Regulatory Alerts2021-11-14
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Central Bank of Jordan: Renewal of Underwriting Agent License for 2022
The Central Bank of Jordan requires underwriting agents to submit license renewal applications for 2022 by Thursday, November 25, 2021. Applicants must complete the renewal form and attach a statement of activities, a list of contracted insurance and reinsurance companies with agreement expiration dates, a copy of the current delegation agreement, and a certificate of good conduct. This directive is issued pursuant to Article 11 of the Instructions for Licensing Underwriting Agents and Regulating Their Work and Responsibilities No. (4) of 2010.
In the Name of Allah, the Most Gracious, the Most Merciful
[Logo of the Central Bank of Jordan]
Reference No.: 17/2/17322 Date: 5/4/1443 AH Corresponding to: 10/11/2021 AD
Dear Respected Underwriting Agents,
Subject: Renewal of Underwriting Agent License for 2022
Based on the provisions of Paragraph (a) of Article (11) of the Instructions for Licensing Underwriting Agents and Regulating Their Work and Responsibilities No. (4) of 2010 and its amendments, which stipulate the following:
"The underwriting agent must submit an application to renew their license annually, no later than forty-five days before the expiration of their license, which falls on the 31st of December of each year, according to the form prepared for this purpose..."
We request you to submit your license renewal application for the year 2022, by the latest deadline of Thursday, November 25, 2021, with the necessity of providing 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 detailing the activities carried out during the year according to the form prepared for this purpose.
- A statement listing the names of insurance and reinsurance companies contracted with under delegation agreements upon submitting the renewal request, along with the expiration date of each agreement.
- A copy of the current delegation agreement.
- Provision of a certificate of good conduct from the competent authorities.
We emphasize the necessity of submitting the application by the aforementioned deadline to enable us to proceed with the review 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 regards,
The Central Bank of Jordan [Signature]