Regulatory Alerts2015-08-24
Deposit Insurance Scheme Regulation
The Maldives Monetary Authority issued the Deposit Insurance Scheme Regulation to establish a framework for protecting depositors and ensuring stability within the Maldivian financial system. The regulation mandates that all banks accepting deposits join the scheme, pay initial and annual premiums based on capital adequacy ratios, and contribute to a dedicated fund managed by the Authority. It defines covered deposits up to 30,000 MVR, outlines exclusion criteria, and sets procedures for payouts in the event of bank license revocation or receivership.
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