Economy economy / finance Maldives Impact 8.0/10 2 min read

President Muizzu ratifies landmark Insurance Act and National Payment System amendment

President Dr. Mohamed Muizzu ratified the Insurance Act (Act No. 13/2025) and the First Amendment to the National Payment System Act (Act No. 8/2021) on 18 August 2025. The Insurance Act establishes a comprehensive legal framework for insurance services, including licensing, record-keeping, and dispute resolution. The amendment empowers the Maldives Monetary Authority (MMA) to drive payment system innovation through partnerships and joint ventures, with penalties for unlicensed operators. Both laws are now in effect.

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Aug 30, 2025

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📋 Story Brief

President Dr. Mohamed Muizzu ratified the Insurance Act (Act No. 13/2025) and the First Amendment to the National Payment System Act (Act No. 8/2021) on 18 August 2025. The Insurance Act establishes a comprehensive legal framework for insurance services, including licensing, record-keeping, and dispute resolution. The amendment empowers the Maldives Monetary Authority (MMA) to drive payment system innovation through partnerships and joint ventures, with penalties for unlicensed operators. Both laws are now in effect.

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Focus: President Muizzu ratifies landmark Insurance Act and National Payment System amendment

Unique detail: President Muizzu ratifies landmark Insurance Act and Nationa...

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