Regulatory Alerts2022-11-16
Added · Updated
Central Bank of Jordan: Renewal of Underwriting Agent License for 2023
The Central Bank of Jordan requires underwriting agents to submit license renewal applications for 2023 by Thursday, November 24, 2022. Applicants must provide a completed renewal form, an activity statement, a list of current delegation agreements, a certificate of good conduct, proof of fifteen hours of specialized training for key personnel, and payment receipts for annual fees. This directive applies to all licensed underwriting agents operating under the Central Bank of Jordan's regulatory framework.
In the Name of Allah, the Most Gracious, the Most Merciful
[Logo of the Central Bank of Jordan]
Reference No.: 1888/2/17 Date: 20/4/1444 AH Corresponding to: 14/11/2022 AD
Dear Respected Underwriting Agents, Subject: Renewal of Underwriting Agent License for the Year 2023
In accordance with 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 the 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 the renewal of your license for the year 2023, no later than Thursday, November 24, 2022, and provide us with the following:
- Completion of the license renewal form available on the Central Bank of Jordan's website, along with the specified requirements included therein.
- A statement detailing the activities carried out during the year, according to the form prepared for this purpose.
- A list of the names of insurance companies and reinsurers contracted with them under delegation agreements at the time of submitting the renewal request, and the expiration date of each agreement.
- A copy of the current delegation agreement.
- Submission of a certificate of good conduct from the competent authorities.
- Submission of documentation confirming that the General Manager, management personnel, and key employees have participated in specialized training courses in insurance activities or attended conferences or seminars in insurance activities for a duration of no less than fifteen hours.
- Payment of the due annual fees and submission of the deposit receipt.
We emphasize the necessity of submitting the application within the specified deadline above 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).
Yours faithfully,
Central Bank of Jordan
P.O. Box 37, Amman 11118, Jordan • Phone: 4630301 • Fax: 4638889, 4613300, 4639730 e-mail: info@cbj.gov.jo website: www.cbj.gov.jo