Regulatory Alerts2024-05-14
Added · Updated
Instructions for Repealing Insurance Dispute Mediation and Arbitration Regulations
The Central Bank of Jordan repeals three sets of regulations governing insurance dispute resolution: the 2005 regulations on appointing insurance dispute mediators and arbitrators (repealed by Instruction No. 4 of 2024), the 2005 regulations on arbitration procedures (repealed by Instruction No. 5 of 2024), and the 2005 regulations on mediation procedures (repealed by Instruction No. 6 of 2024). These repeals are effective as of March 18, 2024, and are issued under Article 109(b) of the Insurance Activities Regulation Law No. 12 of 2021.
Central Bank of Jordan CENTRAL BANK OF JORDAN
Reference: 7001/3/17 Date: 7 / 11 / 1445 AH Corresponding to: 14 / 5 / 2024 AD
To the respected Jordanian Union of Insurance Companies,
Please be informed of the decision of the esteemed Board of Directors of the Central Bank No. (50/2024) dated 2024/3/18, which, based on the provisions of paragraph (b) of Article (109) of the Insurance Activities Regulation Law No. (12) of 2021, approves the issuance of the following instructions:
- Instructions for repealing the Instructions for appointing insurance dispute mediators and arbitrators with the Insurance Authority No. (4) of 2024.
- Instructions for repealing the Instructions for arbitration procedures in insurance disputes and their provisions No. (5) of 2024.
- Instructions for repealing the Instructions for mediation procedures in insurance disputes and their provisions No. (6) of 2024.
Please accept the highest regards,
Governor Dr. Adel Al-Sharqas
Classification Level: Internal
Central Bank of Jordan CENTRAL BANK OF JORDAN
Instructions for Repealing Instructions for Arbitration Procedures in Insurance Disputes and Their Provisions No. (9) of 2005 and its amendments No. (5) of 2024
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Article (1): These instructions are named (Instructions for repealing the Instructions for Arbitration Procedures in Insurance Disputes and Their Provisions of 2024), and are issued based on the provisions of paragraph (b) of Article (109) of the Insurance Activities Regulation Law No. (12) of 2021, and are considered effective from the date 2024/3/18.
Article (2): The Instructions for Arbitration Procedures in Insurance Disputes and Their Provisions No. (9) of 2005 published in Official Gazette No. 4726 dated 2005/11/1 and the amended Instructions for Arbitration Procedures in Insurance Disputes and Their Provisions No. (5) of 2006 published in Official Gazette No. 4804 dated 2007/1/16 are repealed.
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Central Bank of Jordan CENTRAL BANK OF JORDAN
Instructions for Repealing Instructions for Appointing Mediators and Arbitrators of Insurance Disputes with the Insurance Authority No. (7) of 2005 and its amendments No. (4) of 2024
Page 1 of 2
Article (1): These instructions are named (Instructions for repealing the Instructions for appointing insurance dispute mediators and arbitrators with the Insurance Authority of 2024), and are issued based on the provisions of paragraph (b) of Article (109) of the Insurance Activities Regulation Law No. (12) of 2021, and are considered effective from the date 2024/3/18.
Article (2): The Instructions for appointing insurance dispute mediators and arbitrators with the Insurance Authority No. (7) of 2005 published in Official Gazette No. 4726 dated 2005/11/1, the amended Instructions for appointing insurance dispute mediators and arbitrators with the Insurance Authority No. (3) of 2006 published in Official Gazette No. 4804 dated 2007/1/16, and the amended Instructions for appointing insurance dispute mediators and arbitrators with the Insurance Authority No. (16) of 2010 published in Official Gazette No. 5028 dated 2010/5/2 and the decisions issued pursuant to them are repealed.
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Central Bank of Jordan CENTRAL BANK OF JORDAN
Instructions for Repealing Instructions for Mediation Procedures in Insurance Disputes and Their Provisions No. (8) of 2005 and its amendments No. (6) of 2024
Page 1 of 2
Article (1): These instructions are named (Instructions for repealing the Instructions for Mediation Procedures in Insurance Disputes and Their Provisions of 2024), and are issued based on the provisions of paragraph (b) of Article (109) of the Insurance Activities Regulation Law No. (12) of 2021, and are considered effective from the date 2024/3/18.
Article (2): The Instructions for Mediation Procedures in Insurance Disputes and Their Provisions No. (8) of 2005 published in Official Gazette No. 4726 dated 2005/11/1, the amended Instructions for Mediation Procedures in Insurance Disputes and Their Provisions No. (4) of 2006 published in Official Gazette No. 4804 dated 2007/1/16, and the decisions issued pursuant to them are repealed.
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