Jordan: Preparations for new insurance law move ahead
Source: Middle East Insurance Review | Jan 2020
The Parliamentary Committee on Economy and Investment recently held a meeting with several stakeholders of the insurance industry to discuss a draft insurance law prior to it being tabled before the House of Representatives.
Other entities represented at the meeting included the Central Bank, the Ministry of Industry, Trade and Supply and the Jordan Insurance Federation (JIF).
The law, when passed and gazetted, will transfer supervision of the insurance sector from the Insurance Department under the Ministry of Industry and Trade to the Central Bank.
Dr Khair Abu Sailik, chairman of the committee said the proposed law will strengthen the role of the Central Bank in establishing the rules of corporate governance for insurers and providers of insurance services, and give it the necessary powers to deal with problematic companies. It will also have provisions governing takaful operators. M