Regulatory Alerts2024-12-12
Added · Updated
Insurance Dispute Resolution Committee Instructions No. (16) of 2024
The Central Bank of Jordan establishes the Insurance Dispute Resolution Committee to adjudicate claims from policyholders and beneficiaries against insurance companies, specifically covering vehicle insurance of any value and other insurance claims up to 50,000 JOD. The regulations mandate a pre-payment service fee of 3% of the claim value (between 50 and 1,000 JOD), require a mandatory five-day period for amicable settlement prior to committee review, and set a three-month deadline for the committee to issue decisions. These decisions are binding on insurance companies but remain optional for complainants, who retain the right to pursue legal action.
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