Section 57, The Insurance Act, 2016

(1) Every insurer shall at all times in respect of theinsurance business transacted by it in Sierra Leone invest and hold invested in Sierra Leone assets equivalent to not less than the amount of the funds in such insurance business as shown in the balance sheet. (2) Subject to any other provision of this Act, the investment of insurance funds referred to in subsection (1) shall comprise the following- (a) in respect of life insurance fund– (i) 50% in Government securities; and (ii) 50% in such other investments as the insurer may determine. (b) in respect of insurance business other than life insurance business– (i) 25% in Government securities; and (ii) 75% in such other investment as the insurer may determine. (3) The Minister may, after consulting the Commission by order vary the percentage of insurance funds to be invested. (4) If any insurer at any time is unable to meet his debts without realising some or all of his assets required to be invested under this section, an application may be made in the prescribed form and in the prescribed manner to the Commissioner, who, after making such further investigation as may be necessary allow the insurer to realise such part of the assets invested under this section as he thinks fit. (5) An insurer who has been allowed to realise assets under subsection (4) shall be deemed to comply with the provisions of this section if the assets fall short of the amount required to be invested under this section by such sum as does not exceed the amount of assets allowed to be realised under subsection (4).