Jordan Insurance Industry – Governance, Risk and Compliance
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Jordan Insurance Industry Government Regulation Report Overview
The Insurance Directorate acts as the regulator of the Jordan insurance industry while the International Association of Insurance Supervisors (IAIS) and Jordan Insurance Federation (JIF) act as the other supervisors. The Jordan Insurance Industry governance regulation report provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation, and transit insurance. The report specifies various requirements for establishing and operating insurance and reinsurance companies and intermediaries. The report also gives insurers access to information on prevailing insurance regulations and recent and upcoming changes in the country’s regulatory framework, taxation, and legal system. It includes the scope of non-admitted insurance in the country as well.
Key Regulators | · Insurance Directorate
· International Association of Insurance Supervisors (IAIS) · Jordan Insurance Federation (JIF) |
Compulsory Insurances | · Motor Third-Party Liability Insurance
· Aviation Liability Insurance · Marine Liability Insurance · Professional Indemnity Insurance · Social Security Insurance |
Key Taxes | · Tax on Insurance Premium
· Corporate Income Tax · Corporate Capital Gains Tax · Value Added Tax |
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Jordan Insurance Industry – Key Regulators and Legislation
Insurance Directorate: The Jordan insurance industry is regulated and supervised by the Insurance Directorate within the Ministry of Industry, Trade and Supplies. It derives its power from the Insurance Regulatory Act 1999, which regulates the conduct of insurance operations and mediation.
International Association of Insurance Supervisors: The IAIS is a membership-driven global organization that represents insurance regulators and supervisors. It formulates and issues various global insurance principles, standards, and guidance, provides training and support on issues related to insurance supervision and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability.
The key piece of legislation governing the Jordan insurance industry is:
- Insurance Regulatory Act 1999
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Jordan Insurance Industry - Compulsory Insurance
Some of the key compulsory insurances required within the Jordan insurance industry are:
- Motor Third-Party Liability Insurance
- Aviation Liability Insurance
- Marine Liability Insurance
- Professional Indemnity Insurance
- Social Security Insurance
Jordan Insurance Industry Analysis by Compulsory Insurances
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Jordan Insurance Industry - Company Registration and Operation
Article 45 and 46 of the Insurance Regulatory Act 1999 stipulate that insurers and reinsurers must be authorized by the Insurance Directorate to carry out business in Jordan. Insurance intermediaries need to obtain a license from the Insurance Directorate as well to mediate insurance products in the country. Jordanian public shareholding companies, subsidiary companies, offshore companies, and branches of foreign insurance companies registered in the country with respect to the Companies Act can operate insurance business in Jordan.
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Jordan Insurance Industry – Taxation
Tax is imposed upon insurance premium within the insurance industry in Jordan. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
Corporate Income Tax: Taxation is administered and supervised by the Income Tax and Sales Tax Department that is responsible for achieving an effective, efficient, transparent, and taxpayer-oriented tax system in Jordan. Corporate taxation is levied on corporate entities and foreign branches according to taxable profit from all sources arising or deemed to arise in Jordan.
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Scope
This report provides:
- Details of the insurance regulatory framework in Jordan
- Details of the rules and regulations governing insurance products and insurance entities
- Lists and analysis of key trends and developments pertaining to the country’s insurance regulatory framework
- Analysis of the rules and regulations pertaining to the establishment and operation of insurance businesses in the country
- Details of the taxation imposed on insurance products and insurance companies
Key Highlights
- The Jordan insurance industry is regulated by the Insurance Directorate, a department of the Ministry of Industry, Trade and Supplies.
- Non-admitted insurance is prohibited, except for aviation insurance for aircraft owned by Jordanian companies.
- Motor third-party liability, workers’ compensation, liability for ships with respect to oil pollution, and aviation liability insurance are key mandatory classes of insurance.
- The Insurance Directorate does not allow the practice of composite insurance in the country, except for those composite insurers which existed prior to the enactment of the Insurance Regulatory Act 1999.
Reasons to Buy
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Gain insights into the insurance regulatory framework in Jordan.
- Track the latest regulatory changes and expected changes impacting the Jordanian insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance product.
Table of Contents
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Frequently asked questions
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Which is the key regulator of the Jordan insurance industry?
The Insurance Directorate is the key regulator of the Jordan insurance industry.
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Which other bodies oversee the Jordan insurance industry?
The International Association of Insurance Supervisors (IAIS) and Jordan Insurance Federation (JIF) oversee the Jordan insurance industry.
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Which are the compulsory insurances required within the Jordan insurance industry?
Some of the key compulsory insurances required within the Jordan insurance industry are motor third-party liability insurance, aviation liability insurance, marine liability insurance, professional indemnity insurance, and social security insurance.
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What are the types of taxes imposed upon the Jordan insurance industry?
Tax is imposed upon insurance premiums within the insurance industry in Jordan. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
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