Jordan: Insurance Commission to merge with Ministry
Source: Middle East Insurance Review | Apr 2014
The Upper and Lower Houses of Parliament have agreed to the merger of the Insurance Commission (IC) of Jordan with the Trade Ministry, concluding a debate that began nearly two years ago.
Senators and deputies endorsed the decision, as well as a plan to keep the Ombudsman Bureau independent, at a joint session in March to resolve their dispute over a draft law seeking to restructure independent public agencies. The lawmakers endorsed the entire bill after ending their disagreement over certain provisions, reported The Jordan Times.
The restructuring plan, announced in November 2012, was aimed at cutting public spending by scrapping or merging independent governmental institutions, including the IC.
The plan was to merge the IC with the Ministry of Industry and Trade as both were formerly a single organisation. However, following public feedback against the move, it was decided that the IC would remain as an independent regulatory and supervisory body.
Established in 1999, the IC was held up as a model for the region with its comprehensive insurance laws and vision to boost the image of the industry. In later years however, it was accused of not properly regulating and supervising the insurance industry.