Section 16, The Insurance Act, 2016

(1) Subject to subsection (2), no person shall carry oninsurance business in Sierra Leone unless he applies for and is registered as an insurer under this Act. (2) An insurer carrying on insurance business before or at the commencement of this Act shall, not later than nine months after the commencement of this Act apply for registration. (3) Any person or insurer who contravenes this section commits an offence and shall be liable on summary conviction to a fine not exceeding 20,000,000 leones or to imprisonment for a term not exceeding two years or to both such fine and imprisonment.