Regulatory Alerts2023-09-12
Added · Updated
Central Bank of Jordan Directive on Collection of Annual Fees from Insurance Service Providers
The Central Bank of Jordan mandates that insurance service providers, excluding brokers, pay annual fees upon submitting license or approval renewal requests. Insurance brokers are required to pay their annual fees during March each year, with a specific deadline of December 31, 2023, for settling 2023 arrears. New license and re-registration applicants must pay the full annual fee before final approval or upon application submission, respectively. The directive, effective September 1, 2023, also requires providers to notify the Central Bank after each deposit and repeals Circular No. 5847/3/17.