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.
CENTRAL BANK OF JORDAN CENTRAL BANK OF JORDAN
Number: 3/17/ 4160 Date: 30 Jumaada II 1446 AH Corresponding to: 31 December 2024 AD
Dear Insurance Companies, Dear Jordanian Union of Insurance Companies,
Subject: Electronic System Instructions for Issuing Mandatory Insurance Contracts for Tenders or Fleets and Mandatory Insurance Contracts Related to Comprehensive Insurance Contracts for 2024
Greetings,
Based on the provisions of paragraph (b) of Article (109) and Article (100) of the Law Regulating Insurance Business No. (12) of 2021 and paragraph (c) of Article (3) of the Unified Office System for Mandatory Vehicle Insurance No. (51) of 2024, we attach to you the "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" issued pursuant to the decision of the Board of Directors of the Central Bank No. (2024/253) dated 2024/12/24.
Please accept our highest respect,
The Governor Dr. Adel Al-Sharkas
CENTRAL BANK OF JORDAN CENTRAL BANK OF JORDAN
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
Issued pursuant to the decision of the Board of Directors of the Central Bank No. (2024/253) dated 2024/12/24
| Article Number | Page |
|---|---|
| Article (1): | 1 |
| Article (2): | 1 |
| Article (3): | 2 |
| Article (4): | 2 |
| Article (5): | 2 |
Instructions No. (18) of 2024 Electronic System Instructions for Issuing Mandatory Insurance Contracts for Tenders or Fleets and Mandatory Insurance Contracts Related to Comprehensive Insurance Contracts for 2024
Issued pursuant to the provisions of paragraph (b) of Article (109) and Article (100) of the Law Regulating Insurance Business No. (12) of 2021 and paragraph (c) of Article (3) of the Unified Office System for Mandatory Vehicle Insurance No. (51) of 2024
Article (1): These Instructions shall be known as the "Electronic System Instructions for Issuing Mandatory Insurance Contracts for Tenders or Fleets and Mandatory Insurance Contracts Related to Comprehensive Insurance Contracts for 2024", and are issued based on the provisions of paragraph (b) of Article (109) and Article (100) of the Law Regulating Insurance Business No. (12) of 2021, and paragraph (c) of Article (3) of the Unified Office System for Mandatory Vehicle Insurance No. (51) of 2024, and shall be considered effective as of 2025/1/1.
Article (2): a- The following words shall, wherever they appear in these Instructions, have the meanings assigned to them below, unless the context indicates otherwise: The Law: Law Regulating Insurance Business No. (12) of 2021. The System: Unified Office System for Mandatory Vehicle Insurance No. (51) of 2024. The Union: Jordanian Union of Insurance Companies. The Unified Office: The Unified Office for Mandatory Vehicle Insurance established pursuant to the provisions of Article (94) of the Law. The Company: An insurance company licensed to practice the motor vehicle liability insurance branch. The Electronic System: The electronic system approved in implementation of the provisions of the System for the purpose of issuing mandatory insurance contracts, including mandatory insurance contracts for tenders and fleets and mandatory insurance contracts related to comprehensive insurance contracts.
b- The definitions contained in the Law and the System shall be adopted wherever they are mentioned in these Instructions, unless the context or situation indicates otherwise.
Article (3): a- The Union shall enable the Company to issue mandatory insurance contracts for tenders or fleets and mandatory insurance contracts related to comprehensive insurance contracts through the approved electronic system for this purpose. b- The Company shall be obligated to issue mandatory insurance contracts for tenders or fleets and mandatory insurance contracts related to comprehensive insurance contracts through the electronic system by filling in all data specified by a decision of the Governor.
Article (4): The Union shall be obligated, with regard to the electronic system, to comply with all instructions, decisions, or circulars issued by the Central Bank concerning information security and cybersecurity.
Article (5): The Governor shall issue the necessary decisions to implement the provisions of these Instructions.