Insurance Act ratified

The Insurance Act has been ratified.

President Dr. Mohamed Muizzu ratified Law No. 13/2025, the Insurance Act on Thursday.

The legislation was passed during the 26th sitting of the second term of the 20th People's Majlis held on Monday, 18 August 2025.

The government's purpose in proposing such a legislation is to establish the legal framework needed to set the principles for operating insurance businesses in the Maldives in a robust and secure manner. This includes establishing rules for licensing insurance companies and insurance intermediaries, regulations for supervising these entities, and other principles related to the insurance business.

The bill includes general principles related to conducting insurance business and matters concerning insurance business licensing. It also specifies how the management of insurance companies should be structured and the principles for operating insurance businesses in a stable and secure manner.

Looking at other aspects included in the bill, it outlines the principles and rules for providing insurance services and includes regulations related to insurance intermediaries. In addition to this, it specifies rules for record-keeping, report submission, auditing, conducting inspections, and assessing financial conditions. Further, the bill includes principles for market conduct and dispute resolution, taking control and appointing administrators, and procedures for taking action when necessary.

With the president's ratification of the bill and its publication in the government gazette, the "Insurance Act" has come to effect beginning August 28.