Regulatory Alerts2024-11-25
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Requirements for Actuarial License Renewal for 2025
The Central Bank of Jordan requires actuaries to submit their 2025 license renewal applications by Thursday, November 28, 2024. Applicants must provide a completed renewal form, a statement of actuarial work performed, a non-criminal record certificate, and proof of at least fifteen hours of specialized training. Legal persons must additionally submit updated commercial registers, office lease agreements, and declarations from all owners and partners. The submission must also include signed conflict of interest and address declarations, copies of identification, and proof of payment for annual fees.
[Central Bank of Jordan Logo]
Ref No: 18951 / 2 / 17 Date: 18 / 5 / 1446 Corresponding to: 20 / 2 / 2024
Dear Esteemed Actuaries,
Subject: License Renewal for 2025
Based on the provisions of Clause (a) of Article (11) of the Instructions for Actuarial Licensing and Regulation of Work and Responsibilities No. (3) of 2003 and its amendments, which stipulate the following: "The Actuary 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 application for the 2025 license renewal by no later than Thursday, November 28, 2024, and must provide the following:
- Completion of the license renewal form available on the Central Bank of Jordan's website, along with the specific requirements specified therein.
- A statement detailing the actuarial work performed in the Kingdom during the year, according to the form prepared for this purpose.
- A certificate of non-criminal record from the competent authorities, or its equivalent for foreign license renewal applicants, duly authenticated by official authorities.
- Evidence of enrollment in specialized training courses in actuarial sciences or participation in conferences or seminars in actuarial sciences with a duration of no less than fifteen hours.
- Signing of a written declaration form confirming compliance with the conditions stipulated in Articles (19-21) of the Insurance Business Regulations No. (12) of 2021, and undertaking to notify the Central Bank immediately if any of the conditions contained therein cease to be met. (Form CBJ/ISPs/F1/V1)
- Signing of a written declaration form - Actuarial Conflict of Interest.
- A copy of the passport or national ID card.
- Signing of a declaration form regarding the approved address.
- For legal persons: a. An updated copy of the commercial register or company registration certificate with the Companies Control Department, as applicable (extracted from the website).
CENTRAL BANK OF JORDAN البنك المركزي الأردني
b. Clarification of the detailed address of your office location and providing us with a recent copy of your office lease agreement. c. A statement including the name of the General Manager and those performing actuarial work under him in the Kingdom. d. A certificate of non-criminal record for the owners and partners of the company. e. Signing of a written declaration form confirming compliance with the conditions stipulated in Articles (19-21) of the Insurance Business Regulations No. (12) of 2021, and undertaking to notify the Central Bank immediately if any of the conditions contained therein cease to be met (Form CBJ/ISPs/F1/V1) from all owners and partners of the company. f. Details of non-Jordanian employees with you, indicating that they hold valid work permits and/or residence permits, as applicable. 10. Payment of the due annual fees and attaching the deposit receipt.
We emphasize the necessity of submitting the application within the specified deadline above to enable us to proceed with the review 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,