Regulatory Alerts2022-12-06
Added · Updated
Central Bank of Jordan Renewal Requirements for Non-resident Reinsurance Brokers
The Central Bank of Jordan mandates that non-resident reinsurance brokers submit specific documentation to renew their approval, including a written request, proof of home-country license, company profile, staff qualifications, and the 2022 annual report. Applicants must provide a valid professional indemnity insurance policy covering Jordan or worldwide for 2023, a detailed report of 2022 business with Jordanian insurers, and a list of intended future partners and risks. The renewal process requires signing an acknowledgment of Article 22 of Insurance Regulatory Law No. 12 of 2021 and an undertaking to notify the Bank of any license changes within five working days. A mandatory annual fee of 200 JOD (or 282.5 USD) must be paid, with original documents due by November 25, 2022.