Regulatory Alerts2022-10-17
Added · Updated
Circular Regarding Enforcement Seizures Under Insurance Regulation Law No. 12 of 2021
The Central Bank of Jordan prohibits banks from imposing enforcement seizures or executions in favor of any entity other than the insured, except as permitted under Article 13 of Insurance Regulation Law No. 12 of 2021. Banks are required to verify the status of any applicant seeking such seizure and must notify both the Central Bank and the relevant insurance company if a seizure is executed or if the relevant amount is reduced.
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