MP Hassan Zareer has raised concerns about the high penalties outlined in the Insurance Bill.

Introduced by Mahibadhoo constituency MP Ahmed Thariq on behalf of the government, the bill was discussed in Parliament today.

During the debate, MP Zareer highlighted that to encourage the growth of the insurance sector in the Maldives, it is essential to attract as many companies as possible.

Zareer suggested that the bill, as proposed by the government, requires some amendments, particularly regarding the penalty amounts.

“I believe the fine amounts are a bit too high.” MP Zareer said.

The bill stipulates fines ranging from MVR 100,000 to MVR 5 million for those who intentionally provide false information on insurance claims or assist others in making unfair claims.

Additionally, individuals who obstruct a search while suspected of violating the bill's provisions could face fines between MVR 75,000 and MVR 750,000.