Regulatory Alerts2010-07-07
Added · Updated
Instructions No. 4 of 2002 on Reinsurance Standards and Amending Instructions
The Insurance Commission of Jordan amended the Reinsurance Standards Instructions to require insurance companies to place 100% of their risks with reinsurers classified in the First and Second Groups, while allowing limited placement with Third and Fourth Group reinsurers subject to prior Director General approval and specific retention requirements. The regulations mandate that companies retain 30% of treaty reinsurance premiums and 15% of local treaty reinsurance premiums for one year, and establish strict deadlines for providing letters of intent and cover notes to the Commission. Additionally, the amendments prioritize dealing with locally licensed reinsurers and brokers, impose internal control obligations, and extend compliance requirements to branches and subsidiaries operating outside the Kingdom.
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