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.
بسم الله الرحمن الرحيم
MALDIVES MONETARY AUTHORITY MALDIVES
ދިވެހިރާއްޖޭގެ މަރުކަޒީ ބޭންކް
Circular no: CN-BSD/2018/4
14th November 2018
To: All Banks
Dear Sir,
Insurance policies in relation to banks' products
Please be informed that banks, including those banks who are acting as agents of insurance or takaful companies offering bancassurance or bancatakaful services, shall not require customers to buy insurance or takaful policies from a specific insurance or takaful company, in prescribing an insurance policy in relation to the products offered by the banks.
Yours sincerely,
[Signature]
Idham Hussain Assistant Governor
Email: mail@mma.gov.mv | Majeedhee Building, Boduthakurufaanu Magu, Male' 20182 | mail@mma.gov.mv :އީމެއިލް Website: www.mma.gov.mv | Phone: (960) 330 8679, (960) 330 8682, (960) 331 4940, (960) 331 2343 :ފޯން | www.mma.gov.mv :ވެބްސައިޓް Telex: 77144 MMA OPR MF | Fax: (960) 332 3862 :ފެކްސް | 77144 MMA OPR MF :ޓެލެކްސް SWIFT: MMAUMVMV | MMAUMVMV :ސުވިފްޓް