Regulatory Alerts2010-03-16
Added · Updated
Instructions on the Institutional Governance of Reinsurance Companies and the Principles of Their Regulation and Management No. 2 of 2010
Issued by the Board of Directors of the Insurance Commission of Jordan, these instructions establish governance standards for reinsurance companies, requiring a Board of Directors of at least seven members with one-third independent representation. The document mandates specific executive management qualifications, such as eight years of experience for General Managers, and requires the formation of an Audit Committee and a documented risk management and internal control system. Reinsurance companies must disclose board structures, compensation policies, and risk management frameworks in their annual reports, with the instructions taking effect upon publication in the Official Gazette.
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