Regulatory Alerts2022-11-16
Added · Updated
Central Bank of Jordan: Renewal of Insurance Business Management Company License for 2023
The Central Bank of Jordan requires Insurance Business Management Companies to submit their 2023 license renewal applications by Thursday, November 24, 2022. Applicants must complete the designated form and provide a statement of previous year's activities, a non-criminal record certificate, valid professional liability insurance, an updated commercial register, office lease agreement, and proof of annual fee payment. This directive enforces the annual renewal obligation stipulated in 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]
Number: 1887 / 2 / 17 Date: 30 / 4 / 1444 AH Corresponding to: 14 / 11 / 2022 AD
Dear Insurance Business Management Companies,
Subject: License Renewal for 2023
Based on the provisions of paragraph (a) of Article (15) of the Instructions for Licensing Insurance Business Management Companies and the Principles for Regulating, Supervising, and Monitoring Their Business No. (36) of 2010 and its amendments, which stipulate the following: "An insurance business management company must submit an application for license renewal 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 2023 by no later than Thursday, November 24, 2022, and must 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.
- Provision of a certificate of non-criminal record from the competent authorities.
- A copy of a valid insurance policy covering professional liability risks.
- Provision of 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.
- Payment of the due annual fees and attachment of the deposit receipt.
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 regards,
The Central Bank of Jordan [Signature]
P.O. Box 37, Amman 11118 - Jordan • Phone 4630301 • Fax 4638889, 4613300, 4639730 e-mail: info@cbj.gov.jo website: www.cbj.gov.jo