Regulatory Alerts2021-09-26
Added · Updated
Central Bank of Jordan Directive on Timely Settlement of Insurance Claims
The Central Bank of Jordan issued Directive 17/M/1282 on August 18, 2021, ordering insurance companies to strictly comply with the Professional Conduct Instructions for Insurance Companies No. (9) of 2004 regarding the timely settlement of claims. The directive addresses delays in delivering compensation checks to vehicle accident victims, which the regulator identified as a violation of professional conduct rules. Insurance companies are warned that failure to adhere to these settlement timelines will result in the imposition of legal measures.