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Governance, Risk and Compliance - The Maldivian Insurance Industry

Published: Feb-2016 | Format: PDF | Timetric | Number of pages: 31 | Code: MRS - 35272

"Timetric’s Governance, Risk and Compliance – The Maldivian Insurance Industry report is the result of extensive research into the insurance regulatory framework in Maldives.

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 report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Maldives, including:

• 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.

• The report covers details of the insurance regulatory framework in 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 pertaining to the country’s insurance regulatory framework.

• The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.

• The report provides details of taxation imposed on insurance products and insurance companies.

• Gain insights into the insurance regulatory framework in 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 pertaining to various types of insurance product.

• 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."

1 Introduction
1.1 What is this Report About?
1.2 Definitions

2 Governance, Risk and Compliance
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulations
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Motor third-party liability insurance
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 Maldives Monetary Authority
2.6 Non-Admitted Insurance Regulations
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and penalties
2.7 Company Registration and Operations
2.7.1 Types of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margins
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8 Taxation
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.8.4 VAT
2.8.5 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution (ADR)

3 Appendix
3.1 Methodology
3.2 Contact Timetric
3.3 About Timetric
3.4 Timetric's Services
3.5 Disclaimer


Table 1: Insurance Industry Definitions 
Table 2:-The Maldives – Insurance Regulatory Framework Key Features 
Table 3: The Maldives – Life Insurance Regulatory Framework 
Table 4: The Maldives – Property Insurance Regulatory Framework 
Table 5: The Maldives – Motor Insurance Regulatory Framework 
Table 6: The Maldives – Liability Insurance Regulatory Framework 
Table 7: The Maldives – Corporate Tax Rates for the Financial Year 2015 

Figure 1: The Maldives – Insurance Supervision and Control at Various Levels 
Figure 2: The Maldives – Insurance Regulatory Frameworks for Company Registration and Operation 

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