Section 80, The Insurance Act, 2016

(1) No person shall qualify for registration as aninsurance broker or insurance adjuster unless it is a company or a partnership. (2) In the case of a partnership one of the partners and in the case of a company the chief executive shall have the following professional qualification- (a) Associate of the Chartered Institute of Insurance; 50 51 Filing ontracts with Regulation of contracts of agents. Power to call information from agents. Registration of insurance Intermediaries. Qualifications of insurance brokers and adjusters. (b) a holder of a University degree in insurance or its equivalent; or (c) a holder of a West African Insurance Institute (W.A.I.I.) Diploma plus at least ten years experience in the insurance industry. (3) No insurance broker or adjuster shall carry on the business of insurance brokering or insurance adjusting in Sierra Leone unless the broker or adjuster has and maintains at all times while carrying on that business a paid-up share capital of not less than fifty million leones to be deposited with the Bank of Sierra Leone in Government securities, as security deposit and a professional indemnity cover of not less than one hundred million leones. (4) The Minister may, on the advice of the Commission by statutory instrument increase the minimum paid-up capital and the professional indemnity cover requirements specified in subsection (1) (5) An insurance broker or adjuster shall prepare in the prescribed form and furnish to the Commission within three months after the end of each financial year– (a) a report covering the prescribed particulars relating to all insurance transactions undertaken by it during that financial year; (b) a certified true copy of its financial statement and annual report; and (c) any other information that the Commission may request. (6) Where an insurance business is transacted through an insurance broker, the insurance broker shall not less than 30 days of collecting the premium pay to the insurer the amount collected by him. (7) An agent shall not receive premium in his own name but in the name of his principal and shall remit such premium received to the insurance company concerned within five working days. (8) A person who contravenes this section commits an offence and shall be liable on summary conviction to a fine not exceeding ten million Leones or to a term of imprisonment not exceeding two years or to both such fine and imprisonment.