By: Aminata Sesay
The Parliamentary Committee on Finance has warned insurance companies operating in Sierra Leone to comply with statutory requirements, following concerns over the failure of some firms to submit requested financial and regulatory documents.
The warning was issued on Thursday, September 10, 2026, during the Committee’s engagement with the Sierra Leone Insurance Commission (SLICOM), the Sierra Leone Insurance Association and representatives of insurance companies.
Committee Chairman, Hon. Kekura Vandi, expressed dissatisfaction with the level of compliance, noting that only 12 of the 21 registered insurance companies had submitted the documents requested by the Committee.
The documents include audited financial statements for 2025, reinsurance treaties and evidence of statutory deposits with the Bank of Sierra Leone.
Hon. Vandi said the Committee would not take the matter lightly and directed the Committee Clerk to prepare a comprehensive list of compliant and non-compliant companies.
He said the submitted documents would be thoroughly scrutinized and verified, after which individual insurance companies could be invited before the Committee to respond to concerns arising from the review.
The Committee also questioned whether the current statutory deposit requirement is sufficient to ensure that insurance companies have adequate financial capacity to meet their obligations to policyholders.
Meanwhile, SLICOM, represented by Arthur Yaskey, highlighted financial constraints affecting the Commission’s operations and called for a review of the Insurance Act 2016.
Yaskey said the review should address provisions relating to capital requirements, statutory deposits and emerging insurance products.
The Committee urged SLICOM to make greater use of its regulatory powers and strengthen enforcement across the insurance industry.
It also called for the full constitution of the SLICOM Board, stronger enforcement of compulsory insurance policies and increased public education on insurance.
The Committee further agreed to engage the Ministry of Finance and other relevant institutions on the challenges facing SLICOM, including funding.
The engagement was adjourned pending the Committee’s further review of the documents submitted by the insurance companies.