Welcoming all Chief Executives, the new SLICOM commissioner Arthur Yaskey said, “The objectives of the commission are to build a trusted insurance industry that will focus on developing human capital through education, working with every insurance member and to establish local insurance institute that will affiliate with chartered insurance institutes of commonwealth countries.”
Commissioner Yaskey added that for the commission to achieve all these objectives, there must be financial inclusion in the market, market penetration and conduct, and increasing the local retention capacity. “We should help the small companies to grow by sharing business with them through co-insurance. By doing so, we shall be helping them to develop and they in turn would learn to underwrite certain risks and thus, inculcate best standard practices” he said.
Commissioner informed all Chief Executives that his commission’s inspectors will take robust measures to ensure that the no premium no cover regime must be enforced- sanctions would be applied on any insurer that defaults, the revision of tariff for motor and a propose new regulations to be drafted soon and among others.
Speaking on behalf of the Sierra Leone Insurance Association, the President Raymond Macauleywho doubles as Deputy Managing Director of Aureole Insurance Company expressed congratulatory message to the new commissioner. He informed the commissioner that SLIA has made a new development by creating an executive secretarywho will be a permanent employee in the association. “This position will help the association to be effective and efficient” he said. He further went on to say as an association they are putting in place a technical committee that will look into the rate of the market. President Raymond Macauley highlighted the challenges they as an association are facing in the market such as importation and exportation of goods which must be compulsory according to the 2016 Insurance Act, and also micro insurance which Ghana and Nigeria have achieved but Sierra Leone has yet to work on.
He pleaded to the commissioner to look into these challenges in the insurance sector and promise him that his executive will work hand in glove to cooperate with the commissioner.
The commissioner called on all Chief Executive to file in their annual account and a date would be announced for the provisional payment of fees. He ended by asking all Chief Executives to aid in the construction of the new commission headquarter building at A.J Momoh Street.
The Insurance sector contributes significantly to the general economic growth of the nation by providing stability to the functioning of businesses and generating long-term financial resources for the industrial projects. Among other things, Insurance sector also encourages the virtue of savings among individuals and generates employments for millions.