Jordan: Govt to modernise insurance regulatory system
Source: Middle East Insurance Review | Nov 2017
Jordan Regulation
The Central Bank of Jordan and the Ministry of Industry, Trade and Supply are preparing a draft law to establish a modern framework which will enable the central bank to supervise insurance activities efficiently and competently.
The draft law follows a decision of the Council of Ministers issued in February 2016, which directed the central bank to regulate and supervise the insurance sector, reported Petra News Agency.
The proposed legislation aims to strengthen the insurance regulatory and supervisory system in accordance with international standards and best practices, within the framework of the central bank’s mission to ensure the stability and safety of the insurance sector and to enable it to serve the economy.
The Central Bank said in a statement recently that it had taken into account the regulatory tools necessary to protect the insured and the beneficiaries of insurance policies. It has uploaded a copy of the draft law on its website for those interested in the latest developments and amendments to the current law.
The insurance industry has been urging the government to speed up the amendment of the insurance law and the modernisation of insurance regulations. Currently, the sector still operates under the Insurance Regulatory Act of 1999. M