Regulatory Alerts2022-02-07
Added · Updated
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. This disclosure must specify whether costs are borne by the client or the company, clarify the calculation basis (gross or net premium), and appear in the insurance contract, schedule, and claim settlement reports. The requirement applies to disclosures made during negotiation, contract issuance, modification, renewal, and consulting engagements, with SMS or email permitted as additional channels.