Instructions Regulating the Dealings of Non-Resident Reinsurance Brokers in the Kingdom with Insurance Companies Operating Within the Kingdom for the Year 2026

CENTRAL BANK OF JORDAN Central Bank of Jordan

Reference No: 17/3/9181 Date: 25 / 12 / 1447 AH Corresponding to: 11 / 6 / 2026 AD

To the esteemed Non-Resident Reinsurance Brokers in the Kingdom, To the esteemed Jordanian Association of Professional Insurance Brokers, To the esteemed Jordanian Union of Insurance Companies, To the esteemed Insurance Companies,

Subject: Instructions Regulating the Dealings of Non-Resident Reinsurance Brokers in the Kingdom with Insurance Companies Operating Within the Kingdom for the Year 2026

Greetings,

Based on the provisions of Paragraph (e) of Article (82) and Paragraph (b) of Article (109) of the Insurance Business Regulation Law No. (12) of 2021, we attach to you the Instructions Regulating the Dealings of Non-Resident Reinsurance Brokers in the Kingdom with Insurance Companies Operating Within the Kingdom No. (7) of 2026, issued pursuant to the decision of the Board of Directors of the Central Bank No. (2026/116) dated 2026/5/21.

Please accept our highest respect,

The Governor Dr. Adel Al-Sharqas

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Central Bank of Jordan CENTRAL BANK OF JORDAN

Instructions Regulating the Dealings of Non-Resident Reinsurance Brokers in the Kingdom with Insurance Companies Operating Within the Kingdom No. (7) of 2026

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Article (1): These Instructions shall be known as the "Instructions Regulating the Dealings of Non-Resident Reinsurance Brokers in the Kingdom with Insurance Companies Operating Within the Kingdom for the Year 2026," and are issued based on the provisions of Paragraph (e) of Article (82) and Paragraph (b) of Article (109) of the Insurance Business Regulation Law No. (12) of 2021. They shall be effective from the date 2026/10/1.

Article (2): A- The words and expressions contained in these Instructions shall have the meanings specified below, unless the context or circumstances indicate otherwise:

1. The Law: The effective Insurance Business Regulation Law.
2. Non-Resident Reinsurance Broker: Any non-resident legal entity in the Kingdom that has not established its principal place of business therein and is licensed or registered to practice reinsurance brokerage activities outside the Kingdom in accordance with the relevant legislation in its country of licensing or registration.

B- Definitions of terms and expressions contained in the Law shall be adopted wherever they appear in these Instructions, unless the context or circumstances indicate otherwise.

Article (3): A- No non-resident reinsurance broker in the Kingdom shall deal with insurance companies operating within the Kingdom except after obtaining prior written approval from the Central Bank. B- An insurance company shall not deal with any non-resident reinsurance broker unless such broker has obtained approval in accordance with the provisions of Paragraph (a) of this Article.

Article (4): The following conditions must be met by a non-resident reinsurance broker seeking approval to deal with insurance companies operating within the Kingdom: A- It must be a legal entity licensed or registered with the competent authorities in its country of licensing or registration.

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B- It must be licensed to conduct reinsurance brokerage activities by the insurance supervision and regulation authority in its country of licensing or registration. C- It must not be resident within the Kingdom and must not have established its principal place of business therein. D- Its registered and paid-up capital must not be less than (50) thousand Jordanian Dinars or its equivalent. E- Its equity must not be less than its issued and paid-up capital according to its audited annual financial statements for the three years preceding the application submission. F- It, any of its subsidiary companies, or the group to which it belongs must not have any direct or indirect ownership or participation in another company licensed or registered to practice reinsurance brokerage or insurance brokerage activities with the Central Bank. G- No final judicial judgment of conviction for a misdemeanor involving breach of trust or a felony must have been issued against it, nor must it be subject to insolvency proceedings or have a bankruptcy judgment issued against it without its reputation being restored. H- It must hold a license to conduct reinsurance brokerage activities from a country whose international credit rating is not lower than the ratings listed below from the three agencies combined:

Credit Rating	Fitch	S&P	Moody's
Very High	AAA	AAA	Aaa
	AA+	AA+	Aa1
High	AA	AA	Aa2
	AA-	AA-	Aa3

I- Its experience in reinsurance brokerage activities must not be less than three years preceding the application submission.

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J- No regulatory actions or sanctions must have been issued against it by the regulatory authorities it is subject to in its country of licensing or registration during the three years preceding the application submission. K- The non-resident reinsurance broker, any of its major shareholders, any of its board of directors members, any of its executive committee members, or any beneficial owner must not be listed on relevant negative lists related to local or international sanctions during the three years preceding the application submission. L- Its employees and management must possess competence and experience.

Article (5): A- The application for approval for a non-resident reinsurance broker to deal with insurance companies operating within the Kingdom must include the following data and documentary evidence: 1- A certified copy of the registration or license certificate of the legal non-resident reinsurance broker from the relevant competent authorities. 2- A certified copy of the license of the legal non-resident reinsurance broker from the supervision and regulation authority on insurance activities in its country of registration or licensing, indicating that it holds a license to practice reinsurance brokerage activities and the license expiry date. 3- A copy of the reinsurance broker's profile, showing its organizational structure, activities, markets it operates in, and its capabilities. 4- A list of its branches that deal with insurance companies operating within the Kingdom, if any. 5- A list containing the names of major shareholders, beneficial owners, and members of its board of directors or executive committee. 6- A list containing the names of persons managing its reinsurance brokerage activities, their qualifications, and their assigned duties. 7- A copy of its last three annual reports attached with the last three audited annual financial statements. 8- An insurance policy covering its professional liability during the period of dealing with insurance companies operating within the Kingdom, with coverage of not less than two hundred thousand Jordanian Dinars or its equivalent per occurrence and one million Jordanian Dinars or its equivalent for the total of occurrences during one year.

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9- The declaration according to Annex No. (1) and No. (2) attached to these Instructions, signed and filled out properly. 10- Proof of payment of the prescribed fees in accordance with the provisions of the effective relevant legislation. 11- Any requirements, data, documentary evidence, or other information requested by the Central Bank.

B- The applicant shall be notified either of the completion of the application with all required data and documentary evidence or of any deficiency therein within a period not exceeding ten working days from the date of application submission. C- In case of deficiency, the applicant must complete this deficiency within a period not exceeding thirty days from the date of notification; otherwise, the application shall be considered cancelled, and he shall not submit another application before three months have passed from the date of cancellation. D- The decision on the submitted approval application shall be issued by the Governor within a period not exceeding thirty working days from the date the applicant completes the requirements. E- In case the Governor's decision approves the application, the non-resident reinsurance broker shall be registered as a non-resident reinsurance broker in the Kingdom in the special register prepared for this purpose at the Central Bank, after providing proof of payment of the prescribed fees in accordance with the provisions of the effective relevant legislation. F- The approval granted to the applicant to practice non-resident reinsurance brokerage activities shall be valid from the date of granting approval until the thirty-first of December of the same year.

Article (6): A- An application for renewal of the approval granted to a non-resident reinsurance broker in the Kingdom must be submitted forty-five days before its expiry, including the following data and documentary evidence: 1- A certified copy of its registration or license certificate as a legal reinsurance broker from the relevant competent authorities. 2- A certified copy of the license of the legal non-resident reinsurance broker from the supervision and regulation authority on insurance activities in its country of registration or licensing, indicating that it holds a license to practice reinsurance brokerage activities and the license expiry date.

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3- A list containing the reinsurance brokerage activities practiced during the year with insurance companies operating in the Kingdom according to the form prepared and approved by the Governor's decision for this purpose. 4- A list containing the names of major shareholders, beneficial owners, and members of its board of directors or executive committee. 5- A list containing the names of persons managing its reinsurance brokerage activities, their qualifications, and their assigned duties. 6- A copy of the last audited annual financial statement. 7- An insurance policy covering its professional liability during the period of dealing with insurance companies operating within the Kingdom, with coverage of not less than two hundred thousand Jordanian Dinars or its equivalent per occurrence and one million Jordanian Dinars or its equivalent for the total of occurrences during one year. 8- The declaration according to Annex No. (1) and No. (2) attached to these Instructions, signed and filled out properly. 9- Proof of payment of the prescribed fees in accordance with the provisions of the effective relevant legislation. 10- Any requirements, data, documentary evidence, or other information requested by the Central Bank.

B- If a non-resident reinsurance broker fails to submit an application for license renewal within the period specified in the provisions of Paragraph (a) of this Article, the approval granted to it shall be considered automatically cancelled, and it must submit an approval application in accordance with the provisions of Article (5) of these Instructions. C- The decision on the submitted renewal approval application shall be issued by the Governor within a period not exceeding thirty working days from the date the applicant completes the requirements. D- The approval granted in the renewal application for a non-resident reinsurance broker shall be for a period of one year or until the thirty-first of December of the same year, and its effective date shall be determined as follows: 1- From the date of issuance if the approval is issued at any time after January 31. 2- From January 1 if the approval is issued before January 31.

Article (7): A registered non-resident reinsurance broker with the Central Bank must comply with the following:

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A- Providing the Central Bank, upon request, with any data, documents, information, statistics, or reports concerning it and its reinsurance brokerage activities practiced with insurance companies operating within the Kingdom during the period specified and according to the forms issued by the Governor's decision for this purpose. B- Informing the Central Bank of the suspension or cancellation of its license or registration by the supervision and regulation authority and of any change or modification occurring in any of the documents, information, or conditions upon which the license was granted, within a period not exceeding five working days from the date of occurrence of this change or modification.

Article (8): A non-resident reinsurance broker is prohibited from allowing other reinsurance brokers to act on its behalf in reinsurance brokerage activities with insurance companies operating within the Kingdom except after obtaining the approval of the relevant insurance company operating within the Kingdom, provided that the other person to whom the activities are delegated is licensed as a reinsurance broker or registered as a non-resident reinsurance broker with the Central Bank.

Article (9): A registered non-resident reinsurance broker in the Kingdom with the Central Bank must comply with the following: A- The effective instructions for licensing reinsurance brokers and regulating their activities and responsibilities and the decisions issued pursuant to them in all matters not covered by these Instructions and to the extent applicable to them. B- The Insurance Business Regulation Law or the regulations, instructions, or decisions issued pursuant to it or any other relevant legislation.

Article (10): A- The Governor may take any of the measures stipulated in Paragraph (b) of this Article if he has information indicating any of the following:

1. That a non-resident reinsurance broker has violated the provisions of the Law, regulations, instructions, or decisions issued pursuant to any of them.

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2. That a non-resident reinsurance broker has violated the provisions of the relevant legislation regarding its activities, including legislation related to personal data protection or combating money laundering and terrorist financing.
3. That a non-resident reinsurance broker has lost any of the conditions upon which the approval was granted, or if it becomes apparent that any of the data or documentary evidence upon which the approval was granted is incorrect.
4. That a non-resident reinsurance broker has breached trust by appropriating funds held by it belonging to an insurance company or reinsurance company.
5. That a non-resident reinsurance broker has failed to renew the approval in accordance with these Instructions and continues to practice its activities.
6. That a non-resident reinsurance broker has not practiced its activities for the last three consecutive years with insurance companies operating within the Kingdom during the periods of granting approval to deal with insurance companies operating in the Kingdom without justification acceptable to the Central Bank.
7. That a non-resident reinsurance broker has faced financial difficulties or it is established that this affects its credibility and professional conduct.
8. That a non-resident reinsurance broker has not paid the annual fees on time, or has failed to provide the Central Bank with the required data within the specified period.
9. That a non-resident reinsurance broker has not provided advice and consultation to insurance companies operating within the Kingdom regarding suitable reinsurance programs for their needs, conditions, and exceptions, as well as the reasons for choosing certain programs and comparing several programs, despite the insurance company requesting this.
10. That a non-resident reinsurance broker has failed to notify the Central Bank when any of the data and information upon which the approval was granted changes within a period not exceeding five working days from the date of occurrence of this change, or that the change does not comply with the provisions of these Instructions and the decisions issued pursuant to them.

B- In implementation of the provisions of Paragraph (a) of this Article, the Governor, while observing proportionality in punishment, may take one or more measures or impose one or more penalties, or both, as follows:

1. Issuing a written warning to the non-resident reinsurance broker.
2. Requesting the non-resident reinsurance broker to take specific measures to rectify its status within the period specified for this purpose.

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3. Cancelling the approval granted to the non-resident reinsurance broker to work with insurance companies operating within the Kingdom.

Article (11): A non-resident reinsurance broker against whom a decision is issued cancelling the approval granted to it to deal with insurance companies operating within the Kingdom must comply with the following: A- Not to submit a new approval application before three years have passed from the date of the cancellation decision if the cause of cancellation is due to a serious error, as determined by the Central Bank. B- To continue performing its duties it committed to before the date of the cancellation decision for the purpose of completing them or distributing the business previously entrusted to it to other reinsurance brokers with the approval of the insurance company, unless the Central Bank decides otherwise. C- All rights and obligations arising from its dealings with insurance companies operating within the Kingdom before the date of the cancellation decision shall remain valid and effective, and the responsibility of the non-resident reinsurance broker for them shall continue.

Article (12): The Special Decision regarding the dealings of non-resident reinsurance brokers in the Kingdom with insurance companies operating within the Kingdom No. (3) of 2008 is repealed as of the date of implementation of the provisions of these Instructions.

Article (13): The Governor shall issue the necessary decisions to implement the provisions of these Instructions.

Chairman of the Board of Directors of the Jordanian Central Bank

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Annex No. (1): Declaration of Non-Resident Reinsurance Broker in the Kingdom

I, the company ........................................ represented by ........................................ in the capacity of ........................................, applicant for approval or renewal as a non-resident reinsurance broker in the Kingdom to deal with insurance companies operating within the Kingdom, declare that there has been/is no:

1. Declaration of bankruptcy or insolvency established against me in the Hashemite Kingdom of Jordan or abroad. (If reputation is restored, supporting documents are attached).
2. Entry into a settlement with creditors to settle outstanding debts I was unable to pay.
3. Issuance of a judgment against me seizing all or part of my property.
4. Judgment against me for a misdemeanor involving breach of trust or a felony, or that I am still subject to insolvency proceedings or have a bankruptcy judgment issued against me without my reputation being restored.
5. My being subject to investigation or prosecution by any regulatory authority in the country of licensing or registration.
6. Refusal or withdrawal of license of any company I was a partner in by any regulatory authority.
7. Liquidation or declaration of bankruptcy or insolvency of a business or activity I was a partner in or had a relationship with.
8. The company or any major shareholder therein, any beneficial owner therein, or any board member thereof being subject to local or international sanctions in the three years preceding the application for approval.
9. Direct or indirect ownership or participation by my company or any of its subsidiary companies, or the group to which I belong, in another company licensed or registered to practice reinsurance brokerage or insurance brokerage activities with the Central Bank.
10. Violation of the provisions of Articles (19-21) of the effective Insurance Business Regulation Law.
11. Listing of the company or any major shareholder therein, any of its board of directors members, any of its executive committee members, any beneficial owner, or any senior employee in the negative lists related to the lists operating within the Kingdom or internationally during the three years preceding the application submission.
12. Issuance of an order against me by any regulatory authority prohibiting me from working in insurance or reinsurance companies.
13. Violation of any regulatory requirements, whether in the Kingdom or abroad.
14. Providing incorrect or misleading information to any regulatory authority, or being uncooperative, obstructive, misleading, or dishonest in dealing with it.

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15. Problems in my financial status.
16. Any conflict of interest between the insurance company or reinsurance company and my company, or between my company and any of the shareholders or any of the beneficial owners.

Additional information - if any - or any comments on any of the items in the declaration: ...................................................................................................................................................... ...................................................................................................................................................... ......................................................................................................................................................

I declare that all information, data, and documentary evidence submitted to the Central Bank, upon which approval was granted or renewed, are correct, and in case of any subsequent change or modification in the above information, I will provide the Central Bank with it within a period not exceeding five working days from the date of occurrence of this change or modification. I also declare that all conditions stipulated in the Law and the Instructions Regulating the Dealings of Non-Resident Reinsurance Brokers in the Kingdom with Insurance Companies Operating Within the Kingdom effective apply to me.

Name: ........................................ Signature: ........................................ Date: ........................................ (With authentication of the signature)

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Annex No. (2): Commitment of Non-Resident Reinsurance Broker in the Kingdom

I, the company ........................................ represented by ........................................ in the capacity of ........................................, applicant for approval or renewal as a non-resident reinsurance broker in the Kingdom to deal with insurance companies operating within the Kingdom, commit to the following: 1- Providing the Central Bank, upon request, with any data, documents, information, statistics, or reports concerning me and my reinsurance brokerage activities practiced with insurance companies operating within the Kingdom during the period specified and according to the approved forms for this purpose. 2- Informing the Central Bank of the suspension or cancellation of my license or registration by the supervision and regulation authority and of any change or modification occurring in any of the documents, information, or conditions upon which the license was granted, within a period not exceeding five working days from the date of occurrence of this change or modification.

Name: ........................................ Signature: ........................................ Date: ........................................ (With authentication of the signature)

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