Regulatory Alerts2024-09-24
Added · Updated
Instructions for Collecting Insurers' Contributions to the Insurance Policyholders and Beneficiaries Guarantee Fund
The Central Bank of Jordan issued Instruction No. 11 of 2024, effective October 1, 2024, requiring insurance companies to collect a contribution of 5 per mille of the basic premium from policyholders at the time of contracting. Insurance companies must deposit these monthly contributions to the Guarantee Fund account by the 15th of the following month and provide the Committee with detailed statements for each deposit. The calculation excludes premiums collected from branches located outside the Kingdom.
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