Regulatory Alerts2015-09-17
Added · Updated
Insurance Companies Merger Instructions No. 1 of 2015
Issued by the Minister of Industry, Trade, and Supply, these instructions establish the regulatory framework for mergers among insurance companies in Jordan, defining merger types and restricting Takaful company mergers to like entities. Companies must obtain prior written approval from the Undersecretary by submitting detailed financial data, work programs, and shareholder information, followed by a formal merger request including actuarial reports and asset appraisals. The Minister issues final approval or rejection within specified deadlines, while the resulting entity must adhere to the highest minimum capital requirements of the merging parties and publish the decision for public objection.