The Maldives Monetary Authority (MMA) has opened two proposed insurance regulations for public consultation as part of efforts to implement the country’s new Insurance Act.
The central bank is seeking comments on the draft Insurance (Risks in the Maldives) Regulation and the Insurance (General Provisions) Regulation, both of which have been formulated under the Maldives Insurance Act, which was enacted last year.
According to MMA, the draft regulations were prepared after holding initial consultations with insurance companies operating in the Maldives and other relevant stakeholders in the sector.
The Insurance Act, Act No. 13/2025, provides the legislative framework for the regulation and supervision of insurance activities in the country. The regulations now being considered are intended to establish more detailed requirements for implementing provisions of the law.
MMA, as the regulator of the country’s financial sector, is responsible for overseeing the insurance industry alongside its wider mandate covering banks and other regulated financial institutions.
By opening the drafts for public consultation, the authority is providing individuals, businesses and industry representatives with an opportunity to submit their views before the regulations are finalised.
The consultation covers both general provisions governing insurance activities and proposed rules concerning risks in the Maldives.
MMA said the drafting process has already involved engagement with insurance providers and other stakeholders, with the latest consultation extending the opportunity for feedback to the wider public.
Comments on the two proposed regulations can be submitted to MMA by email at [email protected].
The deadline for submissions is 1:00 pm on August 18.
The regulatory work follows the introduction of the Insurance Act in 2025 as part of efforts to establish a more comprehensive legal framework for the Maldivian insurance industry.
Once finalised, the regulations will form part of the framework through which provisions of the new legislation are implemented and insurance activities are governed in the Maldives.
