The Sierra Leone Insurance Commission (SLICOM) has on Thursday July 2, 2020 signed an operational Memorandum of Understanding (MoU) with the Sierra Leone Local Content Agency (SLLCA) at the Conference Hall of SLLCA in Freetown.
The signing ceremony was attended by representatives from Sierra Leone Insurance Association (SLIC), SLICOM and the SLLCA.
In his address the Commissioner of SLICOM, Arthur Yaskey, said that the collaboration between SLICOM and the SLLCA provides an opportunity to play a role in supporting government in improving government service provision and boosting economic growth for all locals. “Insurance, as we are all aware is part of the service economy and over the years has gained importance, by not only covering risks, but also contributing a growing share to employment in our country. It is in view of this that SLICOM as the regulatory body of the Insurance Industry in Sierra Leone had decided to sign this MoU with the Sierra Leone Local Content Agency,” Commissioner Yaskey said.
The President of Sierra Leone Insurance Association (SLIA), Raymond Macauley, expressed delight in signing this MoU between the Insurance Industry and SLLCA. “I am optimistic that this MoU will improve the capacity of our industry,” he said.
In his opening remarks, the Director General of SLLCA, Fodeba Daboh, said that the signing is very significant because it directly speaks to the implementation of the two Acts of parliament through which the SLICOM and SLLCA were established. He added that both Acts are clear on the need for mutual collaboration between the two institutions, noting that the coming together of the Sierra Leone Local Content Agency and the Sierra Leone Insurance Commission to sign an operational MoU is a clear indication of the unwavering commitment of both parties to create a strong local content image within the insurance sector in Sierra Leone.
DG Daboh explained that the MoU seeks to outline how the two institutions would work in a beneficial partnership and effective collaboration to promote local content as a driving force in the development of the economy of Sierra Leone, through the utilization of a locally available Sierra Leonean Services.
By Stephen V. Lansana
6/7/2020. ISSUE NO.: 7859