Act (Repeal) Decree, 1993

DECREES Supplement to the Sierra Leone Gazette Extraordinary Vol. CXXIV, No. 24 dated 14th May, 1993 [Coat of arms] N.P.R.C. Decree No. 3 1993 Sierra Leone The Insurance (Compulsory Legal Cession) Act (Repeal) Decree, 1993 [Margin: Short title.] Being a Decree to repeal the Insurance (Compulsory Legal Cession) Act, 1975 [14th May, 1993] [Margin: Date of Commencement.] PURSUANT to paragraph 3 of the Proclamation entitled "The Administration of Sierra Leone (National Provisional Ruling Council) Proclamation, 1992", the National Provisional Ruling Council makes and issues the following Decree:— 2 No. 3 Insurance (Compulsory Legal Cession) Act (Repeal) Decree 199[illegible] [Margin: Repeal of Act No. 10 of 1975.]

[Margin: Insurances by Government to be placed with any insurer.]

Any insurance effected by the Government, any statutory corporation, or any body in which the Government or statutory corporation has a majority financial interest and any insurance effected in respect of any property or interest held by or in trust for the Government, a statutory corporation or such body may be placed with any insurer. [Margin: Interpretation.]

"insurer" means any person registered under the Insurance Act, 1971 to transact any class or subclass of insurance business. MADE and ISSUED this 12th day of May, 1993. CAPTAIN VALENTINE E. M. STRASSER Chairman, National Provisional Ruling Council. EXPLANATORY NOTE (This note does not form part of the Decree but is intended to explain its purpose). The purpose of this Decree is to provide for the liberalization of the insurance market by removing from the National Insurance Company Limited monopolistic advantages once accorded to the Company to create an indigenous insurance company. This Decree creates a level playing field for the insurance industry as a whole and will foster competition among insurers.