Section 16, The Insurance Act, 2000

(1) Subject to subsection (2), no person shall carry on insurance business in Sierra Leone unless he applies for and is registered as an insurer under this Act. (2) An insurer carrying on insurance business before or at the commencement of this Act shall, not later than nine months after the commencement of this Act apply for registration. (3) Any person or insurer who contravenes subsection (1) or (2) commits an offence and shall be liable on conviction to a fine not exceeding 5,000,000 leones or to imprisonment for a term not exceeding two years or to both. [Margin: Failure to register not to invalidate contract.]