Insurance Companies' Contribution to the Policyholders and Beneficiaries of Insurance Contracts Guarantee Fund

Central Bank of Jordan
25-10-1999

Ref: 417 / 2 / 10
Date: 14 / 7 / 1446
Corresponding to: 15 / 10 / 2024

Dear Insurance Companies,

Subject: Insurance Companies' Contribution to the Policyholders and Beneficiaries of Insurance Contracts Guarantee Fund

Greetings,

Based on the provisions of paragraphs (b) and (c) of Article (9) of the Policyholders and Beneficiaries of Insurance Contracts Guarantee Fund Law No. (53) of 2024, we inform you that the following has been decided:

1. The insurance company is obliged to pay a rate of (5) five per mille of the total underwritten premiums to the Fund, effective from 1/1/2025, while ensuring that this rate is not charged to the policyholders.

2. The insurance company must deposit its contribution referred to in item (1) above every three months and within a period not exceeding the fifteenth of the month following this period at any of the following banks:

• Al Arab Bank:
  Account number: 500/ 8-218948/ 0111
  IBAN number: JO75 ARAB 1110 0000 0011 1218 9485 00

• Bank of Jordan:
  Account number: 013010032608001
  IBAN number: JO68BJOR 0010000013010032608001

• Jordan Islamic Bank:
  Account number: 2359611410400003
  IBAN number: JO17JIBA0050002359611410400003

3. It is necessary for the insurance company to notify the Committee after each deposit in the Fund's account, supported by a statement for each month showing the total underwritten premiums and the amount due to the Fund.

4. For the purpose of implementing the provisions of item (1), the collection of total underwritten premiums for an insurance contract that extends for more than one year shall be based on its annual value.

Please accept our highest respect,

The Governor
Dr. Adel Al-Sharkas

Copy: Dear Jordanian Union of Insurance Companies

P.O. Box 27 • Amman 11118 Jordan • Tel: 4630301 • Fax: 4638889 • Website: www.cbj.gov.jo • Email: info@cbj.gov.jo