Instructions for Licensing Insurance Brokers and Regulating Insurance Brokerage Activities No. (9) for the Year 2026

CENTRAL BANK OF JORDAN

No.: 10905 / 3/17
Date: 16 / 1 / 1448 AH
Corresponding to: 1 / 7 / 2026 AD

Dear Insurance Companies,
Dear Insurance Brokers,

Subject: Instructions for Licensing Insurance Brokers and Regulating Insurance Brokerage Activities for the Year 2026

Greetings,

Based on the provisions of paragraph (a) of Article (82) and paragraph (b) of Article (109) of the Insurance Activities Regulation Law No. (12) for the year 2021, we attach to you "Instructions for Licensing Insurance Brokers and Regulating Insurance Brokerage Activities No. (9) for the Year 2026" issued pursuant to the decision of the Board of Directors of the Central Bank No. (2026/138) dated 2026/6/24.

Please accept our highest respect,

The Governor
Dr. Adel Al-Sharkas

Copy / Jordanian Union of Insurance Companies
Jordanian Association of Insurance Brokers

Phone: 0096264630301
Fax: 0096264638889
Central Bank of Jordan
P.O. Box (37) Amman, 11118 Jordan
Email: info@cbj.gov.jo
Website: www.cbj.gov.jo

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[Central Bank of Jordan Logo]

Instructions for Licensing Insurance Brokers and Regulating Insurance Brokerage Activities No. (9) for the Year 2026

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Instructions No. (9) for the Year 2026

Instructions for Licensing Insurance Brokers and Regulating Insurance Brokerage Activities Issued by the Board of Directors of the Central Bank Pursuant to the provisions of paragraph (a) of Article (82) and paragraph (b) of Article (109) of the Insurance Activities Regulation Law No. (12) for the year 2021

Contents

Subject	Page
Article (1): Citation	3
Article (2): Definitions	3
Article (3): Practice of Insurance Brokerage Activities	4
Article (4): General Requirements for Licensing an Insurance Broker	5
Article (5): General Requirements for Licensing a Foreign Insurance Broker	6
Article (6): Suitability Conditions for Licensing a Natural Person Broker and Approving the Insurance Business Manager	7
Article (7): Suitability Conditions for Approving the Mediation Operator	9
Article (8): Application for Insurance Broker License	12
Article (9): Procedures for Obtaining Preliminary Approval for Insurance Broker License	13
Article (10): Procedures for Obtaining Final Approval for Insurance Broker License	13
Article (11): License Renewal	15
Article (12): Adding Insurance Branches to the License	15
Article (13): Requirements for Opening or Transferring Branches	15
Article (14): Suspension of License	16
Article (15): Duties of the Insurance Broker	16
Article (16): Rules of Practice and Professional Ethics	19
Article (17): Insurance Broker Records	22
Article (18): Periodic Data	23
Article (19): Duties of the Insurance Company	23
Article (20): Inspection of the Insurance Broker	24
Article (21): Administrative Penalties and Corrective Measures	25
Article (22): Final Provisions	27
Article (23): Transition Provisions	30
Article (24): Issuance of Decisions	31
Article (25): Repeal	31

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Instructions for Licensing Insurance Brokers and Regulating Insurance Brokerage Activities No. (9) for the Year 2026

Article (1):
Citation
These Instructions shall be known as the "Instructions for Licensing Insurance Brokers and Regulating Insurance Brokerage Activities for the Year 2026" and are issued pursuant to the provisions of paragraph (a) of Article (82) and paragraph (b) of Article (109) of the Insurance Activities Regulation Law No. (12) for the year 2021, and shall be effective from the date 2026/6/24.

Article (2):
Definitions a- The following words and expressions shall, wherever they appear in these Instructions, have the meanings assigned to them below, unless the context indicates otherwise:

Law:	Insurance Activities Regulation Law No. (12) for the year 2021.
Insurance Business Manager:	The person approved by the Central Bank and responsible for managing insurance brokerage activities at a corporate insurance broker.
Mediation Operator:	The person approved by the Central Bank to practice insurance brokerage activities at a corporate insurance broker.
Employee:	The person appointed at a corporate insurance broker to perform work related to insurance brokerage activities.
Client:	The person for whom the broker practices insurance brokerage activities in accordance with the provisions of these Instructions and the decisions issued pursuant to them.
Defined Benefit and Coverage Insurance Contracts:	Insurance contracts approved by the Central Bank as defined benefit and coverage contracts pursuant to a decision issued by the Central Bank for this purpose.

b- The definitions, terms, and expressions contained in the Law shall be adopted wherever the text refers to them in these Instructions, unless the context indicates otherwise.

2- The definition of Technical Departments contained in the effective Governance Instructions for Insurance Companies shall be adopted wherever it appears in these Instructions.

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3- For the purposes of these Instructions, the word "Insurance Broker" refers to both the natural person insurance broker and the corporate insurance broker, unless the context indicates otherwise.

4- For the purposes of these Instructions, the term "Manager of Insurance Business Operations" contained in the Instructions for Licensing Insurance Brokers and Regulating Their Activities and Responsibilities No. (11) for the year 2005 and its amendments, is equivalent to the term "Insurance Business Manager" contained in these Instructions.

Article (3):
Practice of Insurance Brokerage Activities a- An insurance broker shall be granted a license to practice insurance brokerage activities, including providing technical advice and consultation to the client regarding insurance coverage and/or selecting an insurance company and recommending insurance programs or products suitable for the client's needs and requirements, by soliciting multiple insurance offers, negotiating on behalf of the client, and representing them before the insurance company, subject to the following:
1- A corporate insurance broker may practice insurance brokerage activities in life insurance and general insurance operations, provided that the two types of insurance are not practiced simultaneously by the same Insurance Business Manager, Mediation Operator, or Employee. 2- A natural person insurance broker may practice insurance brokerage activities in one of the two types of insurance only.

b- An insurance broker may be granted a license to practice reinsurance brokerage activities and insurance consultancy activities in accordance with the provisions of the relevant Instructions and decisions, and a license shall not be granted to practice any of the other insurance service provider activities.

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Article (4):
General Requirements for Licensing an Insurance Broker The license applicant as an insurance broker must meet the following requirements:
a- Their capital must not be less than:
1- 5,000 Dinars for each type of insurance separately, with a maximum of 6 insurance branches within the same type of insurance.
2- 7,500 Dinars for each type of insurance separately, with a maximum of 12 insurance branches within the same type of insurance.
3- 10,000 Dinars for each type of insurance separately, for more than 12 insurance branches within the same type of insurance.

b- Adopting a suitable dedicated headquarters in the Kingdom to practice their activities through it. c- The name of the company, trade name, or institution name proposed, as appropriate, must indicate the practice of insurance brokerage activities. d- Their objectives must be limited to the activities they are licensed to practice, and the Central Bank may approve adding other objectives related to insurance brokerage activities. e- Their license or approval must not have been previously revoked or suspended by a regulatory authority, and the conditions for re-licensing or re-approval by the authority that suspended or revoked their license or approval must not be met, whether within or outside the Kingdom. f- The license applicant as a natural person insurance broker, or the approval applicant as an Insurance Business Manager or Mediation Operator, or the Employee at the license applicant as a corporate insurance broker, must meet the following:
1- The suitability conditions specified in Articles (6 and 7) of these Instructions.
2- Not be responsible in any capacity for the revocation or suspension of the license granted to any legal person to practice any of the insurance service provider activities as an administrative penalty issued by a regulatory authority.

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g- The corporate insurance broker must provide the necessary technical staff to practice the licensed activity, with a minimum of the following:
1- The Insurance Business Manager.
2- A Mediation Operator for each type of insurance.

h- The conditions stipulated in Article (19) of the Law and paragraph (e) and item (2) of paragraph (f) of this Article must be met, as appropriate, in each of the owners, partners, members of the Board of Directors, the Board of Directors, the General Manager, the employees, and any person authorized to sign on behalf of the corporate license applicant.

Article (5):
General Requirements for Licensing a Foreign Insurance Broker In addition to the conditions mentioned in Article (4) of these Instructions, the license applicant as a branch of a foreign insurance company operating must meet the following conditions:
a- They must be licensed as an insurance broker in the country of the headquarters, and their license must include the type and branches of insurance for which licensing is requested in the Kingdom. b- They must have practiced insurance brokerage activities in the country of the headquarters in the branches of insurance for which licensing is requested for a period of not less than two years. c- They must have a good reputation and financial solvency. d- When considering the application for licensing a branch of a foreign insurance brokerage company, the legislative and regulatory environment for insurance activities in the country of the headquarters shall be taken into account.

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Article (6):
Suitability Conditions for Licensing a Natural Person Broker and Approving the Insurance Business Manager

a- The minimum qualifications and experience required for licensing a natural person insurance broker or approving the Insurance Business Manager at a corporate insurance broker shall be any of the following:
1- Holding a Bachelor's degree, or a specialized professional certificate in insurance related to the type of insurance for which licensing/approval is requested, issued by an authority approved by the Central Bank, and possessing any of the following practical experience:
a) Practiced insurance activities in technical departments at an insurance company and/or practiced any of the insurance service provider activities for a period of not less than seven years in the type and branches of insurance for which licensing/approval is requested. b) Worked as a General Manager of a Jordanian insurance company or a licensed reinsurance company in the type of insurance for which licensing/approval is requested. c) Worked as a Deputy or Assistant to the General Manager or a Technical Department Manager at a Jordanian insurance company or a reinsurance company for a period of not less than two years in the type and branches of insurance for which licensing/approval is requested.

2- Holding a Master's or Doctorate degree in insurance, risk management, economics, finance, accounting, actuarial sciences, or any other specialties approved by the Central Bank, and possessing any of the following practical experience:
a) Practiced insurance activities in technical departments at an insurance company and/or practiced any of the insurance service provider activities for a period of not less than five years in the type and branches of insurance for which licensing/approval is requested. b) Worked as a General Manager of a Jordanian insurance company or a licensed reinsurance company in the type of insurance for which licensing/approval is requested. c) Worked as a Deputy or Assistant to the General Manager or a Technical Department Manager at a Jordanian insurance company or a reinsurance company in the type and branches of insurance for which licensing/approval is requested.

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3- Holding a Secondary School Certificate, and possessing any of the following practical experience:
a) Practiced insurance activities in technical departments at an insurance company and/or practiced any of the insurance service provider activities for a period of not less than ten years in the type and branches of insurance for which licensing/approval is requested. b) Worked as a General Manager of a Jordanian insurance company or a licensed reinsurance company in the type of insurance for which licensing/approval is requested. c) Worked as a Deputy or Assistant to the General Manager or a Technical Department Manager at a Jordanian insurance company or a reinsurance company for a period of not less than five years in the type and branches of insurance for which licensing/approval is requested.

b- In addition to the experience mentioned in paragraph (a) of this Article, and for the purposes of licensing/approval for a life premiums insurance branch and/or an investment-linked insurance branch and/or a collective pension fund management branch, the applicant must hold any of the following:
1- A Bachelor's degree as a minimum in insurance, risk management, economics, finance, accounting, actuarial sciences, or any other specialties approved by the Central Bank.
2- A specialized professional certificate in life insurance, investment and securities, risk in financial services, wealth and investment management, or any other professional certificate related to the nature of their work from authorities approved by the Central Bank.

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c- Their enrollment in the previous year before the date of submitting the approval application in specialized courses in insurance activities or insurance service activities of not less than fifteen hours, in case of a break in practicing insurance activities or insurance service activities for more than two years. d- Passing the exam prepared or approved by the Central Bank for this purpose, and the applicant is exempt from submitting the exam in any of the following cases:
1- They were licensed as a natural person insurance broker or approved as an Insurance Business Manager or as a Mediation Operator at an insurance broker, within the limits of the insurance branches previously licensed, provided that any of the following is achieved:
a) No more than three years have passed since the date of suspension or revocation of their license or approval, whichever is earlier. b) A period ranging between three and ten years has passed since the date of suspension or revocation of their license or approval, whichever is earlier, provided that they prove their practice of insurance activities or provision of insurance services during this period and that they did not have a break of more than one year, continuous or intermittent. 2- Holding a Bachelor's degree as a minimum and a specialized professional certificate in insurance related to the type and branches of insurance for which licensing/approval is requested, issued by an authority approved by the Central Bank.

Article (7):
Suitability Conditions for Approving the Mediation Operator a- The minimum qualifications and experience required for approving the Mediation Operator at a corporate insurance broker shall be any of the following:
1- Holding a Bachelor's degree, or a specialized professional certificate in insurance related to the type of insurance for which approval is requested, issued by an authority approved by the Central Bank, and possessing any of the following practical experience:

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a) Practiced insurance activities in technical departments at an insurance company and/or practiced insurance service provider activities for a period of not less than three years in the type and branches of insurance for which approval is requested. b) Worked as a General Manager of a Jordanian insurance company or a reinsurance company in the type of insurance for which approval is requested. c) Worked as a Deputy or Assistant to the General Manager or a Technical Department Manager at a Jordanian insurance company or a reinsurance company in the type and branches of insurance for which approval is requested. 2- Holding a Master's or Doctorate degree in insurance, risk management, economics, finance, accounting, actuarial sciences, or any other specialties approved by the Central Bank, and possessing any of the following practical experience:
a) Practiced insurance activities in technical departments at an insurance company and/or practiced insurance service provider activities for a period of one year in the type and branches of insurance for which approval is requested. b) Worked as a General Manager of a Jordanian insurance company or a reinsurance company in the type of insurance for which approval is requested. c) Worked as a Deputy or Assistant to the General Manager or a Technical Department Manager at a Jordanian insurance company or a reinsurance company in the type and branches of insurance for which approval is requested. 3- Holding a Secondary School Certificate, and possessing any of the following practical experience:
a) Practiced insurance activities in technical departments at an insurance company and/or practiced insurance service provider activities for a period of not less than six years in the type and branches of insurance for which approval is requested. b) Worked as a General Manager of a Jordanian insurance company or a reinsurance company in the type of insurance for which approval is requested. c) Worked as a Deputy or Assistant to the General Manager or a Technical Department Manager at a Jordanian insurance company or a reinsurance company in the type and branches of insurance for which approval is requested.

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b- In addition to the experience mentioned in paragraph (a) of this Article, and for the purposes of approval to practice mediation activities in a life premiums insurance branch and/or an investment-linked insurance branch and/or a collective pension fund management branch, the applicant must hold any of the following:
1- A Bachelor's degree as a minimum in insurance, risk management, economics, finance, accounting, actuarial sciences, or any other similar specialties approved by the Central Bank.
2- Specialized professional certificates in life insurance, investment and securities, risk in financial services, wealth and investment management, or any other professional certificate related to the nature of their work from authorities approved by the Central Bank. c- Their enrollment in the previous year before the date of submitting the license application in specialized courses in insurance activities or insurance service activities of not less than fifteen hours, in case of a break in practicing insurance activities or insurance service activities for more than two years. d- Passing the exam prepared or approved by the Central Bank for this purpose, and the applicant is exempt from submitting the exam in any of the following cases:
1- They were licensed as a natural person insurance broker or approved as an Insurance Business Manager or as a Mediation Operator at an insurance broker, within the limits of the insurance branches previously licensed, provided that any of the following is achieved:
a) No more than three years have passed since the date of suspension or revocation of their license or approval, whichever is earlier. b) A period ranging between three and ten years has passed since the date of suspension or revocation of their license or approval, whichever is earlier, provided that they prove their practice of insurance activities or provision of insurance services during this period and that they did not have a break of more than one year, continuous or intermittent. 2- Holding a Bachelor's degree as a minimum and a specialized professional certificate in insurance related to the type and branches of insurance for which approval is requested, issued by an authority approved by the Central Bank.

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Article (8):
Application for Insurance Broker License a- The license application to practice insurance brokerage activities shall be submitted according to the form issued by decision of the Central Bank, including, as appropriate, the required documents and the following data:
1- The type and branches of insurance for which mediation activities are to be practiced.
2- The amount of capital.
3- An application for approval of the proposed persons for the position of Insurance Business Manager and Mediation Operators at the corporate broker, according to the form issued by decision of the Central Bank, including the required documents. 4- Detailed data about the founders and partners/shareholders in the corporate broker, including their names, the amount of each of their shares, copies of the national ID card (for Jordanians) or passport copy (for non-Jordanians), a certificate of no criminal record, and their ownership in any insurance companies or companies practicing insurance service provider activities. 5- The proposed names of the members of the Board of Directors or the Board of Directors or the General Manager authorized to sign on their behalf. 6- Proof of payment of the fees and allowances prescribed according to the legislation issued for this purpose pursuant to the provisions of the Law. 7- Any other data or documents requested to study the license application and verify the availability of the conditions and requirements stipulated in these Instructions and any other related legislation.

b- The license applicant as a branch of a foreign insurance company operating must submit, in addition to the documents mentioned in paragraph (a) of this Article, the following:
1- A certified certificate of the foreign company's license as an insurance broker issued by the regulatory authority in the country of the headquarters.
2- No objection from the regulatory authority in the country of the headquarters to practicing insurance brokerage activities in the Kingdom.

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3- A certificate issued by the regulatory authority in the country of the headquarters stating that no administrative penalties or sanctions have been issued against the company during the three years preceding the submission of the application. 4- A copy of the annual report for the last two years of the company in the country of the headquarters, attached with audited financial statements.

Article (9):
Procedures for Obtaining Preliminary Approval for Insurance Broker License a- In case of a deficiency in the data and supporting documents submitted, the applicant shall be notified thereof within a period not exceeding twenty working days from the date of submitting the application, and the applicant shall complete this deficiency within a period not exceeding three months from the date of notification, otherwise the application shall be considered cancelled and they shall not be allowed to submit another application before six months have passed from the date of cancellation of the application. b- The applicant for a license as a natural person broker or for approval as an Insurance Business Manager or as a Mediation Operator shall be subject to an exam. c- In case of failing the exam, the applicant may retake the exam a maximum of two times within six months from the date of submitting the application after paying the prescribed allowances, and in case of failing the exam, the application shall be considered invalid and no new application may be submitted except after one year has passed and providing proof of enrollment in specialized courses in insurance activities or insurance service activities of not less than fifteen hours. d- The license application shall be decided upon by a decision of the Central Bank, and it may, at its discretion, decide to grant preliminary approval or reject the license application if it becomes apparent that there are negative or unacceptable repercussions on the insurance sector without giving reasons.

Article (10):
Procedures for Obtaining Final Approval for Insurance Broker License a- The applicant must submit within a period not exceeding three months from the date of notification of the preliminary approval the following:

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1- Proof of completing the establishment and registration procedures with the competent authorities in the Kingdom and in accordance with the provisions of the related legislation, subject to the following:
a) The license applicant as a natural person insurance broker must be registered as a sole proprietorship. b) The license applicant as a corporate insurance broker must be registered as a company or a branch of a foreign company operating, as appropriate. c) The Insurance Business Manager must be authorized to sign on behalf of the company for insurance, financial, and administrative matters, and the natural person broker must be authorized to sign on behalf of the institution for insurance, financial, and administrative matters. 2- A copy of the lease contract or ownership deed for their dedicated headquarters. 3- Proof that the natural person broker or the Insurance Business Manager and the Mediation Operator are members of the Jordanian Association of Insurance Brokers. 4- An insurance contract to cover their professional liability for any negligence, error, omission, or failure resulting from their practice of their activities as a minimum, and the conditions and requirements of this contract shall be determined by a decision issued by the Central Bank for this purpose. 5- Proof of completing the payment of the fees and allowances prescribed according to the legislation issued for this purpose pursuant to the provisions of the Law. 6- Any other data or documents requested by the Central Bank.

b- In case the applicant completes the requirements mentioned in paragraph (a) of this Article within the specified period, the license shall be granted for a period of three calendar years ending on the thirty-first of December, and the calendar year for this purpose shall be considered a year, and they shall be registered in the special register prepared for this purpose, otherwise the application shall be considered cancelled and they shall not be allowed to submit another application before six months have passed from the date of cancellation of the application.

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Article (11):
License Renewal
The insurance broker must submit an application to renew their license every three years, no later than forty-five days before the expiration of the license period, according to the form issued by decision of the Central Bank, attached with the required documents.

Article (12):
Adding Insurance Branches to the License
The insurance broker may add a branch of insurance activities to the license granted to them after submitting an application to the Central Bank according to the form issued by decision of the Central Bank, provided that they comply with the provisions, licensing conditions, and procedures stipulated in these Instructions.

Article (13):
Requirements for Headquarters and Opening or Transferring Branches a- The insurance broker shall not practice their activities at any location within or outside the Kingdom, or change or suspend their activities, without prior written approval from the Central Bank, and the following shall be observed:
1- Determining the address of the branch to be opened, and the Central Bank shall verify the suitability of the branch's location.
2- Providing the Central Bank with the names of the employees and persons authorized to sign on behalf of the branch, provided that the total number of approved employees is not less than the number of branches.
3- No financial fine or any administrative penalty issued by the Central Bank has been issued against them during the previous two years.
4- Paying the allowances prescribed according to the legislation issued for this purpose pursuant to the provisions of the Law.

b- The corporate insurance broker may open more than five branches within the Kingdom or open branches outside the Kingdom, subject to the following:
1- Three years have passed since the date of their licensing and their actual practice of insurance brokerage activities.

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2- Their capital is not less than (50) thousand Dinars.
3- They have achieved operating profits during the two years preceding the submission of the application.
4- The type of company is a public joint stock company, a private joint stock company, or a limited liability company.

c- When considering the application for approval to open a branch outside the Kingdom, the following shall be taken into account:
1- The legislative and regulatory environment for insurance activities in the host country.
2- The internal control procedures intended to be taken by the insurance broker to supervise the branch.

Article (14):
Suspension of License a- The license of an insurance broker shall be suspended upon their request with prior approval from the Central Bank. b- The insurance broker whose license has been suspended in accordance with the provisions of paragraph (a) of this Article may submit an application to be re-registered in the special register prepared for this purpose, provided that they submit a written application according to the form issued by decision of the Central Bank, attached with the required documents and data. c- In case the suspension period exceeds two years, the license shall be considered automatically revoked, and the broker must submit a new license application in accordance with the provisions of these Instructions.

Article (15):
Duties of the Insurance Broker
The insurance broker must comply with the following:
a- Affixing their registration number with the Central Bank on all their papers, correspondence, documents, advertisements, and announcements, and indicating in them the nature of their work as an insurance broker. b- Clearly indicating in their headquarters and branches the nature of their work as an insurance broker. c- Adhering to the limits and classification of their license when practicing insurance brokerage activities. d- Ensuring that the insurance program presented to the client is consistent with their requirements and financial capabilities, and striving to obtain the best terms and prices on their behalf by communicating with a number of insurance companies of not less than three companies and keeping in their records proof of this, provided that the insurance broker is exempt from the duty of obtaining three quotes from insurance companies in the following cases:
1- When renewing individual medical insurance contracts.
2- When renewing group medical insurance contracts for a maximum of three consecutive years.
3- In defined benefit and coverage insurance contracts.
4- In vehicle insurance contracts, medical insurance contracts, and cargo insurance contracts during transit where the annual premium does not exceed 2,000 Dinars, provided that they rely on underwriting policies of at least three insurance companies. 5- Upon the client's request via approved communication means.

e- Negotiating with the insurance company on behalf of the client and representing them before the insurance company, provided that they obtain authorization from the client through any of the approved communication means, subject to the following:
1- Not restricting the client's freedom to withdraw or cancel the authorization and not imposing any financial burdens on them as a result thereof, unless it is agreed in writing that the broker will charge specific fees from the client if they provide their recommendation without completing the conclusion of the insurance contract through them. 2- In defined benefit and coverage insurance contracts for individuals, the insurance broker is not required to obtain authorization from the client unless the insurance request comes from more than one broker.

f- Providing information to the insurance company to enable it to evaluate the risk to be insured or renewed by the client and their consent, and providing it with the documents related to the insurance application that affect its acceptance or rejection of the insurance application. g- Assisting in the negotiations and procedures between the client and the insurance company related to claims resulting from the occurrence of the insured risk, and notifying the client without delay of the insurance company's decision regarding the claim they submitted. h- Subject to item (8) of paragraph (y) of Article (16) of these Instructions, making the necessary effort to collect premiums from the insureds in case it is agreed with the insurance company to do so, and in case any of them fails to pay, the insurance broker must notify the insurance company immediately upon becoming aware of it.

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T- Collecting claim values on behalf of clients, provided that written authorization is obtained for this purpose.
Y- Opening a bank account dedicated to insurance brokerage activities for the following purposes:
1- Depositing insurance premiums authorized to be collected from the client and transferring them to the insurance company's account within a period not exceeding seven working days from the date of collection.
2- Transferring claim amounts deposited by the insurance company on behalf of the client or beneficiary within a period not exceeding three working days from the date of receipt.
K- Not using the account mentioned in paragraph (Y) of this Article for purposes other than those stipulated, and in particular, it is prohibited to use it as collateral to obtain a loan or to derive any benefit or advantage from it. L- Possessing knowledge of insurance markets and applicable legislation as appropriate, and continuous updating of skills and knowledge in the field of insurance and continuous awareness of insurance products and services available in the markets, with a minimum participation of the natural insurance broker and the Insurance Business Manager and the Brokerage Operations Officer at the broker in conferences, seminars, or specialized courses in insurance or related to insurance activities for a duration of no less than fifteen hours annually. M- Not relying on a limited number of insurance companies in practicing its activity, and if the number of companies it deals with falls below three companies during the year or its activity is concentrated with a specific number of insurance companies, it must provide justified reasons for that. N- Notifying the client in case the insurance company wishes to renew the insurance contract at least one month before the expiration date of the insurance contract. S- Clarifying to the client the mechanism for filing complaints, whether from him, the insurance company, or the Central Bank, and maintaining a special register of filed complaints for follow-up purposes. A- Providing an internal control policy for the brokerage activities of its branches, a policy for safeguarding funds within branches, and a mechanism for recording and storing data and information related to insurance contracts through branches, including all information related to the client. F- Complying with the effective instructions issued by the Central Bank regarding the protection of financial consumers with disabilities to the extent applicable to them.

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S- Informing the Central Bank of any violation committed by any insurance company immediately upon becoming aware of it.

Article (16):
Rules of Practice and Ethics
The broker must adhere to the rules of practice and ethics of the insurance brokerage profession, which include the following:
A- Adhering to integrity, uprightness, and honesty in all his actions and activities at all times.
B- Explaining to the client the services, benefits, and advantages he receives during his work, whether from the insurance company as a result of the agreement concluded between them and representing the client before insurance companies. C- Dealing with all data and information obtained during his work, whether from the insurance company or the client, with utmost confidentiality, and taking appropriate measures to preserve the confidentiality of information, contracts, and documents in his possession, and not disclosing them except in accordance with the restrictions and cases specified by the provisions of relevant legislation. D- Explaining to the client the importance of disclosing all basic and fundamental information when filling out the insurance application or any other document submitted, and the consequences of hiding or inaccuracies in any of the data or information provided by him, and clarifying to the client that he alone (i.e., the client) is responsible for all data and information provided by him. E- Explaining to the client the reason for recommending the insurance offer presented to him, including its terms, benefits, and exclusions, and providing him with a comparison between the price and coverage offered by the proposed insurance offer and other insurance offers provided by other insurance companies, and clarifying the name of the insurance company or companies participating in the proposed insurance coverage. W- Clarifying the validity period of the insurance offer presented to the client. Z- Disclosing to the insurance company any conflict of interest arising from any work, marriage, or kinship relationship up to the second degree for any of the natural broker, the Board of Directors, the Insurance Business Manager, the Brokerage Operations Officers, or the employees at the legal broker with the insurance applicant. H- Clarifying the mechanism for paying premiums due from the client and any additional fees specific to the insurance contract.

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T- Exercising full supervision over all insurance brokerage activities and not delegating them or any part of them to others unless the following conditions are met:
1- The person delegated must be a licensed insurance broker in accordance with the provisions of these Instructions.
2- Obtaining the client's written consent.
3- Obtaining the insurance company's approval to deal with the broker delegated with insurance brokerage activities.
4- Signing a joint brokerage agreement between the relevant brokers, specifying the terms, duties, and responsibilities of each, the mechanism of work, and the mechanism for distributing commissions or fees.
Y- It is prohibited for an insurance broker to do any of the following:
1- Influencing the insurance applicant to accept the insurance offer presented to him over others based on the commission rate given by the insurance company to the broker, in a manner inconsistent with the requirements and interests of the insurance applicant. 2- Providing any false or misleading information to the insurance applicant about the insurance coverages offered or insurance companies. 3- Selecting or recommending an insurance offer for a specific insurance company over others based on the commission rate given by the insurance company to the broker, in a manner inconsistent with the requirements and interests of the insurance applicant. 4- Requesting the insured to terminate an insurance contract concluded with another insurance company in order to accept the offer presented by him, or providing the client with false or unfair information for this purpose. 5- Using any trademark not registered in his name legitimately with the competent authorities and not having the right to use it. 6- Practicing insurance brokerage activities or reinsurance brokerage activities or insurance consulting - in accordance with the provisions of instructions and decisions related thereto - for the same insurance subject matter or place of insurance, whether itself or through affiliated, subsidiary, parent, or related companies outside or inside Jordan.

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7- Receiving any commission, fees, or any monetary allowance from an insurance company or reinsurance company and from the client simultaneously for the same subject matter of insurance or insurance risk in exchange for performing his duties as an insurance broker and/or reinsurance broker and as an insurance consultant. 8- Receiving or collecting premiums directly from clients with respect to the insurance activities listed below, where such premiums must be paid directly by clients to the insurance company or deposited in its account:
A) Hull and machinery insurance for railway rolling stock and buses B) Aircraft insurance C) Ship insurance D) Aircraft liability insurance E) Ship liability insurance F) Life payments insurance G) Investment-linked insurance H) Permanent health insurance I) Management of collective pension funds J) Group medical insurance K) Insurance on petroleum and gas operations and their derivatives and related industries. K- Advising the client on the necessity of disclosing any changes in the nature of the insured risk after the issuance of the insurance contract and during its validity and upon renewal in accordance with the conditions agreed upon in the contract and in accordance with the provisions of relevant legislation. L- Clarifying to the client the procedures he must undertake in the event of the occurrence of the insured risk and the necessity of his commitment to reporting its occurrence immediately. M- Verifying the client's knowledge of the expiration date of the insurance contract, even if no agreement has been reached between the client and the broker regarding services related to the renewal of the insurance contract. N- Advising the client to provide a full and fair disclosure regarding the claim he submitted to the insurance company, and if he becomes aware that the client is not complying with this, he must cease working on behalf of the client regarding the claim in question.

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S- That advertisements issued by him are clear and not misleading or contrary to legislation, and that their content is not limited to a single insurance company when referring to insurance companies.

Article (17):
Insurance Broker Records
A- The insurance broker must keep organized books and records in accordance with standards and record and store data, information, and documents related to his activities, including the following:
1- Agreements signed with insurance companies - if any.
2- The name and address of the client for whom insurance brokerage activities are practiced, the date of issuance of the insurance contract, and the premiums collected.
3- The authorization or agreement concluded between the client and the insurance broker.
4- Memos and correspondence related to his activities.
5- Insurance applications and documents received from the client.
6- Copies of insurance contracts and annexes concluded by the client with the insurance company.
7- Documents with serial numbers related to receipts, payments, entries, settlements, and other financial transactions related to his activities.
8- Bank account statements related to his activities.
9- Complaints register.
B- The books and records mentioned in paragraph (A) of this Article must be in the form of original papers or copies thereof or other electronic storage means, provided that relevant legislation is observed, including the Electronic Transactions Law. C- The broker must keep the records and books mentioned in this Article for the periods specified in relevant legislation, and if they are related to a case, they must be kept for a minimum period until a judicial decision is issued and becomes final. D- Complete separation in the financial and technical records of the legal insurance broker for each type of insurance.

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Article (18):
Periodic Data
A- The insurance broker must provide the Central Bank with the following requirements and data in accordance with the deadlines and forms specified by a decision issued by the Central Bank for this purpose:
1- Audited final accounts signed by the external auditor, within a period not exceeding four months from the end of the financial year.
2- A statement including insurance brokerage activities practiced during the year and any data related to his activities.
3- An insurance contract against his professional liability in accordance with the provisions of these Instructions and decisions issued pursuant to them.
4- Proof of affiliation of the natural broker, the Insurance Business Manager, and the Brokerage Operations Officer with the Jordanian Insurance Brokers Association.
5- Proof of payment of the prescribed fees and allowances for this purpose.
B- In addition to what was mentioned in paragraph (A) of this Article, a branch of a foreign insurance broker must provide the Central Bank with a copy of the annual report and audited final accounts of the company in its home country.

Article (19):
Obligations of the Insurance Company
A- The insurance company must comply with the following:
1- Indicating within the insurance offer and the insurance contract schedule and/or the premium calculation schedule the name or registration number of the relevant broker(s).
2- Paying the commissions and fees due to the insurance broker within a period not exceeding seven working days from the end of the month in which the insurance premiums were paid and the unrestricted observation period ended, as defined in the effective instructions on life payments documents. 3- Not debiting any unpaid premiums from the client as a debt to the insurance broker or deducting them from the commissions due to him.

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4- Not withholding commissions due to the insurance broker for premiums of insurance contracts concluded before the suspension or cancellation of his license.
5- Not communicating directly with the client to solicit him unless it is based on the client's written request, and not offering different prices or discounts to the client for the purpose of recovering the insurance broker's commission. 6- Notifying the broker of the insurance contract renewal notice to clients at least forty-five days before the expiration date of the insurance contract. 7- Not offering different terms or prices for the same subject matter of insurance unless information affecting the insurance company's decision has been provided. 8- Delivering and receiving all papers and documents related to the insurance transaction for the client through the insurance broker, unless the broker agrees otherwise. 9- Verifying that the insurance broker has obtained written authorization from the client to collect claim amounts. 10- Informing the Central Bank of any violation committed by any insurance broker immediately upon becoming aware of it. B- It is prohibited for the insurance company to refuse the authorization granted to the broker by its clients, and it must grant him the commissions due for insurance contracts concluded or renewed through him. C- The insurance company is considered to have received the insurance premiums once paid to the broker, and the client is not liable to the insurance company for those premiums, subject to the provisions of item (8) of paragraph (Y) of Article (16) of these Instructions.

Article (20):
Inspection of the Insurance Broker
A- The insurance broker is subject to inspection by the Central Bank or any authority appointed by the Central Bank for this purpose at the expense of the insurance broker, and must cooperate with them to enable them to perform their duties in accordance with standards.

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B- Inspectors of the Central Bank or the authority appointed by the Central Bank pursuant to paragraph (A) have the right to visit the offices of the inspected entity, examine its records, accounts, and documents, and take all measures they deem necessary to verify that its activities and operations do not conflict with the provisions of the Law, regulations, and instructions issued pursuant to it.

Article (21):
Administrative Penalties and Corrective Measures A- The Central Bank may take any of the administrative penalties or corrective measures stipulated in paragraph (B) of this Article if it has sufficient information indicating any of the following:
1- That an insurance broker, the Insurance Business Manager, the Brokerage Operations Officer, or any of his employees violated the provisions of the Law, regulations, instructions, or decisions issued pursuant to it.
2- That an insurance broker, the Insurance Business Manager, or the Brokerage Operations Officer lost any of the conditions under which he was licensed or approved, or if it becomes apparent that any of the data or documentary evidence under which he was licensed or approved was incorrect. 3- That an insurance broker appropriated funds held by him belonging to the insurance company, the insurance applicant, or the insured. 4- Non-cooperation of the insurance broker with any inspection or written inquiry conducted by the Central Bank. 5- Failure of the insurance broker to resolve client complaints or failure to provide sufficient justification to the Central Bank regarding this matter. 6- Non-compliance of the insurance broker with paying annual fees, allowances, or fines imposed on him within the specified deadline. 7- Non-compliance of the insurance broker with providing the Central Bank with the required data within the specified deadline. 8- That the insurance broker practiced brokerage activities in unlicensed insurance branches. 9- That the insurance broker practiced brokerage activities after the expiration, suspension, or cancellation of his license.

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10- That the insurance broker did not practice his activities in the licensed insurance branches or any of them for a period of one year or more.
11- If the financial status of the insurance broker deteriorates to the extent that affects his ability to continue his activities.
12- Failure to maintain the capital requirements of the insurance broker and a decrease in net equity in the last audited final accounts to less than 50% of the required capital value.
13- Issuance of a final judicial conviction for a misdemeanor involving honor and honesty or a felony against the natural insurance broker or any of the owners, partners, or shareholders of the legal insurance broker.
14- That the insurance broker or any of the owners, partners, or shareholders of the legal insurance broker is subject to insolvency or bankruptcy proceedings, whether inside or outside the Kingdom, unless his status is restored.

B- In implementation of the provisions of paragraph (A) of this Article, the Central Bank, taking into account the severity of the violation, may take one or more of the following corrective measures or administrative penalties:
1- Issuing a written warning to the insurance broker.
2- Requesting taking specific measures to correct his status within the period specified by the Central Bank for this purpose.
3- Suspending the approval of the Insurance Business Manager or the Brokerage Operations Officer at the legal insurance broker.
4- Canceling the approval of the Insurance Business Manager or the Brokerage Operations Officer at the legal insurance broker, and prohibiting him from practicing any of the activities of insurance service providers for the period it deems appropriate. 5- Suspending or canceling the license of the insurance broker in all insurance branches licensed for him to practice activities in, or in any of them, for the period it deems appropriate. 6- Suspending or canceling the license of the insurance broker in one or more branches inside or outside the Kingdom for the period it deems appropriate.

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C- If a decision is issued to cancel the license of the insurance broker and the reason for cancellation is a serious defect according to the Central Bank's assessment, the broker shall not submit a new license application to practice insurance brokerage activities before three years have passed from the date of issuance of the license cancellation decision. D- In addition to the cases mentioned in paragraph (A) of this Article, the Central Bank may suspend or cancel the license of a foreign brokerage company branch in any of the following cases:
1- If the parent company at its headquarters ceases to practice insurance brokerage activities.
2- If any change occurs in the nationality, ownership, or founding contract or statutes of the parent company, and this change is deemed to affect the branch of the foreign insurance company according to the Central Bank's assessment. 3- If there is a significant weakness in the financial position of the parent company, or if any significant change occurs in it that the Central Bank deems to negatively affect the activity of the branch of the foreign insurance company in the Kingdom or the smooth conduct of its business. 4- If it is established that the competent authorities in the country of its headquarters do not apply sound bases for supervising insurance activities. 5- If the license of a foreign insurance brokerage company branch is canceled, the branch or the parent company shall not dispose of any of the branch's assets or funds or transfer them outside the Kingdom except after settling all its obligations within the Kingdom.

Article (22):
Final Provisions
A- The insurance broker must not make any changes to the conditions under which the license was granted or any changes to his record with the competent authorities except after obtaining prior approval from the Central Bank, under penalty of legal responsibility.

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B- The legal insurance broker must obtain prior approval from the Central Bank before appointing an Insurance Business Manager and Brokerage Operations Officers in accordance with the provisions of these Instructions.
C- The legal insurance broker must inform the Central Bank within a period not exceeding two weeks when the position of the Insurance Business Manager, or any of the Brokerage Operations Officers or any of his employees, becomes vacant, and he must fill the vacant position of the Insurance Business Manager and Brokerage Operations Officer within sixty days from the date of vacancy, and the Central Bank may approve extending this deadline for no more than thirty days and only once. D- It is prohibited for the legal insurance broker to practice his activities during the period of vacancy of the position of the Insurance Business Manager or Brokerage Operations Officer, unless another approved manager or Brokerage Operations Officer is available in the same type and branches of insurance. E- It is required that the natural insurance broker, the Insurance Business Manager, and the Brokerage Operations Officer at the legal broker reside in the Kingdom and devote themselves exclusively to practicing brokerage activities. W- It is prohibited for the natural insurance broker, the Insurance Business Manager, the Brokerage Operations Officer, and the employee at the insurance broker to do the following:
1- Perform executive work in an insurance company or another company practicing any of the activities of insurance service providers.
2- Be an owner or partner in another company practicing insurance brokerage activities in the same type of insurance within the Kingdom.
Z- The Central Bank shall determine the bases for calculating the insurance broker's commission and its ceilings by a decision issued for this purpose.
H- It is prohibited for the insurance broker to practice his activities during the period of license suspension or after license cancellation, under penalty of legal responsibility.

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T- The insurance broker whose license has been canceled or suspended must take the necessary measures to comply with this, including the complete closure of his headquarters and offices through which he practices his activities and removing all indications of his practice of insurance brokerage activities immediately in case of license cancellation, and within a maximum period of six months from the date of the decision in case of license suspension. Y- The cancellation or suspension of the license of an insurance broker does not affect the rights and obligations arising from insurance contracts concluded through him before the cancellation or suspension, and he must continue to provide his services regarding those contracts until the expiration of their validity period or suspension, and upon the date of cancellation or suspension, whichever is earlier, and during this period, he must make appropriate arrangements to follow up on insurance contracts by another licensed insurance broker with the client's written consent and notify the relevant insurance company, otherwise, they will be followed up by the relevant insurance company. K- The insurance broker must take the necessary measures to remove the insurance brokerage activity from his record with the competent authorities in the Kingdom within a maximum period of three months from the date of:
1- License cancellation.
2- Two years passing from the date of license suspension.
L- The Central Bank may suspend consideration of any request submitted by an insurance broker pursuant to these Instructions if he fails to comply with the implementation of all decisions and measures issued against him, including paying financial fines and correcting the status in accordance with the provisions of the Law and these Instructions. M- If the natural insurance broker, the Insurance Business Manager, or the Brokerage Operations Officer was previously licensed as an insurance agent, he is prohibited from practicing insurance brokerage activities before 30 days have passed from the date of termination of the agency contract with the insurance company. N- The insurance broker must provide the Central Bank with a copy of any correspondence, data, information, or final accounts submitted to the Ministry of Industry, Trade and Supply or the Companies Control Department or the Securities Commission, and any correspondence, data, or information received from those authorities. S- For the purposes of these Instructions, any of the following are considered approved means of notification:
1- Written notification.

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2- Email and electronic channels specific to the insurance broker.
3- Text messages via mobile phone.
4- Any means agreed upon in writing between the relevant parties or approved in accordance with relevant legislation.

Article (23):
Transition Provisions
A- Every person licensed to practice insurance brokerage activities must align his status in accordance with the provisions of these Instructions within a period not exceeding one year from the date of their entry into force, and within two years from the date of their entry into force with respect to branches outside the Kingdom and capital requirements, under penalty of license cancellation. B- Every person licensed as a natural insurance broker within the cadre of a legal insurance broker must align his status in accordance with the provisions of these Instructions within a period not exceeding one year from the date of their entry into force, under penalty of license cancellation, through any of the following:
1- Aligning his status as a natural insurance broker independently from the legal person through which he practiced his activities before the entry into force of these Instructions.
2- Canceling his license as a natural insurance broker and submitting an application for approval at a legal insurance broker either as an Insurance Business Manager or as a Brokerage Operations Officer in the same insurance branches licensed before the entry into force of these Instructions. C- The person licensed as a natural insurance broker before the issuance of these Instructions is exempt from the condition stipulated in item (1) of paragraph (A) of Article (6) and paragraph (B) of Article (6) and item (1) of paragraph (A) of Article (7) and paragraph (B) of Article (7) of these Instructions for the purpose of continuing work or re-registration or approval as an Insurance Business Manager or Brokerage Operations Officer at another insurance broker, provided that a period not exceeding two years has not passed from the date of suspension or cancellation of his license, and within the limits of the licensed insurance branches.

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D- The person approved as a Brokerage Operations Officer before the issuance of these Instructions is exempt from the condition stipulated in item (1) of paragraph (A) of Article (6) and paragraph (B) of Article (6) and item (1) of paragraph (A) of Article (7) and paragraph (B) of Article (7) of these Instructions for the purpose of continuing work or re-registration or approval as an Insurance Business Manager or Brokerage Operations Officer at another insurance broker, provided that a period not exceeding two years has not passed from the date of suspension or cancellation of his approval, and within the limits of the approved branches of insurance. E- The person approved before the issuance of these Instructions as a Brokerage Operations Officer and whose approval has not been suspended or canceled for a period exceeding two years is exempt from the condition stipulated in item (1) of paragraph (A) of Article (7) and paragraph (B) of Article (7) of these Instructions for the purpose of continuing work at the insurance broker or for the purpose of approval as a Brokerage Operations Officer at another insurance broker, and within the limits of the approved branches of insurance. W- For the purpose of accepting the experience of employees at legal insurance brokers and reinsurance brokers and insurance consultants pursuant to item (A/1) and (A/2) of paragraph (A) of Article (6) and item (A/1) and (A/2) of paragraph (A) of Article (7) of these Instructions, previous experience prior to the date of issuance of these Instructions will be accepted provided that the following:
1- Providing the Central Bank with a certified experience certificate.
2- Providing the Central Bank with the job description of the employee for the relevant period.
3- Providing the Central Bank with proof of payment of social security contributions for the relevant period.

Article (24):
Issuance of Decisions
The Governor shall issue the necessary decisions to implement the provisions of these Instructions, including any matters related to the transitional stage for implementing the provisions of these Instructions or transition provisions not addressed by the provisions of these Instructions.

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Article (25):
Repeal
A- Instructions for Licensing Insurance Brokers and Regulating Their Activities and Responsibilities No. (11) for the Year 2005 and its amendments are repealed, provided that all decisions issued pursuant to them remain in effect to the extent that they do not conflict with the provisions of these Instructions until they are repealed or replaced by others, and procedures issued by the supervisory authority that were completed under them remain in effect for the purposes of these Instructions. B- Despite what was mentioned in paragraph (A) of this Article, the effective Instructions on the date of submission shall apply to requests submitted before the entry into force of these Instructions and not yet decided by a final decision.

Chairman of the Board of Directors of the Central Bank [Signature]