Regulatory Alerts2021-11-14
Added · Updated
Central Bank of Jordan: License Renewal for Insurance Business Management Companies for 2022
The Central Bank of Jordan requires Insurance Business Management Companies to submit their 2022 license renewal applications by Thursday, November 25, 2021. Applicants must complete the official renewal form and provide a statement of previous year activities, a non-criminal record certificate, valid professional liability insurance, an updated commercial register, and proof of office lease. This directive enforces the annual renewal obligation stipulated in Article 15 of the Instructions for Licensing Insurance Business Management Companies No. 36 of 2010.
In the Name of Allah, the Most Gracious, the Most Merciful
[Logo of the Central Bank of Jordan]
Reference No.: 17/2/17328 Date: 5/4/1443 AH Corresponding to: 10/11/2021 AD
Dear Insurance Business Management Companies,
Subject: License Renewal for 2022
Based on the provisions of Paragraph (a) of Article (15) of the Instructions for Licensing Insurance Business Management Companies and the Principles Regulating and Supervising Their Business No. (36) of 2010 and its amendments, which states as follows: "An insurance business management company must submit an application for the renewal of its license annually, no later than forty-five days before the expiration of its license, which falls on the 31st of December of each year, according to the form prepared for this purpose..."
We request that you submit your license renewal application for 2022 by no later than Thursday, November 25, 2021, and provide us with the following:
- Completion of the license renewal form available on the Central Bank of Jordan's website and attachment of the specified requirements within it.
- A statement detailing the activities conducted during the previous year, according to the form prepared for this purpose.
- A certificate of non-criminal record from the competent authorities.
- A copy of a valid insurance policy covering professional liability risks.
- An updated copy of the commercial register or a company registration certificate from the Companies Control Department, as applicable (extracted from the website).
- Clarification of the detailed address of your office location and provision of a recent copy of your office lease agreement.
We emphasize the necessity of submitting the application by the specified deadline above to enable us to proceed with the review procedures and take necessary actions. Please note that the aforementioned forms are published on the Central Bank of Jordan's website (www.cbj.gov.jo).
Accept our highest respect,
The Central Bank of Jordan [Signature]