The Sierra Leone Insurance Brokers Association, was yesterday launched at the Catholic Mission Hall Syke Street, by the Commissioner of Insurance, Mr Augustine Kanu.
The launching was well attended by Insurance brokers and representatives from different Insurance companies.
In his statement while officially launching the Association the commissioner of Insurance Augustine Kanu said that as regulators it has always been their dream and desire to have a brokers association established within the insurance industry in Sierra Leone, because it will ease their supervisory role. It means in effect that they will now be guided, not only by the dictates of the commission but also their own constitution and by-laws.
He maintained that the formation of the brokers association within the Insurance industry in Sierra Leone will not only help the brokers concerned with regularizing their daily activities but will also empower them when it comes to negotiating with the commission and the insurance association in terms of rate of commission and other fringe benefits due them.
He added that this association will certainly bring respectability to all brokers and will force all stakeholders to treat them with the seriousness they deserve as single unified units. He implored all executive members of the brokers association to work towards the objectives and expectations of the entire insurance industry.
In his statement the President of the Sierra Leone Insurance Brokers Association Mr Joseph Hinga said that this is the first time in the annals of insurance in this country that an association of this nature has been formed and registered to act as an umbrella body for the insurance brokers in Sierra Leone. Membership he said is open to all in brokerage institutions and professional Insurance brokers may not be staff of any corporate institution.
He also noted that it is a truism that there is need for a prudent business man who may not know the customs and technicalities of the market to engage the services of professionals in the field to act for him in order to get the best possible insurance cover with an insurance company at the most economic premium cost, and the best possible terms and conditions available in the Insurance market.
He ended by saying that their major role is to protect the interest of the insured’s or policy holders and in the process undertake the responsibility of advising, recommending, and arranging insurance cover. In most cases they save insurers cost by securing insurance business for insurance companies.
By Nancy Koroma
Thursday June 12, 2014