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CSOs dissatisfied with Insurance Commission

October 14, 2019

By Ibrahim Tarawallie

cso

Civil society and non-state actors have expressed dissatisfaction with the Sierra Leone Insurance Commission for doing very little in carrying out their supervisory and administrative role in regulating the insurance industry.

They questioned the performance of the commission over the years in rendering the much needed insurance services to those who needed it most.

At the bilateral budget discussions hosted at the Miatta Conference Hall, they urged the commission to build the confidence and trust of the people by making their presence felt not only in Freetown, but in the provincial areas with their services.

The Sierra Leone Insurance Commission is requesting Le6.3billion for the 2020 financial year, even though the recurrent budget ceiling given to them was Le 552million.

Hawa Koroma questioned as to why the commission is only thinking about launching a compensation fund in 2020 for victims of road crashes since its inception.

Coordinator of Non-State Actors, Amadu Sidi Bah claimed that identifying provisional offices, effectively utilizing the complaints bureau, renewal of 11 existing insurance companies, monitoring the insurance sticker and maintaining standards and fair treatment of insurance by monitoring the tariff were mere task accomplished and not achievements.

“Some of the achievements you presented to us are mere simple task accomplished. They defined the existence of the mission of your commission,” he said, and asked about the achievements recorded so far in monitoring the insurance sticker.

He noted that findings from their monitoring should influence the decisions they made in identifying gaps, exploring opportunities and creating the impact that everyone Sierra Leonean deserves.

“As an average Sierra Leonean, I have never benefited from any insurance claim before. The trust level people have in the insurance industry is very low. Let us be honest to ourselves. We don’t have to come here every year and approve their budget and we are having the same story. Please we need your help and services,” Bah noted.

He urged the commission to ensure that a robust action is in place to generate the confidence and trust so as to ensure that whenever there is a problem, people can confidently seek redress mechanism.

In his response, Commissioner Arthur Yaskey spoke about the need to establish an insurance institute to train young professionals.

He said many a time people blame insurance companies because they are not aware about the rules, which is why they are going to put premium on sensitization.

“We are virtually begging to see that we operate but we are trying our best. When I assume office, there was only one computer for word processing. We are appealing to the finance ministry to increase our budget because we have so much to do,” he urged.

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