Maldiva Governance, Risk and Compliance Insurance Industry Report 2019 – ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)-- The "Governance, Risk and Compliance - The Maldivian Insurance Industry" report has been added to ResearchAndMarkets.com's offering.

The report "Governance, Risk and Compliance - The Maldivian Insurance Industry", is the result of extensive research into the insurance regulatory framework in Maldivies. It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The Maldives Monetary Authority (MMA) is a government authority responsible for the supervision and regulation of the Maldivian insurance and reinsurance industry. The MMA took over the task of insurance supervision in 2002, to ensure the stability and efficient functioning of insurance and reinsurance companies.

The primary law governing insurance activity in the country is the Insurance Industry Regulation (IIR), which was enacted in 2004. It was introduced to regulate insurance, reinsurance and insurance intermediaries to make operations credible, efficient and stable. The regulation contains provisions on licensing procedures, capital requirements, policy terms and conditions, and fines and penalties for offenders. In 2010, the IIR was amended through the enactment of the Guideline on Prudential Requirements for Insurance Undertakings.

The report provides

• An overview of the insurance regulatory framework in Maldives
• The latest key changes, and changes expected in the country's insurance regulatory framework
• Key regulations and market practices related to different types of insurance product in the country
• Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Maldives
• Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations
• Details of the tax and legal systems in the country.

Key Findings

• The Maldivian insurance industry is regulated by the Maldives Monetary Authority
• The primary law governing the insurance industry in the Maldives is the Insurance Industry Regulation
• The Maldivian government permits up to 100% foreign direct investment in the insurance industry
• Motor third-party liability insurance is compulsory in the Maldives
• Non-admitted insurance is not permitted in the Maldives

For more information about this report visit https://www.researchandmarkets.com/r/ip07o1

View source version on businesswire.com: https://www.businesswire.com/news/home/20190411005287/en/

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Source: Research and Markets