Regulatory Alerts2018-11-14
Circular CN-BSD/2018/4: Insurance Policies in Relation to Banks' Products
The Maldives Monetary Authority issued Circular CN-BSD/2018/4 to regulate the sale of insurance and takaful products by banks. The directive explicitly prohibits banks, including those acting as agents for insurance companies, from mandating that customers purchase policies from specific providers when prescribing insurance for bank products. This requirement applies to all banks offering bancassurance or bancatakaful services to ensure customer choice and fair market practices.
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