Jordan - Insurance draft law endorsed
Monday, 03 09 2020, Category: Insurance and Reinsurance, Country: Jordan
The Lower House on Sunday endorsed the insurance regulatory act draft law, recommending that the Central Bank of Jordan (CBJ) prepare the regulations and instructions of the law in cooperation with the Jordan Insurance Federation, the Jordan Association for Medical Insurance and other concerned institutions, the Jordan News Agency, Petra, reported.
The draft law, which comprises 111 articles discussed during six legislative sessions, regulates insurance companies in a manner that guarantees the sector achieves its designated purposes.
This is done through enabling the CBJ to supervise and monitor the sector in accordance with best global practices. The draft law also affords the CBJ the authority to deal with struggling companies in accordance with its vision.
Source: Jordan Times