Jordan: Central bank to revise insurance law to regulate contractual relationship between insurers and the insured
Source: Middle East Insurance Review | Aug 2024
The Central Bank of Jordan (CBJ) is preparing a draft insurance law aimed at regulating the contractual relationship between insurance companies and the insured, providing a stable legal foundation for these relationships, CBJ governor Adel Sharkas, said.
Dr Sharkas said that since the CBJ assumed oversight of the insurance sector, it has fostered a legislative environment that enhances prudent regulation. This includes improving the financial solvency and capital quality of insurance companies, enabling them to confront risks and provide sustainable protection for citizens and the economy.
The central bank has also updated the professional and ethical practice rules to build public confidence in the insurance sector.
The governor also stressed the importance of addressing distortions in compulsory motor insurance and working to overcome existing challenges to preserve the rights of the insured and insurance companies simultaneously. M