Regulatory Alerts2025-01-29
Added · Updated
Insurance Companies' Contribution to the Policyholders and Beneficiaries of Insurance Contracts Guarantee Fund
Insurance companies are required to pay a contribution of 5 per mille (0.5%) of total underwritten premiums to the Policyholders and Beneficiaries of Insurance Contracts Guarantee Fund, effective January 1, 2025, without passing this cost to policyholders. Contributions must be deposited quarterly by the 15th of the following month into designated accounts at Al Arab Bank, Bank of Jordan, or the Jordan Islamic Bank. Insurers must notify the Committee after each deposit, providing a monthly statement detailing total underwritten premiums and the amount due to the Fund. For contracts exceeding one year, the total underwritten premiums are calculated based on the annual value.
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