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President Muizzu ratifies landmark Insurance Act and National Payment System amendment
President Dr. Mohamed Muizzu has ratified the Insurance Act (Act No. 13/2025) and the First Amendment to the National Payment System Act (Act No. 8/2021), both passed by Parliament on 18 August 2025 and now published in the Government Gazette. The Insurance Act creates the first comprehensive regulatory framework for insurance services, while the amendment expands the Maldives Monetary Authority's powers and allows penalties of MVR 100,000 to MVR 10 million for unlicensed payment operators.
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MVR 100,000 to MVR 10 millionPenalty range for unlicensed payment system operatorsThe Standardgranting the MMA the power to impose heavy penalties ranging from MVR 100,000 to MVR 10 million for violations
Word for word from the report in The Standard. Open the report
