Central Bank of Jordan: Reinsurance Broker License Renewal Requirements for 2025

Central Bank of Jordan 2024-1999

Ref: 18904 / 15 / 17 Date: 18 / 10 / 1446 Corresponding to: 2024/10/20

To: Respected Reinsurance Brokers Subject: License Renewal for 2025

Based on the provisions of paragraph (a) of Article (11) of the Instructions for Licensing Reinsurance Brokers and Regulating Their Work and Responsibilities No. (4) of 2005 and its amendments, which states as follows: "A reinsurance broker must submit an application to renew its license annually, no later than forty-five days before the expiration of its license term, which falls on the 31st of December of each year, according to the form prepared for this purpose..."

We request that you submit your application for license renewal for 2025 by the deadline of Thursday, November 28, 2024, and must provide the following:

1. Completion of the license renewal form available on the Central Bank of Jordan's website and attaching the specified requirements within it.
2. A statement of reinsurance brokerage activities conducted during the year, according to the forms issued under Decision No. 2023/11/12 19397/2/17.
3. A certificate of non-criminal record from the competent authorities for each natural reinsurance broker, the General Manager, and those in charge of management as applicable, as well as all personnel engaged in reinsurance brokerage activities, all staff, partners, board members, and board of directors members of the legal entity reinsurance broker as applicable.
4. An updated copy of the commercial register or company registration certificate with the Companies Control Department, as applicable (extracted from the electronic website).
5. An updated copy of the commercial name/trademark registration certificate with the Ministry of Industry, Trade, and Supply, as applicable (extracted from the electronic website).
6. Clarification of the detailed address of your office location and providing us with a recent copy of your office lease agreement.
7. Evidence of enrollment in specialized training courses in insurance activities or participation in conferences or seminars in insurance activities, with a duration of no less than fifteen hours for each natural reinsurance broker, the General Manager, and those in charge of management at the legal entity reinsurance broker, as applicable.
8. A valid professional liability insurance policy.
9. A copy of the passport or national ID card for each natural reinsurance broker, the General Manager, and those in charge of management, as well as all personnel engaged in reinsurance brokerage activities, all staff, partners, board members, and board of directors members of the legal entity reinsurance broker, as applicable.
10. For legal entities, a statement including the names of the General Manager, those in charge of management as applicable, and all personnel engaged in reinsurance brokerage activities.

Form (1/1/1/1/1) P.O. Box 27 • Amman 11118 Jordan • Phone 4630301 Fax 4638889 • Website: www.cbj.gov.jo • Email: info@cbj.gov.jo

Central Bank of Jordan CENTRAL BANK OF JORDAN

11. Signing of the written declaration form confirming compliance with the conditions stipulated in Articles (19-21) of the Insurance Activities Regulation No. (12) of 2021, and undertaking to inform the Central Bank immediately if any of the conditions contained therein cease to be met, by both the natural reinsurance broker, the General Manager, those in charge of management, all personnel engaged in reinsurance brokerage activities, and all staff, partners, board members, and board of directors members of the legal entity reinsurance broker, as applicable. (Form CBJ/ISPs/F1/V1)
12. Signing of the written declaration form - no conflict of interest, by both the natural reinsurance broker, the General Manager, those in charge of management, all personnel engaged in reinsurance brokerage activities, and all staff, partners, board members, and board of directors members of the legal entity reinsurance broker, as applicable. (Form CBJ/ISPs/F2/V1)
13. Signing of the declaration form for the approved address.
14. For legal entities, the audited final financial statements for 2023, as applicable.
15. Valid work permit and residence permit for each natural reinsurance broker, the General Manager, those in charge of management, and all non-Jordanian personnel engaged in reinsurance brokerage activities at the legal entity reinsurance broker, as applicable.
16. Payment of the due annual fees and attaching the deposit receipt.

We emphasize the necessity of submitting the application by the aforementioned deadline 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 regards,

Central Bank of Jordan [Signature]