Regulatory Alerts2025-01-02
Added · Updated
Instructions for the Duties, Responsibilities, and Operating Mechanism of the Jordanian Insurance Federation in Managing the Unified Bureau for the Year 2024
The Central Bank of Jordan mandates the Jordanian Insurance Federation to manage the Unified Bureau for Compulsory Motor Vehicle Insurance, with these instructions becoming effective on January 1, 2025. The Federation is required to issue standardized compulsory insurance contracts via an electronic system, maintain separate bank accounts for fund transfers within three working days, and provide specific services such as usage add-ons for ride-hailing applications and vehicle history disclosures upon ownership transfer. Additionally, the Federation must operate service centers at licensing and border locations, strictly protect policyholder data without prior Central Bank approval, retain records for ten years, and submit an annual financial report by the end of March.