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Sierra Leone News: Commissioner of SLICOM meets Insurance companies

The new Commissioner of Sierra Leone Insurance Commission (SLICOM), Arthur Yaskey, on Thursday 15th November 2018, met with insurance companies to introduce himself and chart the way forward. Yaskey said he was happy to be appointed as the new Commissioner because he has been part of the industry and wants to work with them to achieve more success. “The mandate of the commission is very clear. It is basically to regulate, supervise, develop the insurance industry and protect insurance beneficiaries. For us to fulfil this mandate, our first focus is going to be the development of human capital through education. Efforts would be made to ensure the introduction of insurance in the curriculum of senior secondary schools so that we can catch them young.” Commissioner Yaskey said they intend to work with the market and strengthen the Sierra Leone Insurance Association (SLIA). He said they would plead with every player in this market to became a member of SLIA. He said a strengthened SLIA can handle a lot of issues for the benefit of all. “I want to take this opportunity to congratulate the new executive of SLIA and hope we will have a working relationship. I would want to work with you so that we can establish a local insurance institute and eventually get it affiliated to the Chartered Insurance Institute of Great Britain. Nigeria, Ghana and Kenya and other Commonwealth countries have over the years established theirs and are still affiliated to the CII. This will greatly assist our young and upcoming professionals.” Yaskey said they have to develop their market in terms of financial inclusion, market penetration and conduct. He said they have to increase the local retention capacity. Yaskey said they must help the small companies to grow by sharing business with them, through co-insurance. “By so doing we shall be helping them to develop and they in turn would learn to underwrite certain risks and thus inculcate best standard practices. This I am sure will help us all as practitioners to adhere to international best practices and standards.” He said inspectors shall therefore be undertaking robust inspections to ensure that fronting is not allowed because at least 25% of any risk must be retained before the risk is ceded overseas except wherein approval is obtained from the Commissioner. The Commissioner averred that there should be sharing of business within this market and no premium no cover regime must be enforced, and sanctions would be applied on any insurer that defaults. He said the proposed new regulations to be drafted soon will domesticate certain policies such as motor insurance; personal accident cover; workmen’s compensation, medical and life Insurance. The new SLIA president and Deputy Managing Director of Aureol Insurance Company (AIC), Raymond Macauley, said they were happy for the appointment of their past president as the new commissioner and they are optimistic that they will work together for the development of the industry. Macauley said they have appointed an Executive Secretary, Rashid Turay, because they want the office to be running as all of them are coming from different offices and they do not have time to keep the office going. He said the micro insurance is where they are heading now as Ghana and Nigeria are already there. He said only 35% of the market is being insured. Macauley said they have 14 insurance companies and 11 of them are Sierra Leonean companies with three from ECOWAS countries.

15/11/18

Friday November 16, 2018.

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