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.
In the Name of Allah, the Most Gracious, the Most Merciful
[Logo of the Central Bank of Jordan]
Number: 15869 / 2 / 17 Date: 25 / 5 / 1445 AH Corresponding to: 10 / 9 / 2023 AD
Dear Insurance Service Providers,
Subject: Collection of Annual Fees from Insurance Service Providers
Based on the provisions of paragraph (b) of Article (109) of the Insurance Activities Regulation Law No. (12) of 2021, and the provisions of Articles (13), (14), and (15) of the Insurance Activities Fees System No. (18) of 2022, I hereby decide the following:
- Insurance service providers - excluding insurance brokers - must pay the annual fee due to them into the Central Bank accounts (Attachment 1) when submitting a request for license renewal or approval renewal, as appropriate.
- Insurance brokers must pay the annual fee due to them into the Central Bank accounts (Attachment 1) during the month of March of each year.
- An insurance broker who has not paid the annual fees during the year 2023 is granted a maximum deadline of December 31, 2023, to settle those fees.
- Insurance service providers must notify the Central Bank after each deposit made regarding the annual fee.
- If a license application is submitted during the calendar year, the annual fee for the full year must be collected in addition to the license application and issuance fees, and the applicant is obliged to pay the annual fees before the issuance of the final approval for the license.
- If a re-registration application is submitted during the calendar year, the annual fee for the full year must be collected, and the applicant is obliged to pay the annual fees upon submitting the re-registration application.
- Circular No. 5847/3/17 dated 4 / 4 / 2022 is repealed.
- The provisions of this decision shall be effective as of September 1, 2023.
Please accept our highest regards,
The Governor Dr. Adel Al-Sharkas
Attachment/ Copy to: Dear Insurance Companies Dear Jordanian Association of Insurance Brokers
[Logo of the Central Bank of Jordan] Attachment (1) Containing Central Bank Account Numbers
[Logo of the Central Bank of Jordan] International Bank Account Number
33 \ 6000 \ 1 Account Number Revenue from Natural Production Broker Account Name
JO87 CBJO 0010 0000 0000 0160 0000 33
[Logo of the Central Bank of Jordan] International Bank Account Number
34 \ 6000 \ 1 Account Number Revenue from Virtual Production Broker Account Name
JO60 CBJO 0010 0000 0000 0160 0000 34
[Logo of the Central Bank of Jordan] International Bank Account Number
35 \ 6000 \ 1 Account Number Revenue from Natural Issuance Broker Account Name
JO33 CBJO 0010 0000 0000 0160 0000 35
[Logo of the Central Bank of Jordan] International Bank Account Number
36 \ 6000 \ 1 Account Number Revenue from Virtual Issuance Broker Account Name
JO06 CBJO 0010 0000 0000 0160 0000 36
[Logo of the Central Bank of Jordan] International Bank Account Number
37 \ 6000 \ 1 Account Number Revenue from Natural Broker Account Name
JO76 CBJO 0010 0000 0000 0160 0000 37
[Logo of the Central Bank of Jordan] International Bank Account Number
38 \ 6000 \ 1 Account Number Revenue from Virtual Broker Account Name
JO49 CBJO 0010 0000 0000 0160 0000 38
[Logo of the Central Bank of Jordan] International Bank Account Number
39 \ 6000 \ 1 Account Number Revenue from Natural Reinsurance Broker Account Name
JO22 CBJO 0010 0000 0000 0160 0000 39
[Logo of the Central Bank of Jordan] International Bank Account Number
40 \ 6000 \ 1 Account Number Revenue from Virtual Reinsurance Broker Account Name
JO92 CBJO 0010 0000 0000 0160 0000 40
[Logo of the Central Bank of Jordan] International Bank Account Number
41 \ 6000 \ 1 Account Number Revenue from Natural Consultant Account Name
JO65 CBJO 0010 0000 0000 0160 0000 41
[Logo of the Central Bank of Jordan] International Bank Account Number
42 \ 6000 \ 1 Account Number Revenue from Virtual Consultant Account Name
JO38 CBJO 0010 0000 0000 0160 0000 42
[Logo of the Central Bank of Jordan] International Bank Account Number
43 \ 6000 \ 1 Account Number Revenue from Natural Loss Adjuster Account Name
JO11 CBJO 0010 0000 0000 0160 0000 43
[Logo of the Central Bank of Jordan] International Bank Account Number
44 \ 6000 \ 1 Account Number Revenue from Virtual Loss Adjuster Account Name
JO81 CBJO 0010 0000 0000 0160 0000 44
[Logo of the Central Bank of Jordan] International Bank Account Number
45 \ 6000 \ 1 Account Number Revenue from Natural Surveyor Account Name
JO54 CBJO 0010 0000 0000 0160 0000 45
[Logo of the Central Bank of Jordan] International Bank Account Number
46 \ 6000 \ 1 Account Number Revenue from Virtual Surveyor Account Name
JO27 CBJO 0010 0000 0000 0160 0000 46
[Logo of the Central Bank of Jordan] International Bank Account Number
47 \ 6000 \ 1 Account Number Revenue from Underwriting Agent Account Name
JO97 CBJO 0010 0000 0000 0160 0000 47
[Logo of the Central Bank of Jordan] International Bank Account Number
31 \ 6000 \ 1 Account Number Revenue from Natural Actuary Account Name
JO44 CBJO 0010 0000 0000 0160 0000 31
[Logo of the Central Bank of Jordan] International Bank Account Number
32 \ 6000 \ 1 Account Number Revenue from Virtual Actuary Account Name
JO17 CBJO 0010 0000 0000 0160 0000 32
[Logo of the Central Bank of Jordan] International Bank Account Number
48 \ 6000 \ 1 Account Number Revenue from Banks Engaged in Banking Insurance Activities Account Name
JO70 CBJO 0010 0000 0000 0160 0000 48
[Logo of the Central Bank of Jordan] International Bank Account Number
49 \ 6000 \ 1 Account Number Revenue from Insurance Activities Management Companies of All Types Account Name
JO43 CBJO 0010 0000 0000 0160 0000 49