President Dr Mohamed Muizzu has ratified the Insurance Act (Act No. 13/2025), introducing a comprehensive legal framework to regulate the insurance industry in the Maldives.
The legislation, passed by the People’s Majlis on 18 August 2025, sets out licensing requirements for insurance companies and intermediaries, alongside supervisory provisions designed to strengthen oversight of the sector.
The Act establishes the principles under which insurance companies must operate, including management structures, operational standards, and record-keeping obligations. It also details the procedures for licensing insurers and intermediaries, while requiring regular reporting, audits, and inspections to maintain transparency and accountability.
Further provisions cover dispute resolution, market conduct, the appointment of administrators, and regulatory interventions in specific circumstances. Collectively, these measures aim to create a safer and more efficient environment for the provision of insurance services in the Maldives.
Following ratification, the Insurance Act was published in the Government Gazette and has now come into effect.
