Governance, Risk and Compliance – The Jordanian Insurance Industry
Timetric’s 'Governance, Risk and Compliance – The Jordanian Insurance Industry' report is the result of extensive research into the insurance regulatory framework in Jordan.
It provides 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 the establishment and operation of insurance and reinsurance companies and intermediaries.
The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.
The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Jordan, including:
- An overview of the insurance regulatory framework in Jordan.
- The latest key changes, and changes expected in the country’s insurance regulatory framework.
- Key regulations and market practices related to different types of insurance product in the country.
- Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Jordan.
- Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
- Details of the tax and legal systems in the country.
Reasons To Buy
- The report covers details of the insurance regulatory framework in Jordan.
- The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.
- The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and insurance companies.
- 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.
- The Jordan insurance industry is regulated by the Insurance Directorate, a department of the Ministry of Industry, Trade and Supplies.
- FDI is permitted in the Jordanian insurance industry up to 100%.
- 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.
- What is this Report About?
- Table Insurance Industry Definitions
- Governance, Risk and Compliance
- Table Jordan - Insurance Regulatory Framework Key Features
- Legislation Overview and Historical Evolution
- Latest Changes in Regulation
- Legislation and Market Practice by Type of Insurance
- Life insurance
- Table Jordan - Life Insurance Regulatory Framework
- Property insurance
- Table Jordan - Property Insurance Regulatory Framework
- Motor insurance
- Table Jordan - Motor Insurance Regulatory Framework
- Liability insurance
- Table Jordan - Liability Insurance Regulatory Framework
- Marine, aviation and transit insurance
- Personal accident and health insurance
- Compulsory Insurance
- Motor third-party liability insurance
- Workers' compensation insurance
- Liability insurance for ships with respect to oil pollution
- Aviation liability insurance
- Table Jordan - Minimum Cover for Aircraft Public Liability Per Accident Per Aircraft
- Supervision and Control
- International Association of Insurance Supervisors
- Insurance Directorate
- Jordan Insurance Federation
- Non-Admitted Insurance Regulation
- Market practices
- Fines and Penalties
- Company Registration and Operations
- Type of insurance organization
- Establishing a local company
- Foreign ownership
- Types of license
- Capital requirements
- Table Jordan - Minimum Capital Requirements
- Solvency margin
- Reserve requirements
- Investment regulations
- Statutory return requirements
- Fee structure
- Insurance premium or policy taxation
- Withholding taxes on premium paid overseas
- Corporate tax
- Table Jordan - Corporate Tax Rates for the Financial Year 2016
- Legal System
- Access to court
- Alternative dispute resolution (ADR)
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