Central Bank of Jordan: Renewal of Underwriting Agent License for 2025

CENTRAL BANK OF JORDAN

Reference No.: 18949/1/17
Date: 18/10/2024
Corresponding Date: 2024/10/18

To the Respected Underwriting Agents

Subject: Renewal of Underwriting Agent License for 2025

Pursuant to 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 term, which falls on the 31st of December of each year, according to the form prepared for this purpose..."

We request that you proceed to submit your license renewal application for 2025, no later than Thursday, November 28, 2024, and must provide us with the following:

1. Completion of the license renewal form available on the Central Bank of Jordan's website and attaching the requirements specified therein.
2. A statement detailing the activities performed during the year, according to the form prepared for this purpose.
3. A list of the names of insurance companies and reinsurers contracted with under delegation agreements at the time of submitting the renewal request, and the expiration date of each agreement.
4. A copy of the current delegation agreement.
5. A certificate of non-criminal record from the competent authorities for each of the Underwriting Agent at the company, owners, partners, board of directors members, General Manager, and key employees, as applicable.
6. Signing the form of a written declaration confirming compliance with the conditions stipulated in Articles (19-21) of the Insurance Activities Regulations No. (12) of 2021, and undertaking to inform the Central Bank immediately if any of the conditions contained therein cease to be met, for each of the Underwriting Agent, General Manager, management personnel, all employees performing Underwriting Agent duties, and all staff, partners, board of directors, and management board members of the Underwriting Agent, as applicable. (Form CBJ/ISPs/F1/V1) extracted from the website.
7. An updated copy of the company registration certificate with the Companies Control Department, as applicable (extracted from the website).
8. An updated copy of the commercial name/trademark registration certificate with the Ministry of Industry, Trade, and Supply, as applicable (extracted from the website).

Form (1/1/09)

P.O. Box 37, Amman 11118, Jordan • Phone: 4630201 • Fax: 4638889 • Website: www.cbj.gov.jo • Email: info@cbj.gov.jo

9. Clarification of the detailed address of your office location and providing us with a recent copy of your office lease agreement.
10. A valid professional liability insurance policy.
11. Providing evidence that the General Manager, management personnel, and key employees have attended specialized training courses in insurance activities or participated in conferences or seminars in insurance activities lasting no less than fifteen hours.
12. A copy of the passport or national ID card for each of the Underwriting Agent, General Manager, management personnel, all employees performing Underwriting Agent duties, and all staff and partners of the Underwriting Agent, as applicable.
13. A statement including the name of the General Manager or management personnel and all employees performing Underwriting Agent duties in insurance.
14. Signing the form of declaration regarding the approved address.
15. The audited final financial statements for the year 2023.
16. Details of non-Jordanian employees, confirming that they hold valid work permits and/or residence permits, as applicable.
17. Payment of the annual fees due 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. Note that the aforementioned forms are published on the Central Bank of Jordan's website (www.cbj.gov.jo).

Sincerely,

Central Bank of Jordan
[Signature]

Form (1/1/09)