Regulatory Alerts2016-06-23
Regulation for the Provision of Annuity by Insurance Companies
The Maldives Monetary Authority issued Regulation No. 84, Volume 45, to regulate the provision of annuity services by insurance companies operating in the Maldives. The regulation mandates that insurers obtain prior approval from the Authority, submit detailed policy and actuarial information, and maintain specific solvency margins and segregated records. It further defines key terms such as annuity, retirement savings account, and the Maldives Pensions Administration Office to ensure compliance with the Insurance Act and the Pensions Act.
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