Section 22, The Insurance Act, 2000

(1) Subject to subsection (2), no person shall be registered as an insurer unless it has and maintains at all times a paid-up share capital of not less than— (a) twenty five million leones if it wishes to transact life insurance business; (b) twenty five million leones for each class of insurance business other than life insurance which it wishes to transact; (c) ten times the amounts specified in paragraph (a) or (b) if it wishes to transact re-insurance business. 16 [illegible] Insurance Act 2000 (2) The capital requirements of an insurer transacting insurance business before or at the commencement of this Act shall be satisfied not later than two years after the commencement of this Act. (3) Without prejudice to section 19, no company which is limited by guarantee shall be registered as an insurer unless the subscribers to the memorandum and articles of association have contributed to the general fund of the company ten million leones for every class of insurance business it wishes to transact. (4) A company limited by guarantee and not domiciled in Sierra Leone shall not be registered for any class of insurance business unless it has and maintains at all times free funds of not less than three hundred million leones. (5) For the purposes of this section, "free funds" means the excess of realizable assets of the company over the liabilities to all creditors and policy-holders, and all reserves made for a specific purpose, but does not include reserves which have been created out of past profits and have not been made for any specific purpose. [Margin: Deposits.]