President Dr Mohamed Muizzu has ratified the Insurance Act (Act No. 15/2025), bringing into effect a comprehensive legal framework to regulate the country’s insurance sector.

The Act establishes licensing requirements for insurance companies and intermediaries, alongside supervisory and regulatory provisions designed to strengthen oversight and ensure safe operations within the sector. It sets out the general conditions for the provision of insurance services, details licensing procedures, and defines management structures and operational principles for insurance firms.

In addition, the legislation specifies standards for intermediaries, mandatory record-keeping, audits, inspections, and financial reporting obligations. Provisions also cover market conduct rules, dispute resolution mechanisms, and the appointment of administrators where necessary. Regulators are empowered to take targeted measures in specific circumstances to safeguard the sector’s integrity.

The bill was passed during the 26th sitting of the second session of the 2025 parliamentary term on 18 August and has since been published in the Government Gazette.