Regulatory Alerts2010-08-15
Guideline on Prudential Requirements for Insurance Undertakings
The Maldives Monetary Authority issued this guideline to enhance policyholder security and industry confidence by imposing new prudential standards on all authorized insurance undertakings. The regulation mandates a minimum paid-up capital of 10,000,000 Rufiyaa per insurance type and requires a maintainable security deposit of 2,000,000 Rufiyaa held by the Authority. Compliance with these capital and deposit requirements is mandatory for all life and general insurers before September 1, 2010.
Share