Section 1: In this Act, unless the context otherwise requires—

"adjuster" means a person duly registered to undertake professional insurance adjusting business for or on behalf of an insurer, an insured or any other person; "approved securities" means securities issued by the Government of Sierra Leone or guaranteed as to principal and interest by the Government; ''certified' in relation to any copy or translation of a document required to be furnished by or on behalf of an insurer means certified by the principal officer or principal representative as the case may be, of such insurer to be a true copy or correct translation; "chief agent" means a person who, with the authority of an insurer, or on his behalf— (i) initiates insurance business either directly or through insurance agents and receives proposals either directly or through insurance agents; (ii) supervises the activities of insurance agents; (iii) collects premium from the insured and insurance agents; (iv) settles claims arising out of policies of insurance, subject to any agreement in this behalf; (v) disburses the commission due to insurance agents; (vi) subject to any agreement in this behalf, acts as the representative of the insurer in Sierra Leone or any well defined geographical area forming part of Sierra Leone; "company" has the meaning assigned to it in section 2 of the Companies Act; [Margin: Cap. 249.] No. 5 *Insurance Act* 2000 3 "domestic insurer" means an insurer incorporated under the Companies Act, or under any law for the time being in force in Sierra Leone; [Margin: Cap. 249.] "director" means any person occupying the position of director of a body corporate by whatever name called; "financial year" in relation to a domestic insurer or in relation to the business of a foreign insurer in Sierra Leone means the calendar year ending on 31st December and in relation to foreign insurers in respect of the accounts for the total business means the period not exceeding twelve months at the end of which accounts of the insurer is balanced; ''fire insurance business" means the business of effecting otherwise than incidentally to some other class of insurance business, contracts of insurance against loss by or incidental to fire or other occurrence customarily included among the risks insured against in fire insurance policies; "foreign insurer" means an insurer incorporated under the law of any country other than Sierra Leone; "general insurance business" means fire, marine, motor or miscellaneous insurance business whether carried on singly or in combination with one or more of them but excludes life insurance business and long term insurance business; "industrial life insurance business" means the business of life insurance where the insurer expressly or tacitly undertakes to send a person to the owner of the policy at his residence or place of work to collect the premium, and where the frequency of payment of premium is not less than twelve times a year at intervals not exceeding a month, and where the sum insured, or the amount of the annuity per annum does not exceed such sum as may be notified in the *Gazette* by the Minister; "insurance agent" means, in respect of life insurance business an individual and in respect of general insurance business a person who, with the authority of 4 No. 5 *Insurance Act* 2000 an insurer acts on his behalf in the initiation of insurance business, the receipt of proposals and, subject to written authority by the insurer, to collect premiums on his behalf; "insurance broker" means a person who acts as an independent contractor for commission or other compensation and not being an agent of the insurer, solicits or negotiates insurance business on behalf of an insured or prospect in reinsurance business; "insurance business" means the assumption of the obligation of an insurer or reinsurer in the case of insurance business or reinsurance business as the case may be; "insurance intermediary" includes an insurance broker and adjuster; "insurer" means a person carrying on insurance business otherwise than as an insurance agent, special agent or chief agent; "life insurance business" includes industrial life insurance business and ordinary life insurance business and means the business of effecting contracts of insurance upon human life including any contract whereby the payment of money is assured on death (except policies for death by accident only) or the happening of any contingency dependent on human life or which is subject to payment of premiums for a term dependent on human life and includes— (a) the granting of disability and double or triple indemnity accident benefits if so provided in the contracts of insurance; (b) the granting of annuities upon human life; and (c) the granting of superannuation and annuities payable out of any fund applicable solely to the relief and maintenance of persons engaged or who have been engaged in any particular profession, trade or employment or of the dependants of such persons; No. 5 *Insurance Act* 2000 5 "life insurance fund" or "life fund" means the fund to which the receipts of an insurer in respect of his life insurance business are carried and from which payments in respect of that business are made; "life insurance policy" means an ordinary life assurance policy or industrial life assurance policy; "long term insurance business" includes the business of— (a) sinking bond, capital redemption or bond investment; (b) indemnifying for loss of income as a result of disability by accident or sickness; (c) indemnifying for cost of hospitalisation as a result of disability by accident or sickness; (d) insuring the payment on the happening of the contingencies of birth, marriage or failure of issue either singly or in combination; but does not include business comprising insurance contracts which are terminable by the insurer at intervals not exceeding twelve months, or by notice to the insured; "Manager" and "officer" have the meanings assigned to them in section 2 of the Companies Act; [Margin: Cap. 249.] "marine insurance business" means the business of effecting contracs of insurance upon vessels of any description, including cargoes, freights and other interests which may be legally insured, or in relation to such vessels, cargoes and freight, goods, wares merchandise and property of whatever description insured for any transit by land, water or air, or by combination thereof and whether or not including warehouse risks or similar risks in addition to or incidental to such transit, and includes any other risk customarily included among the risks insured against in marine insurance policies; 6 No. 5 *Insurance Act* 2000 "Minister" means the Minister responsible for finance; "miscellaneous insurance business" means the business of effecting contracts of insurance which is not principally of any kind included in life insurance business, marine insurance business and motor insurance business; "motor insurance business" means the business of effecting contracts of insurance indemnifying owners or persons financially interested in motor vehicles against damage to the vehicles, or any payment made to extinguish the legal liability of the owner or driver arising out of the use of the vehicle or any payment made to extinguish any other liability for the use of the vehicle; "ordinary life insurance business" means the business of life insurance where the insurer assumes no responsibility to collect the premium from the insured; "policy" means a valid insurance contract whatever the form, in which the rights and obligations of the parties to the contract are expressed or created; "policy-holder" means the person who for the time being has the legal title to the policy and includes any person to whom a policy is for the time being assigned; "prescribe" means prescribe by rules, regulations or orders; "registered" means registered for the purpose of this Act. PART II — ESTABLISHMENT OF SIERRA LEONE INSURANCE COMMISSION [Margin: Establishment of Sierra Leone Insurance Commission.]