Ministry of Economic Development has warned the licenses of insurance companies will be revoked if the companies violate the regulations on providing work permit insurance.
The ministry said some companies have been designing insurance policies which do not fit the minimum criteria for work permit insurance policies set under the respective regulation. The ministry urged all insurance providers to adhere to the respective guidelines when selling insurance packages.
The ministry said companies which fail to adhere to the regulation will have their licenses revoked. As such, the ministry said such companies will be removed from the list of parties permitted to provide work permit insurance service.
Work permit insurance is provided for expatriates seeking permits to work in the Maldives. It is mandated under the work permit regulations.