The Sierra Leonean Insurance Industry: Analysis of Investments, Governance, Risk and Compliance Framework 2017

Albany, New York, Nov 09, 2017: Market Research Hub (MRH) has included a new research report titled “Governance, Risk and Compliance – The Sierra Leonean Insurance Industry”, which 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.

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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.

Synopsis

 

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.

 

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Table of Content:

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

 ….continue


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