President Dr Mohamed Muizzu has ratified the Insurance Act.

The bill was passed by the People’s Majlis on 18 August 2025 during the 26th sitting of the second session of the year.

The Act establishes a comprehensive legal framework for the provision of insurance services in the Maldives. It introduces licensing requirements for insurance companies and intermediaries, while setting out regulatory and supervisory measures to ensure proper oversight of the sector.

Key provisions of the Act include detailed licensing procedures, management and operational standards for insurance companies, and guidelines for intermediaries. It also outlines requirements for record-keeping, audits, inspections, and financial supervision, as well as rules on market conduct, dispute resolution, and the appointment of administrators where necessary.

The Insurance Act has been published in the Government Gazette and is now in force.