President Dr Mohamed Muizzu has ratified the Insurance Act (Act No: 15/2025) today.
The bill was passed during the 26th sitting of the second session of the 2025 parliamentary term, held on Monday, 18 August 2025.
The primary objective of the Act is to establish a legal framework governing the safe and effective provision of insurance services in the Maldives. It sets out licensing requirements for insurance companies and intermediaries, along with regulatory and supervisory provisions to ensure proper oversight of the sector.
The Act outlines general terms for the provision of insurance services, as well as detailed licensing procedures. It also stipulates how the management of insurance companies should be structured and defines the principles under which such companies must operate.
The Act further specifies the terms under which insurance companies may conduct trade, sets operational standards for intermediaries, and establishes requirements for record-keeping, reporting, audits, inspections, and financial supervision. It also provides guidelines on market conduct, dispute resolution, the appointment of administrators, and the regulatory measures to be taken in specific circumstances.
Following ratification, the Act has been published in the Government Gazette and has now come into force.