Instructions for Collecting Insurers' Contributions to the Insurance Policyholders and Beneficiaries Guarantee Fund

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[Logo of the Central Bank of Jordan]

No.: 1542/2/12
Date: 19 / 3 / 1446
Corresponding to: 24 / 9 / 2024

Dear Insurance Companies,

Subject: Instructions for collecting insurers' contributions to the Insurance Policyholders and Beneficiaries Guarantee Fund

Greetings,

Based on the provisions of paragraph (b) of Article (109) of the Insurance Business Regulation Law No. (12) of 2021 and paragraph (c) of Article (9) of the Insurance Policyholders and Beneficiaries Guarantee Fund System No. (53) of 2024, please find enclosed Instruction No. (11) of 2024 regarding the collection of insurers' and beneficiaries' contributions to the Insurance Policyholders and Beneficiaries Guarantee Fund, issued pursuant to the decision of the Board of Directors of the Central Bank No. (145/2024) dated 2024/8/29.

Please accept our highest regards,

The Governor
Dr. Adel Al-Sharqas

Copy to: Jordanian Union of Insurance Companies.

Form (1/1) - (1/1)
P.O. Box 37 • Amman 11118 Jordan • Phone 4630301 Fax 4638889 • Website: www.cbj.gov.jo • Email: info@cbj.gov.jo

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[Logo of the Central Bank of Jordan]

No.: 14887 / 3 / 17
Date: 12 Rabi' al-Awwal 1446 AH
Corresponding to: 15 September 2024 AD

[Logo of the Central Bank of Jordan]

Instruction No. (11) of 2024
Instructions for collecting insurers' contributions to the Insurance Policyholders and Beneficiaries Guarantee Fund

Issued pursuant to the decision of the Board of Directors of the Central Bank No. (145/2024) dated 2024/8/29

Form (1/1) - (1/1)
P.O. Box 37 • Amman 11118 Jordan • Phone 4630301 Fax 4638889 • Website: www.cbj.gov.jo • Email: info@cbj.gov.jo

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Instructions for collecting insurers' contributions to the Insurance Policyholders and Beneficiaries Guarantee Fund Issued by the Board of Directors of the Central Bank under the provisions of paragraph (b) of Article (109) of the Insurance Business Regulation Law No. (12) of 2021 and paragraph (c) of Article (9) of the Insurance Policyholders and Beneficiaries Guarantee Fund System No. (53) of 2024

Article (1):
These Instructions shall be known as the Instructions for collecting insurers' contributions to the Insurance Policyholders and Beneficiaries Guarantee Fund and shall be effective from the date 2024/10/1.

Article (2):
A- The following words, wherever they appear in these Instructions, shall have the meanings assigned to them below, unless the context indicates otherwise:
1- The Law: The Insurance Business Regulation Law No. (12) of 2021.
2- The System: The Insurance Policyholders and Beneficiaries Guarantee Fund System No. (53) of 2024.
3- The Fund: The Insurance Policyholders and Beneficiaries Guarantee Fund.
B- The definitions contained in the Law and the System shall be adopted wherever referred to in these Instructions, unless the context indicates otherwise.

Article (3):
A- The insurance company is obligated to collect a rate of (5) five per mille of the basic premium value of the insurance contract, which shall be collected from the policyholder at the time of contracting with the insurance company. B- The insurance company shall be responsible for collecting the contributions stipulated in paragraph (a) and depositing them into the Fund's account at banks designated by the Committee, provided that the due amounts are paid monthly within a period not exceeding the fifteenth of the following month. C- The insurance company must notify the Committee after each deposit into the Fund's account, supported by a statement for each month showing the total basic premiums collected by the insurance company and the amount due to the Fund.

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D- For the purpose of implementing the provisions of paragraph (a) of this Article, the collection of the basic premium value for an insurance contract extending for more than one year shall be based on its annual value.

Article (4)
The insurance premiums collected and accruing to the insurance company from its branches outside the Kingdom shall not be included in the calculation of the rate stipulated in Article (3) of these Instructions.

Article (5)
The Governor shall issue the necessary decisions to implement the provisions of these Instructions.

Chairman of the Board of Directors of the Central Bank

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