Jordan: Idea of policyholders' protection fund mooted
Source: Middle East Insurance Review | Oct 2016
The insurance industry in Jordan has discussed the establishment of a fund for the protection of policyholders in the event of the bankruptcy of an insurance company.
The subject was raised at a meeting attended by Dr Jawad Anani, Deputy Prime Minister for Economic Affairs and Minister of Industry and Trade and Supply, officials of the Jordan Association for Insurance Companies and representatives of insurance companies operating in the Kingdom.
Dr Anani told insurance companies to take advantage of the incentives approved earlier this year by the Council of Ministers to encourage mergers in the industry so as to improve financial solvency and insurance services, reported Al Ghad. He stressed the importance of enhancing the performance of the insurance sector through an analysis of its problems and the development of appropriate solutions to them.
He said that the Ministry will consider all proposals that were raised during the meeting in order to serve the interests of the sector and to find ways that would boost the contribution of the insurance sector to the economy.
JOD1 = US$1.41