The Maldives Monetary Authority (MMA) is seeking public opinion regarding the draft of two important regulations required for the enforcement of the Insurance Act.

The two regulations are the "Insurance (Risks in Maldives)" regulation and the "Insurance (General Articles)" regulation.

Both the regulations have been drafted after collecting opinions from insurance companies and other related parties that are active in Maldives.

The regulation that outlines insurance risks states taking on an insurance policy from an unlicensed insurance company that ascertains risks in Maldives and risk identification and how one should proceed when negotiating.

The regulation includes five points in terms of risk. This includes risks related to goods that can or cannot be transported which includes plots in Maldives, risks related to people who are not deceased, risks related to the liability of a person living in Maldives and goods in Maldives, and risks related to businesses that have been legally registered.

The general articles regulation outlines requirements for obtaining a license, requirements for insurance company branches and subsidiaries in obtaining a license, security deposits under the purview of insurance companies and steps to be taken in establishing an insurance fund.

According to the regulation, all insurance companies that are active in Maldives are to have a security deposit worth MVR 2 million.