The Council of Ministers, which is the Jordanian Cabinet, has approved the rationale for the 2025 Insurance Bill, which will regulate the insurance market and enhance the confidence of those wishing to invest in the kingdom's insurance sector, reported Jordan News Agency (Petra).
The bill will be sent to the Legislation and Opinion Bureau to complete the necessary procedures for its issuance.
The draft law aims to establish specific legislation regulating the legal provisions pertaining to insurance contracts and the specificity of some branches of insurance in particular, such as life, fire and property damage, medical and marine insurance.
The draft law also provides a comprehensive reference regulating all stages of the insurance process, from the pre-contract stage to the conclusion and implementation stage.
In drafting the new insurance law, the views of relevant parties were sought, including the Bar Association, the Amman Chambers of Commerce and Industry, the Civil Aviation Authority and the Jordan Maritime Authority.
Mr Firas Sultan, who represents the financial and banking sector at the Jordan Chamber of Commerce, said that updating the insurance law constitutes a pivotal step towards modernising insurance legislation, improving the relationship between contracting parties, enhancing the stability of the insurance market in the kingdom and stimulating economic growth.