Regulatory Alerts2025-08-28
Insurance Act No. 13/2025
The President of the Republic of Maldives enacted the Insurance Act No. 13/2025 to regulate the insurance sector, establish the Maldives Insurance Authority, and define licensing requirements for insurers and intermediaries. The legislation mandates strict capital adequacy, solvency margins, and corporate governance standards to protect policyholders and ensure market stability. It further outlines comprehensive provisions for auditing, dispute resolution, market conduct, and enforcement measures against unauthorized activities.
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