JORDANIAN INSURERS FACE NEW REGULATORY REGIME

Jordan’s insurance commission has issued new regulations for local insurers relating to the calculation of technical reserves and solvency margins. The updated rules aim to help regulate and develop the country’s insurance market to better adapt to global changes in the industry. Bassel Hindawi, the commission’s director-general, said that the updated regulation brought Jordan into line with financial requirements already adopted by many regulators and supervisory authorities around the world. Under the new rules, Dr Hindawi noted that life and non-life insurers would be required to provide the commission with independently audited evidence of maintaining adequate financial reserves to meet their obligations.