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Maldives Insurance Industry - Governance, Risk and Compliance

October 2020 | 40 pages | ID: M6E15670D380EN
GlobalData

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Maldives Insurance Industry - Governance, Risk and Compliance

SUMMARY

GlobalData’s 'Maldives Insurance Industry - Governance, Risk and Compliance' 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 GlobalData’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.

KEY HIGHLIGHTS
  • The Maldivian insurance industry is regulated by the Maldives Monetary Authority.
  • The primary law governing the insurance industry in 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 Maldives.
  • Non-admitted insurance is not permitted in Maldives.
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.
SCOPE
  • 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.
REASONS TO BUY
  • 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.
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 Regulation
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
  2.4.2 Liability insurance for ships with respect to oil pollution
  2.4.3 Professional liability insurance brokers
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 Type 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 margin
  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 GlobalData
3.3 About GlobalData
3.4 GlobalData’s Services
3.5 Disclaimer

LIST OF TABLES

Table 1: Insurance Industry Definitions
Table 2: Maldives - Insurance Regulatory Framework Key Features
Table 3: Maldives - Life Insurance Regulatory Framework
Table 4: Maldives - Property Insurance Regulatory Framework
Table 5: Maldives - Motor Insurance Regulatory Framework
Table 6: Maldives - Liability Insurance Regulatory Framework
Table 7: Maldives - Corporate Tax Rates for the Financial Year 2020

LIST OF FIGURES

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


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