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Governance, Risk and Compliance - The Sierra Leonean Insurance Industry

Governance, Risk and Compliance - The Sierra Leonean Insurance Industry


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Executive Summary

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 operation 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, and recent and upcoming changes in the 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 the insurance industry in Sierra Leone, including:

An overview of the insurance regulatory framework in Sierra Leone

The latest key changes, and changes expected in the country'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 parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations

Details of the tax and legal systems in the country

Scope

The report covers details of the insurance regulatory framework in Sierra Leone.

The report contains details of the 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 the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.

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

Reasons To Buy

Gain insights into the insurance regulatory framework in Sierra Leone.

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

Gain detailed information about the key regulations governing the 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.

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

Figure 1: Sierra Leone - Insurance Supervision and Control at Various Levels

Figure 2: Sierra Leone - Insurance Regulatory Frameworks for Company Registration and Operation

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

Single User License:
The report will be emailed to you. The report is sent in PDF format, allowing one specific user access to the product.

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Corporate User License:
The report will be emailed to you. The report is sent in PDF format, allowing all employees within your organisation access to the product.

To know more information on Purchase by Section, please send a mail to query [@] kenresearch.com
 

Insurance

Governance, risk and compliance

Regulatory framework

Life insurance

Property insurance

Motor insurance

Liability insurance

Marine, aviation and transit insurance

Personal accident and health insurance

Compulsory insurance

Licensing requirements

Minimum capital requirements

Solvency requirements

Non-admitted insurance

Reserve requirements

Investment regulations

Licensing fee

Authorization fee

Risk-based capital framework

Accounting standards

Returns requirement

Consumer protection

Law

Regulation

Act

Tax

Insurance premium tax

Corporate tax

VAT

Legal system

Court system


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