Insurance Regulatory Commission
General Information
Introduction
One of the main features of the Insurance Supervision Act No. (33) for the year 1999 was the formation of the Insurance Regulatory Commission in early 2000. Before then, insurance business in Jordan used to be regulated and supervised by the Insurance Department at the Ministry of Industry & Trade.
As clearly detailed throughout the Act, the role of the IRC is to regulate and supervise the insurance sector in a manner that ensures a suitable environment for the development of the sector, and enhances the role of the insurance industry to avail insurance coverage for individuals and properties against the risks attached thereto, hence, protecting the national economy and assist in building up and developing the national savings to support the economic development of the Kingdom.
To achieve the above, the IRC has the following functions to utilize:
1. To protect the rights and supervise the obligations of all parties concerned in the insurance transactions.
2. To enhance the performance and efficiency of the insurance companies, subject to a professional code of conduct and rules of ethics, hence, improving capability for better services, and achieving a positive competition
3. To avail the qualified manpower to transact insurance business; this maybe achieved through an insurance institute jointly and in co-operation with Jordan Insurance Federation pursuant to the provisions of the applicable legislations.
4. To develop insurance awareness by way of preparing and circulating studies, conducting campaigns and research work related to insurance business.
5. To strengthen co-operation and integral relations with Arab and international insurance regulatory institutions.
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