Central Bank of Jordan Decision on Periodic Data Required from Insurance Agents and Insurance Companies

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

[Logo of the Central Bank of Jordan]

Reference No: 1587 / 17 / 1
Date: 25 / 2 / 1445 AH
Corresponding to: 10 / 9 / 2023 AD

Dear Esteemed Insurance Companies
Dear Esteemed Insurance Agents

Subject: Periodic Data Required from Insurance Agents and Insurance Companies

Based on the provisions of paragraph (b) of Article (109) of the Insurance Business Regulation Law No. (12) of 2021 and Article (11) of the Instructions for Licensing Insurance Agents and Regulating Their Work and Responsibilities No. (10) of 2023, I hereby decide the following:

a) The insurance agent shall provide the Central Bank with an annual statement regarding the agency business conducted on behalf of the insurance company, not later than the end of March of each year, according to the following attached forms:

1. Form No. (7-1): Statement of Agency Business in General Insurance
2. Form No. (7-2): Statement of Agency Business in Life Insurance

b) The requirement stipulated in paragraph (a) of this decision is exempted for the following:

1. Insurance Agent – Natural Production
2. Insurance Agent – Non-dedicated Production
3. Insurance Agent – Non-dedicated Issuance

c) The insurance agent shall provide the Central Bank with the data required under paragraph (b) of Article (11) of the aforementioned Instructions every two years, according to the following deadlines:

1. Legal Person Agent: by the end of March in even-numbered years.
2. Natural Person Agent licensed to conduct General Insurance business: by the end of March in even-numbered years.
3. Natural Person Agent licensed to conduct Life Insurance business: by the end of March in odd-numbered years.

d) The insurance company shall provide the Central Bank with the data required under item (1) of paragraph (c) of Article (11) of the aforementioned Instructions annually, by the end of March of each year.

e) The insurance company shall provide the Central Bank with statements annually, by the end of March of each year, detailing the business conducted by each of its agents, according to the following attached forms:

1. Form No. (8-1): Statement of Agency Business in General Insurance for each of the insurance company's agents.
2. Form No. (8-2): Statement of Agency Business in Life Insurance for each of the insurance company's agents.

w) The forms attached to this decision are an integral part of it and shall be read together with it. z) Decision No. (31) of 2010 regarding the Insurance Agent Business Statement Form is hereby repealed.

h) The provisions of this decision shall be effective as of 2023/9/1.

Governor
Dr. Adel Al-Sharkas

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[Page 3]
Central Bank of Jordan
Form No. (7-1) Statement of Agency Business in General Insurance

Agent Name: ....................................
For the period from ..../..../.... to ..../..../....

General Insurance Business Branches	Current Period			Comparative Period			Notes
	Basic Premium	Total Premium	Commission Rate %	Basic Premium	Total Premium	Commission Rate %
Total

Note:
Total Premium refers to the Basic Premium value plus any additional fees (issuance fees, stamps, tax, etc.). The commission rate is calculated according to the following formula for each insurance branch: Total Commission / Basic Premium.

Number of Pages:
Date:
Registration No.:
Signature:
Agent:
Insurance Company Signature:

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[Page 4]
Central Bank of Jordan
Form No. (7-2) Statement of Agency Business in Life Insurance

Agent Name: ....................................
For the period from ..../..../.... to ..../..../....

Life Insurance Business Branches	Current Period			Comparative Period			Notes
	Basic Premium	Total Premium	Commission Rate %	Basic Premium	Total Premium	Commission Rate %
Total

Note:
Total Premium refers to the Basic Premium value plus any additional fees (issuance fees, stamps, tax, etc.). The commission rate is calculated according to the following formula for each insurance branch: Total Commission / Basic Premium.

Number of Pages:
Date:
Registration No.:
Signature:
Agent:
Insurance Company Signature:

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[Page 5]
Central Bank of Jordan
Form No. (8-1) Statement of Agency Business in General Insurance for each of the Insurance Company's Agents

Insurance Agent Registration No.: ....................................
For the period from ..../..../.... to ..../..../....

General Insurance Business Branches	Current Period					Comparative Period					Notes
	Basic Premium	Total Premium	Commission Rate %	Commission Value	Total Paid Claims + Expenses	Loss Ratio (Total Claims / Total Premiums)%	Basic Premium	Total Premium	Commission Rate %	Total Claims + Expenses	Claims Provision	Loss Ratio (Total Claims + Claims Provision) / Total Premiums %
Total

Note:
Total Premium refers to the Basic Premium value plus any additional fees (issuance fees, stamps, tax, etc.). The commission rate is calculated according to the following formula for each insurance branch: Total Commission / Basic Premium.

Number of Pages:
Date:
Signature:
Insurance Company:

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[Page 6]
Central Bank of Jordan
Form No. (8-2) Statement of Agency Business in Life Insurance for each of the Insurance Company's Agents

Insurance Agent Registration No.: ....................................
For the period from ..../..../.... to ..../..../....

Life Insurance Business Branches	Current Period					Comparative Period					Notes
	Basic Premium	Total Premium	Commission Rate %	Commission Value	Total Life Insurance Claims (Paid + Accrued)	Basic Premium	Total Premium	Commission Rate %	Total Life Insurance Claims (Paid + Accrued)	Claims Provision
Total

Note:
Total Premium refers to the Basic Premium value plus any additional fees (issuance fees, stamps, tax, etc.). The commission rate is calculated according to the following formula for each insurance branch: Total Commission / Basic Premium. Total Life Insurance Claims (Accrued) refers to insurance policy entitlements plus insurance policy claims after deducting the settlement value.