- The MMA has drafted two insurance regulations under the Insurance Act (Act No. 13/2025) and opened them for public feedback.
- The regulations define risks located in the Maldives, set exemptions for foreign insurers, and operationalise clauses requiring secondary detail.
- Written feedback can be submitted via email to insurance@mma.gov.mv until 13:00 on Tuesday, 18 August 2026.
The Maldives Monetary Authority (MMA) has drafted two key regulations under the Insurance Act (Act No. 13/2025) and opened them for public feedback. The move forms part of the central bank’s broader initiative to enforce and structure the regulatory framework governing the national insurance sector.
The central bank formulated the draft “Insurance (Risks in the Maldives) Regulation” pursuant to Section 5(h), Section 5(i), and Section 41 of the Insurance Act. This regulation establishes criteria to identify risks located within the Maldives and outlines specific exemptions under which parties may secure insurance policies from unlicensed foreign providers.
Additionally, the authority prepared the draft “Insurance (General Provisions) Regulation” to operationalise clauses across the primary legislation that require secondary regulatory details.
The MMA compiled both draft frameworks following consultations with licensed insurance companies and relevant industry stakeholders. To ensure wider public participation, the central bank has uploaded the full draft documents to the legislation section of its official website.
Stakeholders and members of the public have until 13:00 on Tuesday, 18 August 2026, to submit written feedback and comments via email to insurance@mma.gov.mv.
