Section 74, The Insurance Act, 2000

(1) No person shall qualify for registration as an insurance broker or insurance adjuster unless it is a company or a partnership. [Margin: Qualifications of insurance brokers and adjusers.] (2) In the case of a partnership one of the partners, and in the case of a company the chief executive, shall have the following professional qualification— No. 5 Insurance Act 2000 43 (a) Associate of the Chartered Institute of Insurance; (b) a holder of a University degree in insurance or its equivalent; or (c) a holder of a West African Insurance Institute (W.A.I.I.) Diploma plus at least ten years experience in the insurance industry. (3) No insurance broker or adjuster shall carry on the business of insurance brokering or insurance adjusting in Sierra Leone unless the broker or adjuster has and maintains at all times while carrying on that business a paid-up share capital of not less than five million leones to be deposited with the Bank of Sierra Leone in Government securities, as security deposit and a professional indemnity cover of not less than 10 million leones. (4) The Minister may, on the advice of the Commission by statutory instrument increase the minimum paid-up capital and the professional indemnity cover requirements specified in subsection (l). (5) An insurance broker or adjuster shall prepare in the prescribed form and furnish to the Commission within three months after the end of each financial year— (a) a report containing the prescribed particulars relating to all insurance transactions undertaken by it during that financial year; (b) a certified true copy of its financial statement and annual report; and (c) any other information that the Commission may reques.