The Sierra Leone Insurance Commission, (SLICOM) has opened its regional offices in Bo and Kenema. This move is in line with the Commission’s mandate to establish its presence throughout the country.
In his address, the Commissioner of SLICOM, Arthur Yaskey said that the objective of the Commission is to ensure effective administration, supervision, regulation and monitoring of the business of insurance in Sierra Leone and in doing so, “it is prudent for the Commission to have regional offices”.
With those offices, Commissioner Yaskey said that the Commission will be able to ensure strict compliance with the provisions of the Insurance Act and statutory instruments made under it and any other enactment relating to insurance.
He underscored the importance of the Commission in ensuring adequate protection and security for national strategic assets and properties and how the regional offices will be crucial in handling complaints against an insurance company that would be forwarded to the Commission’s Headquarters in Freetown.
“We want to increase the level of insurance penetration in our country. Presently, it is less than 1%. We want to increase that penetration considerably. Insurance is part of the financial sector and as a Commission we would want as many of our compatriots to be part of the financial inclusion in our country,” he noted.
Commissioner Yaskey admonished that any employer that employs more than five persons shall have to take out employer’s liability insurance in respect of the employees, and called on Sierra Leoneans to take insurance business seriously.
