Regulatory Alerts2023-05-22
Added · Updated
Draft Decision on Insurance Agent Business Statement Models
The Central Bank of Jordan issued a draft decision requiring insurance companies to submit specific business statement models for their agents. The document defines four standardized forms for reporting general and life insurance agency business, including metrics such as total premiums, commission rates, and loss ratios. Insurance companies are requested to review the enclosed forms and provide comments within two weeks of the letter dated May 9, 2023.
In the Name of Allah, the Most Gracious, the Most Merciful
[Logo of the Central Bank of Jordan]
Number: 1611 / 3 / 15 Date: 19 / 10 / 1444 Corresponding to: 9 / 5 / 2023
Dear Insurance Companies,
Subject: Draft Decision on Insurance Agent Business Statement Models
Greetings,
We enclose for you the draft decision on Insurance Agent Business Statement Models, which includes the forms that insurance companies are required to periodically provide to the Central Bank regarding the business conducted by their agents. Please review and provide us with your comments, if any, within two weeks from the date of this letter.
Please accept our highest respect.
Governor Dr. Adel Al-Sharkas [Signature]
Enclosed/
P.O. Box 37 • Amman 11118 Jordan • Phone 4630301 Fax 4638889 • Website: www.cbj.gov.jo • Email: info@cbj.gov.jo Form (1/1) - (1/1)
[Logo of the Central Bank of Jordan]
Central Bank of Jordan Form No. (9-1) General Insurance Agency Business Statement
General Insurance Agency Business conducted by the insurance agent as an agent for the company ........................................................ During the period from ..../..../........ to ..../..../........
Agent Name: ........................................................
| General Insurance Business Branches | Current Period | Comparative Period | Notes | |||
|---|---|---|---|---|---|---|
| Total Premium | Commission Rate | Commission Value | Total Premium | Commission Value | ||
| Total |
Number of Pages: Note: The term "Total Premium" refers to the basic premium value plus any additional fees (such as issuance fees, stamps, tax, etc.).
Date: ........................ Registration Number: ........................ Signature: ........................ Agent: ........................
CBJ/Agent/F9-1/V1 5
[Logo of the Central Bank of Jordan]
Central Bank of Jordan Form No. (9-2) Life Insurance Agency Business Statement
Life Insurance Agency Business conducted by the insurance agent as an agent for the company ........................................................ During the period from ..../..../........ to ..../..../........
Agent Name: ........................................................
| Life Insurance Business Branches | Current Period | Comparative Period | Notes | |||
|---|---|---|---|---|---|---|
| Total Premium | Commission Rate | Commission Value | Total Premium | Commission Value | ||
| Total |
Number of Pages: Note: The term "Total Premium" refers to the basic premium value plus any additional fees (such as issuance fees, stamps, tax, etc.).
Date: ........................ Registration Number: ........................ Signature: ........................ Agent: ........................
CBJ/Agent/F9-2/V1 2
[Logo of the Central Bank of Jordan]
Central Bank of Jordan Form No. (10-1) General Insurance Agency Business Statement for Each of the Insurance Company's Agents
General Insurance Agency Business conducted by the insurance agent as an agent for the company ........................................................ During the period from ..../..../........ to ..../..../........
Agent Name: ........................................................
| General Insurance Business Branches | Current Period | Comparative Period | Notes | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Total Premium | Commission Rate | Commission Value | Total Claims | Loss Ratio (Total Claims / Total Premiums) % | Total Premium | Commission Value | Total Claims | Loss Ratio (Total Claims / Total Premiums) % | |
| Total |
Note: The term "Total Premium" refers to the basic premium value plus any additional fees (such as issuance fees, stamps, tax, etc.).
Date: ........................ Signature: ........................ Agent: ........................
CBJ/Agent/F10-1/V1 1
[Logo of the Central Bank of Jordan]
Central Bank of Jordan Form No. (10-2) Life Insurance Agency Business Statement for Each of the Insurance Company's Agents
Life Insurance Agency Business conducted by the insurance agent as an agent for the company ........................................................ During the period from ..../..../........ to ..../..../........
Agent Name: ........................................................
| Life Insurance Business Branches | Current Period | Comparative Period | Notes | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Total Premium | Commission Rate | Commission Value | Total Life Insurance Claims (Benefits and Policy Settlements) | Total Premium | Commission Value | Total Life Insurance Claims (Benefits and Policy Settlements) | |||
| Total |
Note: The term "Total Premium" refers to the basic premium value plus any additional fees (such as issuance fees, stamps, tax, etc.).
Date: ........................ Registration Number: ........................ Signature: ........................ Agent: ........................