Regulatory Alerts2024-11-25
Added · Updated
Insurance Consultant License Renewal Requirements 2025
The Central Bank of Jordan requires insurance consultants to submit license renewal applications for 2025 by Thursday, November 28, 2024. Applicants must provide a completed renewal form, a statement of insurance consulting activities, valid professional liability insurance, and proof of payment of annual fees. Natural and legal consultants must also submit criminal record certificates, updated commercial and trade name registrations, office lease agreements, and evidence of at least fifteen hours of specialized training. Additionally, all relevant staff and management must provide copies of identification documents, valid work and residence permits for non-Jordanians, audited 2023 financial statements for legal persons, and signed declarations of compliance with Insurance Activities Regulations No. (12) of 2021.
CENTRAL BANK OF JORDAN
Reference No.: 18952 / 2 / 17 Date: 18/5/1996 Corresponding Date: 5/11/2024
Dear Esteemed Insurance Consultants Subject: License Renewal for 2025
Based on the provisions of Clause (a) of Article (12) of the Instructions for Licensing, Regulating, and Supervising Consultants No. (3) of 2005 and its amendments, which states as follows: "The consultant must submit an application for license renewal annually, no later than forty-five days before the expiration of the license term, which falls on the 31st of December of each year, according to the form prepared for this purpose..."
We request that you submit your license renewal application for 2025 by no later than Thursday, November 28, 2024, and must provide the following:
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Completion of the license renewal form available on the Central Bank of Jordan's website and attaching the specified requirements within it.
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A statement of insurance consulting activities during the year according to the form prepared for this purpose.
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A certificate of no criminal record from the competent authorities for each natural consultant, the General Manager, those in charge of management, and those performing work falling within the scope of the consultant's activities, as well as all staff, partners, board of directors members, and board of directors members of the legal consultant, as applicable.
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An updated copy of the commercial register or company registration certificate with the Companies Control Department, as applicable (extracted from the website).
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An updated copy of the trade name/trademark registration certificate with the Ministry of Industry, Trade, and Supply, as applicable (extracted from the website).
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Clarification of the detailed address of your office location and providing us with a recent copy of your office lease agreement.
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Evidence of enrollment in specialized training courses in insurance activities or participation in conferences or seminars in insurance activities, with a duration of no less than fifteen hours for each natural consultant, the General Manager, and those in charge of management at the legal consultant, as applicable.
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A valid professional liability insurance policy.
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A copy of the passport or national ID card for both the natural consultant and the General Manager, those in charge of management, and those performing work falling within the scope of the consultant's activities, as well as all staff, partners, board of directors members, and board of directors members of the legal consultant, as applicable.
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For legal persons, a statement including the name of the General Manager or those in charge of management and those performing work falling within the scope of the consultant's activities.
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For legal persons, the audited final financial statements for the year 2023, as applicable.
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Signing a written declaration form confirming compliance with the conditions stipulated in Articles (19-21) of the Insurance Activities Regulations No. (12) of 2021 and undertaking to inform the Central Bank immediately if any of the conditions contained therein cease to be met, by both the natural consultant and the General Manager, those in charge of management, and those performing work falling within the scope of the consultant's activities, as well as all staff, partners, board of directors members, and board of directors members of the legal consultant, as applicable. (Form CBJ/ISPs/F1/V1)
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Signing a declaration form regarding the approved address.
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Valid work permit and residence permit for each natural consultant, the General Manager, those in charge of management, and those performing work falling within the scope of the consultant's activities at the non-Jordanian legal consultant.
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Payment of the due annual fees and attaching the deposit receipt.
We emphasize the necessity of submitting the application by the specified deadline above to enable us to proceed with the study procedures and take the necessary action. Please note that the aforementioned forms are published on the Central Bank of Jordan's website (www.cbj.gov.jo).
Please accept our highest regards,
Central Bank of Jordan [Signature]