Regulatory Alerts2023-05-22
Added · Updated
Draft Decision on Reinsurance Broker Activity Statement Forms
The Central Bank of Jordan issued a draft decision requesting comments from reinsurance brokers on new activity statement forms within two weeks of the May 9, 2023 letter. The document introduces Form 1-1 for general insurance branches and Form 1-2 for life insurance branches, requiring brokers to report contract numbers, premiums, and commissions for each insurance company. These forms mandate detailed breakdowns of reinsurance brokerage activities across specific insurance categories and include notes defining total premium calculations.
In the Name of Allah, the Most Gracious, the Most Merciful
[Logo of the Central Bank of Jordan]
Number: 10 / 2 / 1614 Date: 19 / 10 / 1444 Corresponding to: 9 / 5 / 2023
Dear Esteemed Reinsurance Brokers,
Subject: Draft Decision on Reinsurance Broker Activity Statement Forms
Greetings,
We enclose for your kind review the draft decision on Reinsurance Broker Activity Statement Forms, and request that you provide us with your comments, if any, within two weeks from the date of this letter.
Please accept our highest respect.
The Governor Dr. Adel Al-Sharqas
Enclosure/ Copy to: Esteemed Insurance Companies
Form (1-1) 17/10/2022 P.O. Box 37 • Amman 11118 Jordan • Phone 4630301 Fax 4638889 • Website: www.cbj.gov.jo • Email: info@cbj.gov.jo
[Logo of the Central Bank of Jordan]
Central Bank of Jordan Form No. (1-1) Statement of Reinsurance Brokerage Activities for Each General Insurance Branch
Name of Reinsurance Broker: .................................... Name of Insurance Company: .................................... For the period from .................... / .................... to .................... / ....................
| General Insurance Branches | Number of Contracts | Sum Insured | Basic Premium | Total Premium | % of Premium Reinsured via Reinsurance Broker | Premium Reinsured via Reinsurance Broker | Commission Rate | Reinsurance Broker Commission |
|---|---|---|---|---|---|---|---|---|
| Accident Insurance | ||||||||
| Medical Insurance | ||||||||
| Motor Vehicle Insurance | ||||||||
| Railway Rolling Stock and Buses Insurance | ||||||||
| Aircraft Insurance | ||||||||
| Marine Insurance | ||||||||
| Cargo in Transit Insurance | ||||||||
| Fire and Natural Perils Insurance | ||||||||
| Other Property Damage Insurance | ||||||||
| Motor Vehicle Liability Insurance | ||||||||
| Aircraft Liability Insurance | ||||||||
| Marine Liability Insurance | ||||||||
| General Liability Insurance | ||||||||
| Credit Insurance | ||||||||
| Surety Bonds Insurance | ||||||||
| Various Financial Loss Insurance | ||||||||
| Legal Expenses Insurance | ||||||||
| Assistance Insurance | ||||||||
| Total |
Note: 1- The term "Total Premium" refers to the value of the Basic Premium plus any additional fees such as (issuance fees, stamps, taxes, etc.). 2- The statement is submitted for each insurance company dealt with, and is aggregated for reinsurance brokerage activities with all insurance companies.
Date: .................... Name of Reinsurance Broker: .................... Signature: .................... Registration Number: ....................
CBJ/Reinsurance broker/F1-1/V1
[Logo of the Central Bank of Jordan]
Central Bank of Jordan Form No. (1-2) Statement of Reinsurance Brokerage Activities for Each Life Insurance Branch
Name of Reinsurance Broker: .................................... Name of Insurance Company: .................................... For the period from .................... / .................... to .................... / ....................
| Life Insurance Branches | Number of Contracts | Sum Insured | Basic Premium | Total Premium | % of Premium Reinsured via Reinsurance Broker | Premium Reinsured via Reinsurance Broker | Commission Rate | Reinsurance Broker Commission |
|---|---|---|---|---|---|---|---|---|
| Life Insurance | ||||||||
| Marriage and Birth Insurance | ||||||||
| Life Annuities Insurance | ||||||||
| Investment-Linked Insurance | ||||||||
| Permanent Health Insurance | ||||||||
| Group Pension Funds Management Branch | ||||||||
| Supplementary Insurance (Personal Accident Insurance) | ||||||||
| Medical Insurance | ||||||||
| Total |
Note: 1- The term "Total Premium" refers to the value of the Basic Premium plus any additional fees such as (issuance fees, stamps, taxes, etc.). 2- The statement is submitted for each insurance company dealt with, and is aggregated for reinsurance brokerage activities with all insurance companies.
Date: .................... Name of Reinsurance Broker: .................... Signature: .................... Registration Number: ....................
CBJ/Reinsurance broker/F1-2/V1