Regulatory Alerts2022-02-07
Added · Updated
Circular on Disclosure of Commissions and Fees
The Central Bank of Jordan mandates that insurance companies and insurance service providers disclose the percentage of all commissions and fees received from agents, brokers, bancassurance, loss adjusters, and consultants, specifying whether they are borne by the client or the company. Disclosure must occur during contract negotiation, offer issuance, modification, renewal, and claim settlement, with specific requirements for premium calculation transparency in contract documents. The regulation excludes commissions received by actuaries, surveyors, underwriting agents, and reinsurance brokers from this disclosure scope.