Regulatory Alerts2024-06-26
Added · Updated
Financial Transactions with Legal Insurance Service Providers
The Central Bank of Jordan mandates that insurance companies must conduct all financial transactions through the bank accounts of licensed legal insurance service providers. The directive explicitly prohibits financial transfers to the personal bank accounts of natural persons associated with these entities, such as owners, partners, or managers. This requirement applies to insurance companies and is based on provisions from various licensing instructions for insurance agents, brokers, and management companies.
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