Governance, Risk and Compliance - The Sierra Leonean Insurance Industry

Published: Aug, 2015 | Pages: 31 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis
Timetric’s 'Governance, Risk and Compliance – The Sierra Leonean Insurance Industry' report is the result of extensive research into the insurance regulatory framework in Sierra Leone. It provides 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 operations of insurance and reinsurance companies and intermediaries.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, recent and upcoming changes in regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

Summary
The report provides insights into the governance, risk and compliance framework pertaining to insurance industry in Sierra Leone including:

• An overview of the insurance regulatory framework in Sierra Leone

• The latest key changes and changes expected in Sierra Leone's insurance regulatory framework

• Key regulations and market practices related to different types of insurance product in the country

• Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Sierra Leone

• Key GRC parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency requirements, reserve requirements, and investment regulations

• Details of the tax and legal systems in the country

Scope
• This report covers details of insurance regulatory framework in Sierra Leone.

• The report contains details of rules and regulations governing insurance products and insurance entities.

• The report lists and analyzes key trends and developments pertaining to the country's insurance regulatory framework.

• The report analyzes rules and regulations pertaining to the establishment and operation of insurance business in the country.

• The report provides details of taxation imposed on insurance products and companies.

• Details of the country's legal system are also covered in the report.

Reasons To Buy
• Gain insights into the insurance regulatory framework in Sierra Leone.

• Track latest regulatory changes and expected changes impacting the Sierra Leonean insurance industry.

• Gain detailed information about the key regulations governing establishment and operation of insurance entities in the country.

• Understand key regulations and market practices pertaining to various types of insurance product.

Key Highlights
• The Sierra Leonean insurance industry is regulated by the Sierra Leone Insurance Commission.

• Motor third-party liability insurance and workers’ compensation 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."

 Table of Contents

1 Introduction
1.1 What is this Report About?
1.2 Definitions

2 Governance, Risk and Compliance
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulations
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Motor third-party liability insurance
2.4.2 Workers’ compensation insurance
2.5 Supervision and Control
2.5.1 African Insurance Organization (AIO)
2.5.2 Sierra Leone Insurance Commission (SLICOM)
2.6 Non-Admitted Insurance Regulations
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and penalties
2.7 Company Registration and Operations
2.7.1 Types of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margins
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8 Taxation
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.8.4 VAT
2.8.5 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution (ADR)

3 Appendix
3.1 Methodology
3.2 Contact Timetric
3.3 About Timetric
3.4 Timetric’s Services
3.5 Disclaimer

List of Tables
Table 1: Insurance Industry Definitions
Table 2: Sierra Leone – Insurance Regulatory Framework Key Features
Table 3: Sierra Leone – Life Insurance Regulatory Framework
Table 4: Sierra Leone – Property Insurance Regulatory Framework
Table 5: Sierra Leone – Motor Insurance Regulatory Framework
Table 6: Sierra Leone – Liability Insurance Regulatory Framework
Table 7: Sierra Leone – Corporate Tax Rates for the Financial Year 2015

List of Figures
Figure 1: Sierra Leone – Insurance Supervision and Control at Various Levels
Figure 2: Sierra Leone – Insurance Regulatory Frameworks for Company Registration and Operation