Regulatory Alerts2021-11-14
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Central Bank of Jordan: Renewal of Reinsurance Broker License for 2022
The Central Bank of Jordan requires reinsurance brokers to submit license renewal applications for 2022 by Thursday, November 25, 2021. Applicants must complete the designated form and provide a statement of activities, a certificate of good conduct, a signed declaration under Law No. 12 of 2021, an updated commercial register, and proof of office lease. This directive enforces the annual renewal obligation stipulated in the Instructions for Licensing Reinsurance Brokers No. 4 of 2005.
In the Name of Allah, the Most Gracious, the Most Merciful
[Logo of the Central Bank of Jordan]
Reference No.: 17/2/17324 Date: 5/4/1443 AH Corresponding to: 10/11/2021 AD
Dear Reinsurance Brokers,
Subject: License Renewal for 2022
Based on the provisions of Paragraph (a) of Article (11) of the Instructions for Licensing Reinsurance Brokers, Regulating Their Work, and Their 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, 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 the renewal of your license for 2022, by the deadline of Thursday, November 25, 2021, and must provide us with the following:
- Completion of the license renewal form available on the Central Bank of Jordan's website and attaching the specified requirements within it.
- A statement of reinsurance brokerage activities conducted during the year, according to the form prepared for this purpose.
- Providing us with a certificate of good conduct from the competent authorities.
- Signing the attached written declaration in accordance with the provisions of Article (22) of the Law Regulating Insurance Activities No. (12) of 2021, by both the reinsurance broker and the authorized employees practicing reinsurance brokerage activities.
- Providing us with an updated copy of the commercial register or a company registration certificate from the Companies Control Department, as appropriate (extracted from the electronic website).
- Clarifying the detailed address of your office location and providing us with a recent copy of your office lease agreement.
We emphasize the necessity of submitting the application by the aforementioned deadline to enable us to proceed with the study procedures and take the 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]