MMA announces the enactment of two regulations under the Insurance Act
The two rules were published in the Government Gazette on 27 August.
The Maldives Journal
On 30 August, the Maldives Monetary Authority (MMA) announced that two regulations for the implementation of Act No. 2025/13 (Insurance Act).
The two rules were published in the Government Gazette on 27 August. These rules are:
01. Insurance (Risks in the Maldives) Regulations
These rules are intended to determine the risks to be considered as domestic risks and to provide for exemptions from the requirement for a licensed insurer operating in the country to take out an insurance policy to cover such risks. Thus, in addition to the circumstances to be described on the Authority's website, the rules will also describe the circumstances in which the Authority may apply for an exemption.
02. Insurance (General Articles) Regulations
These rules are for the purposes of the provisions of the Insurance Act, which provide for the decision or action in accordance with the rules. Thus, the key elements of these rules will include the areas in which persons authorised by law can solicit an insurance business, the criteria for issuing insurance brokerage licenses, the information required to apply for brokerage licenses, and the procedures for administrative action under the Insurance Act.
