulars that the Commission may issue from time to time;


C.  These Guidelines shall apply to all Insurance Institutions;


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