Jordan: Central bank issues draft insurance bill
Source: Middle East Insurance Review | Jan 2025
The Central Bank of Jordan has completed the preparation of a draft insurance law, according to a statement by the regulator.
This is a preliminary step towards a special law to regulate the contractual relationship between the insurer and the insured to compensate for the insufficiency of the provisions contained in the civil code.
The central bank said that the objective of the special law was to create a clear reference and address the legal loopholes and problems in practical application.
The draft insurance law considers the main elements and principles governing the insurance relationship, such as the insurance interest, good faith and other principles, in addition to the obligations of the parties to the insurance contract. The draft also includes detailed provisions for the different branches of insurance such as fire, property, marine and medical.
A committee comprising a central bank team, experts in the field of law and insurance and academics, gave comments and opinions on the draft law that is expected to match international best practices. The proposed insurance law is to boost the industry in line with the royal vision programme for the modernisation of financial services in the kingdom.
The draft has been published on the website of the central bank for public feedback. M