Requirements for Insurance Broker License Renewal

[Logo of the Central Bank of Jordan]

Number: 18955 / 15 / 17 Date: 18 / 5 / 1446 Corresponding to: 20 / 11 / 2024

Dear Insurance Brokers, Subject: License Renewal for 2025

Based on the provisions of Paragraph (a) of Article (10) of the Instructions for Licensing Insurance Brokers, Regulating Their Work, and Their Responsibilities No. (11) of 2005 and its amendments, which stipulate the following:

"The broker must submit an application for license renewal annually, no later than forty-five days before the expiration of the license period, 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 us with the following:

1. Completion of the license renewal form available on the Central Bank of Jordan's website and attaching the requirements specified within it.
2. A statement of insurance brokerage activities conducted in the Kingdom during the year, according to the forms issued under Decision No. 19398/2/17 dated 2023/11/12.
3. A certificate of no criminal record from the competent authorities for each natural person broker, the General Manager, management personnel, all employees engaged in insurance brokerage activities, and all staff, partners, board members, and directors of the legal entity broker, as applicable.
4. An updated copy of the commercial register or company registration certificate with the Companies Control, as applicable (extracted from the website).
5. An updated copy of the commercial name/trademark registration certificate with the Ministry of Industry, Trade, and Supply, as applicable (extracted from the website).
6. Clarification of the detailed address of your office location and providing us with a recent copy of your office lease agreement.
7. 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 person broker, the General Manager, and management personnel of the legal entity broker, as applicable.
8. A valid professional liability insurance policy.
9. A copy of the passport or national ID card for each natural person broker, the General Manager, management personnel, all employees engaged in insurance brokerage activities, and all staff, partners, board members, and directors of the legal entity broker, as applicable.
10. For legal entities, a statement including the names of the General Manager, management personnel, and all employees engaged in insurance brokerage activities.

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Central Bank of Jordan

11. 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 apply, from both the natural person broker, the General Manager, management personnel, all employees engaged in insurance brokerage activities, and all staff, partners, board members, and directors of the legal entity broker, as applicable. (Form CBJ/ISPS/F1/V1)
12. Signing a written declaration form - no conflict of interest - from both the natural person broker, the General Manager, management personnel, all employees engaged in insurance brokerage activities, and all staff, partners, board members, and directors of the legal entity broker, as applicable. (Form CBJ/ISPs/F2/V1)
13. Signing a declaration form regarding the approved address.
14. For legal entities, the audited final financial statements for 2023, as applicable.
15. Valid work permits and residence permits for each natural person broker, the General Manager, management personnel, and all non-Jordanian employees engaged in insurance brokerage activities at the legal entity broker, as applicable.
16. Proof of the broker's membership in the Jordanian Association of Insurance Brokers.
17. 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 actions. Please note that the aforementioned forms are published on the Central Bank of Jordan's website (www.cbj.gov.jo).

Accept our highest respect,

Central Bank of Jordan

Copy to: The Jordanian Association of Insurance Brokers

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P.O. Box 27 • Amman 11118 Jordan • Tel: 01-3030463 • Fax: 01-888364 • Website: www.cbj.gov.jo • Email: info@cbj.gov.jo