The Sierra Leone Insurance Commission (SLICOM) has requested during their 2020 Budget presentation for the retention of 75 percent of the levy paid by Insurance Companies and the balance 25 percent to go into the Treasury Single Account (TSA). This was according to Commissioner Arthur M. Yaskey, whilst presenting their 2020 Budget to the Ministry of Finance. “For effective functioning of the Commission’s operations we are requesting for the 1% which the Insurance Act 2016 provides for the operations of the Commission to be divided as follows: 75% to the Commission and 25% to the TSA” he asked. The Commission’s generated revenue from Insurance Companies for 2017 and 2018 was Le1.325 billion and Le1.209 billion. Based on the 2018 figures there is a 15 percent increase in the 2019 figures to Le1.391 billion and they are projecting that in 2020 they will collect Le1.739 billion. Highlighting their achievements in 2019 he stated that they have been able to monitor the No Premium No Cover regime, identify provincial office spaces in Bo, Kenema, Makeni and Kono and effectively utilize the Public Complaints Bureau to ensure the speedy settlement of genuine insurance claims and handling all insurance disputes. They renewed licenses for eleven existing Insurers, one international Re-Insurer, eight brokers, fifteen Agents and registration of two Brokers. The Motor Insurance Sticker programme in the Insurance business continues to assist the Police and SLRSA in their inspection of vehicles and to ensure free flow of traffic.
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He said that they have also maintained standards and fair treatment of insured by monitoring the Tariffs/Premiums and Commission rates within the insurance Industry, develop the Sierra Leone Insurance Industry development plan 2019-2021 and ensure full compliance by all Insurance Companies of the solvency margin calculations as detailed in the Insurance Regulations. Commissioner Yaskey said that they will be setting-up the framework for the implementation of the Compensation fund for road accident victims who are injured or killed by uninsured motorists or hit and run drivers. SLICOM’s Abdul Karim Bangura spoke on their plans for 2020 in which he said they will continue to facilitate the insuring of Government assets and properties, conduct training and resource mobilization for subsidies to the would be clients for Micro Insurance and Agricultural Insurance implementation and monitor the No Premium No Cover regime. The Commission will in 2020 introduce insurance in the Junior and Senior secondary school curriculum, renew existing Insurers, Reinsurers, Brokers, and Agency Licenses and Registration, register all new comers into the Insurance Industry, re-Launching of the Marine & Aviation Insurance Tag and continue to maintain standards and fair treatment of insured by monitoring the Tariffs/Premiums and Commission rates within the insurance Industry. The Commission has requested for Le6.305 billion which is Le5.753 billion over the budget ceiling of Le552 million.
By Zainab Iyamide Joaque
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