Regulatory Alerts2025-01-02
Added · Updated
Electronic System Instructions for Issuing Mandatory Insurance Contracts for Tenders or Fleets and Mandatory Insurance Contracts Related to Comprehensive Insurance Contracts No. (18) of 2024
The Central Bank of Jordan issued Electronic System Instructions No. (18) of 2024, effective January 1, 2025, requiring the Jordanian Union of Insurance Companies to enable licensed motor vehicle liability insurance companies to issue mandatory insurance contracts for tenders, fleets, and those related to comprehensive insurance through the approved electronic system. Insurance companies are obligated to issue these contracts by filling in all data specified by the Governor, while the Union must comply with all Central Bank directives regarding information and cybersecurity. The Governor is authorized to issue necessary decisions to implement these instructions.