MMA issues regulation on insurance risk exemptions
The MMA said the two regulations are required to implement the Insurance Act.
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The Maldives Monetary Authority (MMA) has issued the ‘Risks in Maldives Regulations’, setting out the circumstances under which a licensed insurance company operating in the Maldives may be exempted from obtaining an insurance policy for certain risks.
The MMA issued the Risks in Maldives Regulations and the Insurance (General Provisions) Regulations last Thursday under the Insurance Act.
The MMA said the two regulations are required to implement the Insurance Act.
The Risks in Maldives Regulation define the risks considered to be risks in the Maldives and provide for exemptions from the requirement for a licensed insurance company operating in the Maldives to provide insurance coverage for such risks.
The regulation defines risks in the Maldives to include:
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Risks to movable and immovable property, including land, located in the Maldives.
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Risks associated with any individual residing in the Maldives.
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Liability risks arising from activities or actions in the Maldives.
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Liability risks relating to property in the Maldives and individuals residing in the Maldives.
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Risks relating to businesses registered under Maldivian law.
Under the regulation, the MMA will publish on its website the exemptions from the requirement to obtain an insurance policy from a licensed insurance company to cover a risk in the Maldives.
The MMA also issued the Insurance (General Provisions) regulation to provide for decisions and actions under the Insurance Act.
The regulation covers:
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Areas where persons authorised by law to solicit insurance business in the Maldives may conduct such activities.
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Requirements for insurance brokerage licences.
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Information required when applying for a brokerage licence.
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Procedures for administrative action under the Insurance Act.
