Section 3, The Insurance Act, 2000

(1) The object of the Commission is to ensure effective administration, supervision, regulation and monitoring of the business of insurance in Sierra Leone. (2) For the attainment of its object the Commission shall exercise the following functions— (a) ensure strict compliance with the provisions of this Act and statutory instruments made under it and any other enactment relating to insurance; (b) register insurers, re-insurers and insurance intermediaries who transact insurance business in Sierra Leone; (c) establish standards for the conduct of insurance intermediaries; (d) monitor rates of insurance premiums and commissions in respect of all classes of insurance; (e) protect insurance policy-holders, insurance beneficiaries and third parties to any insurance contract; (f) approve standards and conditions to be applicable to the insurance industry; (g) provide a bureau to which complaints may be submitted by the members of the public; (h) ensure adequate insurance protection and security for national strategic assets and properties; 8 No. 5 Insurance Act 2000 (i) formulate proposals for the promotion of sound and efficient insurance market in the country; (j) ensure in respect of re-insurance that the local retention capacity is exhausted before an insurer resorts to re-insurance outside Sierra Leone; (k) undertake sustained and methodical public education on the insurance business in general; and (l) generally perform such other functions as are necessary or incidental to the functions specified under this section. [Margin: Composition of Commission.]