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The Maldives Monetary Authority has introduced two new regulations as part of efforts to strengthen the insurance sector and implement the Insurance Act.
Mariyam Adheela
Maldives Monetary Authority (MMA) - Photo: Maldif Online
The Maldives Monetary Authority (MMA) has started enforcing two new regulations covering insurance risks and general insurance matters.
The regulations were opened for public comments on August 14 and officially published on August 27.
The regulations were opened for public comments on August 14 and officially published on August 27.
Under the new rules, every insurance company operating in the Maldives must keep MVR 2 million as a security deposit.
The regulations also set out the risks that can be covered by licensed insurance companies, including risks related to property, individuals, liability and registered businesses.
The new regulations also include rules for getting insurance from companies that are not licensed to operate in the Maldives.
They also set requirements for insurance business licences, insurance brokers, company branches and subsidiaries.
In addition, the rules set standards for maintaining security deposits and establishing an insurance fund.
The MMA said the regulations are aimed at supporting the implementation of the Insurance Act and strengthening the insurance sector.
