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Sierra Leone News: New Insurance Act mandates… Le300m deposit for each class of Insurance

The 2016 Insurance Act, which took effect this year, has mandated all Sierra Leone incorporated insurance companies to deposit the sum of Le. 300 million with the Bank of Sierra Leone for each class of insurance business before and after registration.
Section 27 (1) of the Act reads “every company incorporated in Sierra Leone shall before and after registration as an insurer deposit and keep deposited with the Bank of Sierra Leone an amount of three hundred million Leones for each class of insurance business it seeks to transact.”
However, Section 27 (2) addresses insurance companies that are incorporated outside Sierra Leone. This section reads: “every company incorporated outside Sierra Leone shall before and after registration as an insurer deposit and keep deposited with the Bank of Sierra Leone an amount of six hundred million Leones for each class of insurance business it seeks to transact.”
Wednesday January 11, 2017

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