Section 72, The Insurance Act, 2016

(1) No reinsurance broker shall undertake reinsurancebroking unless the reinsurance broker applies for a reinsurance brokerage licence from the Commission. (2) The Commission may issue a reinsurance broking licence to a reinsurance broker if it is satisfied that– (a) the reinsurance broker has the required expertise to conduct the class of reinsurance business ; (b) at least one partner or director of a reinsurance broking firm or company has at least five years working experience in the middle level management of a reinsurance company or reinsurance department of an insurance company; (3) No reinsurance broker shall carry on the business of reinsurance brokering unless the reinsurance broker has statutory deposit of not less than sixty million Leones to be deposited at the Bank of Sierra Leone. (4) A reinsurance broker who contravenes this section commits an offence and shall be liable on summary conviction to fine not exceeding Le 10,000,000.00 and the reinsurance business transacted shall be terminated. PART IX—REGISTRATION OF INSURANCE AGENTS, CHIEF AGENTS, BROKERS, ADJUSTERS AND ASSESSORS