Maldives Insurance Industry – Governance, Risk and Compliance
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The Maldivian insurance industry report is the result of extensive research into the insurance regulatory framework in the country. It provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident & health, marine, aviation, and transit insurance.
The report also specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries. It also gives insurers access to information on prevailing insurance regulations, recent and upcoming changes in the regulatory framework, taxation, and legal system in the country. Furthermore, the report includes the scope of non-admitted insurance in the country.
What are the market dynamics in the Maldivian insurance industry?
The Maldives Monetary Authority (MMA) took over the task of insurance industry supervision in 2002, under Presidential Decree No. 2002/6. It is instrumental in ensuring the stability and efficient functioning of insurance and reinsurance companies. It functions under the guidelines stipulated in the IIR and its subsidiary legislation or guidelines.
Some of the primary responsibilities of MMA include protecting consumers or holders of insurance contracts, licensing or authorizing insurers, controlling the payment of commissions, valuation of insurer assets, deciding the level of premium, and so on.
What are the types of licenses issued in the Maldivian insurance industry?
The different types of insurance licenses issued in the Maldivian insurance industry are licenses for life or non-life insurance business, license for reinsurers, composite insurance, and license for intermediaries.
Licenses for life or non-life insurance business in the Maldives
Under this, insurers provide life insurance licenses for different types of life insurance and non-life insurance licenses for aircraft insurance, vessel insurance, goods-in-transit insurance, legal expenses insurance, assistance insurance, personal accident insurance, and so on.
License for reinsurers in the Maldives
Reinsurers are insurance companies that sell insurance policies to other insurance companies, protecting them from the risk of unexpected financial losses. A reinsurer is not permitted to operate in any type of insurance business in the Maldives, without the permission of the MMA.
Composite insurance license in the Maldives
Specific provisions on the issuance of a license for the operation of a business in both life and non-life insurance classes are not stipulated in the Insurance Industry Regulation. However, with the enactment of the new Insurance Supervision Act, composite insurance licenses will not be issued in the country by the MMA. In addition, composite insurers operating at present must separate their life business from the non-life business after the enactment of this act within a timeframe as stipulated in the act.
License for intermediaries in the Maldives
Intermediaries act as distributors of insurance or reinsurance products and services. An intermediary sells, solicits, or negotiates insurance contracts with customers on behalf of firms for compensation. Intermediaries also counsel customers and provide advice on various insurance products. Insurance agents, brokers, risk managers, insurance investigators, and claims-settling agents also operate as intermediaries
Maldivian insurance industry, by license type
For more license type insights, download a free report sample
Which other associations oversee the Maldivian insurance industry?
The key association that oversees the Maldivian insurance industry is the International Association of Insurance Supervisors (IAIS).
International Association of Insurance Supervisors
The IAIS is a membership-driven global organization that represents insurance regulators and supervisors of more than 200 jurisdictions in over 140 countries. The IAIS formulates and issues various global insurance principles, standards, and guidance, provides training and support on issues related to insurance supervision, and organizes meetings and seminars for insurance supervisors. It works closely with other financial sector standard-setting bodies and international organizations to promote financial stability.
The primary objectives of the IAIS are to promote effective and globally consistent supervision of the insurance industry to develop and maintain fair, safe, and stable insurance operations for the benefit and protection of policyholders, and to contribute to global financial stability.
Market report scope
Key license types | Licenses for Life or Non-Life Insurance Business, License for Reinsurers, Composite Insurance, and License for Intermediaries |
Key associations | International Association of Insurance Supervisors (IAIS), and Maldives Monetary Authority (MMA) |
Scope
- The report covers details of the insurance regulatory framework in the Maldives.
- The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments about the country’s insurance regulatory framework.
- The report analyzes the rules and regulations about the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and insurance companies.
Reasons to Buy
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country
- Gain insights into the insurance regulatory framework in the Maldives.
- Track the latest regulatory changes and expected changes impacting the Maldivian insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices about various types of insurance products.
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Frequently asked questions
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What are the key license types in the Maldivian insurance industry?
The key license types issued in the insurance industry in the Maldives are licenses for life or non-life insurance business, license for reinsurers, composite insurance, and license for intermediaries.
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Which are the key associations overseeing the Maldivian insurance industry?
The key association overseeing the insurance industry in the Maldives is the International Association of Insurance Supervisors (IAIS).
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