Central Bank of Jordan Circular on Disclosure of Commissions and Fees by Insurance Companies and Service Providers

In the Name of Allah, the Most Gracious, the Most Merciful

[Logo of the Central Bank of Jordan]

Reference No.: 3/17/1554
Date: 9/1/1443
Corresponding to: 18/8/2021

Dear Esteemed Insurance Companies,
Dear Esteemed Insurance Service Providers,

In light of the Central Bank of Jordan's commitment to ensuring that all activities and practices of insurance companies and insurance service providers align with the provisions of the Insurance Activities Regulation Law No. (12) of 2021 and the regulations, instructions, and decisions issued pursuant thereto, and in accordance with the provisions of Clause (b) of Article (83) of the aforementioned Law, which states as follows:

"b- Insurance companies and insurance service providers are obligated to disclose to their clients any commissions or fees associated with the service provided, whether borne by the client or the insurance company."

I urge you to emphasize the necessity of complying with the above provisions, under penalty of taking legal measures against insurance companies and insurance service providers found in violation in this regard.

Please accept the assurances of our highest respect,

The Governor
Dr. Ziad Frieze