Regulatory Alerts2023-09-12
Added · Updated
Central Bank of Jordan Decision on Non-Exclusive Insurance Agents and Defined Benefit Contracts
The Central Bank of Jordan prohibits non-exclusive insurance agents from licensing or conducting activities in ten specific insurance branches, including locomotive, aircraft, ship, cargo, life installments, investment-linked, permanent health insurance, and collective pension fund management. The decision imposes premium caps on non-exclusive agents, limiting annual premiums to 500 Jordanian Dinars and premiums for contracts under three months to 150 Jordanian Dinars. These provisions became effective on September 1, 2023.
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