The Parliamentary Committee on Economy and Investment has held a meeting last week 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).
Notably, 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 that the proposed law would strengthen the role of the Central Bank in establishing the rules of corporate governance in insurance companies and providers of insurance services, and give it the necessary powers to deal with problematic companies. It will also have provisions governing takaful insurance.
This meeting, held on 27 November, was the second between the insurance sector and the Committee on Economy and Investment. At the first meeting last March, the Bill was discussed in detail, article by article.