Insurance Regulation in Jordan: New Rules — Old System

The Jordanian insurance market has been free from extensive state ownership and pervasive premium, product, investment, and reinsurance controls. However, these positive features have been marred by the licensing of a large number of private compan...

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Main Author:	Vittas, Dimitri
Format:	Policy Research Working Paper
Language:	English en_US
Published:	World Bank, Washington, D.C. 2013
Subjects:	ACCIDENT INSURANCE ACCOUNTING RULES ACTUARIES AGENTS ASSETS AUDITORS BONDS BROKERS CAPITAL GAINS COMMERCIAL BANKS COMMISSIONS COMPENSATION CONSUMER PROTECTION CONTRACTUAL SAVINGS CORPORATE GOVERNANCE COVERAGE CREDIT INSURANCE FINANCIAL SECTOR GENERAL INSURANCE HOUSING HOUSING FINANCE INCOME INSPECTIONS INSURANCE INSURANCE COMPANIES INSURANCE INDUSTRY INSURANCE LAW INSURANCE PREMIUMS INSURANCE REGULATION INSURANCE RESERVES INSURANCE SUPERVISION INSURERS INTERNAL CONTROLS LIFE INSURANCE LIFE INSURANCE COMPANIES LIQUIDITY LOSS RATIO LOW INFLATION MEDICAL INSURANCE MORTALITY MOTOR INSURANCE PENSION FUNDS PENSION PLANS POLICY RESEARCH POLICYHOLDERS PREMIUMS PRIVATE INSURANCE PRIVATE PENSION FUNDS PRIVATE SECTOR PROFESSIONAL LIABILITY PROFESSIONAL LIABILITY INSURANCE PROFITABILITY PROGRAMS PROPORTIONAL REINSURANCE RATES REGULATORY FRAMEWORK REINSURANCE REINSURANCE MARKETS REINSURERS RESERVES SANCTIONS SAVINGS SECURITIES SOCIAL SECURITY SOLVENCY SUPERVISORY FRAMEWORK TAX INCENTIVES UNDERWRITING VALUATION INSURANCE ANNUITIES COMPLIANCE & CONTROL SYSTEMS
Online Access:	http://documents.worldbank.org/curated/en/2004/05/4271134/insurance-regulation-jordan-new-rules--old-system http://hdl.handle.net/10986/14074

id	okr-10986-14074
recordtype	oai_dc
spelling	okr-10986-140742021-04-23T14:03:20Z Insurance Regulation in Jordan: New Rules — Old System Vittas, Dimitri ACCIDENT INSURANCE ACCOUNTING RULES ACTUARIES AGENTS ASSETS AUDITORS BONDS BROKERS CAPITAL GAINS COMMERCIAL BANKS COMMISSIONS COMPENSATION CONSUMER PROTECTION CONTRACTUAL SAVINGS CORPORATE GOVERNANCE COVERAGE CREDIT INSURANCE FINANCIAL SECTOR GENERAL INSURANCE HOUSING HOUSING FINANCE INCOME INSPECTIONS INSURANCE INSURANCE COMPANIES INSURANCE INDUSTRY INSURANCE LAW INSURANCE PREMIUMS INSURANCE REGULATION INSURANCE RESERVES INSURANCE SUPERVISION INSURERS INTERNAL CONTROLS LIFE INSURANCE LIFE INSURANCE COMPANIES LIQUIDITY LOSS RATIO LOW INFLATION MEDICAL INSURANCE MORTALITY MOTOR INSURANCE PENSION FUNDS PENSION PLANS POLICY RESEARCH POLICYHOLDERS PREMIUMS PRIVATE INSURANCE PRIVATE PENSION FUNDS PRIVATE SECTOR PROFESSIONAL LIABILITY PROFESSIONAL LIABILITY INSURANCE PROFITABILITY PROGRAMS PROPORTIONAL REINSURANCE RATES REGULATORY FRAMEWORK REINSURANCE REINSURANCE MARKETS REINSURERS RESERVES SANCTIONS SAVINGS SECURITIES SOCIAL SECURITY SOLVENCY SUPERVISORY FRAMEWORK TAX INCENTIVES UNDERWRITING VALUATION INSURANCE ANNUITIES COMPLIANCE & CONTROL SYSTEMS LIFE INSURANCE COMPANIES INSURANCE LAW INSURANCE INDUSTRY INSURANCE REGULATION GENERAL INSURANCE The Jordanian insurance market has been free from extensive state ownership and pervasive premium, product, investment, and reinsurance controls. However, these positive features have been marred by the licensing of a large number of private companies, often on political rather than professional criteria, and the resulting fragmentation of the sector. Various policies have perpetuated the fragmentation of the sector, while regulatory forbearance has allowed the continuing operation of several weak companies. Despite the avoidance of pervasive controls and extensive state ownership, and the presence of a large number of private companies, the insurance industry is not well developed. This mainly reflects the underdevelopment of life insurance. In contrast, the level of general insurance is comparable to several other developing countries in the region and elsewhere. A major modernization effort has been undertaken in recent years. This has included the enactment of a new insurance law and the creation of a new Insurance Commission. The latter has made considerable progress in expanding its staff, undertaking a wide-ranging training program to upgrade skills, and implementing a multi-year action plan aimed at modernizing the regulatory framework and enhancing the efficiency of the sector. 2013-06-20T18:43:21Z 2013-06-20T18:43:21Z 2004-05 http://documents.worldbank.org/curated/en/2004/05/4271134/insurance-regulation-jordan-new-rules--old-system http://hdl.handle.net/10986/14074 English en_US Policy Research Working Paper;No.3298 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, D.C. Publications & Research :: Policy Research Working Paper Publications & Research Middle East and North Africa Jordan
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English en_US
topic	ACCIDENT INSURANCE ACCOUNTING RULES ACTUARIES AGENTS ASSETS AUDITORS BONDS BROKERS CAPITAL GAINS COMMERCIAL BANKS COMMISSIONS COMPENSATION CONSUMER PROTECTION CONTRACTUAL SAVINGS CORPORATE GOVERNANCE COVERAGE CREDIT INSURANCE FINANCIAL SECTOR GENERAL INSURANCE HOUSING HOUSING FINANCE INCOME INSPECTIONS INSURANCE INSURANCE COMPANIES INSURANCE INDUSTRY INSURANCE LAW INSURANCE PREMIUMS INSURANCE REGULATION INSURANCE RESERVES INSURANCE SUPERVISION INSURERS INTERNAL CONTROLS LIFE INSURANCE LIFE INSURANCE COMPANIES LIQUIDITY LOSS RATIO LOW INFLATION MEDICAL INSURANCE MORTALITY MOTOR INSURANCE PENSION FUNDS PENSION PLANS POLICY RESEARCH POLICYHOLDERS PREMIUMS PRIVATE INSURANCE PRIVATE PENSION FUNDS PRIVATE SECTOR PROFESSIONAL LIABILITY PROFESSIONAL LIABILITY INSURANCE PROFITABILITY PROGRAMS PROPORTIONAL REINSURANCE RATES REGULATORY FRAMEWORK REINSURANCE REINSURANCE MARKETS REINSURERS RESERVES SANCTIONS SAVINGS SECURITIES SOCIAL SECURITY SOLVENCY SUPERVISORY FRAMEWORK TAX INCENTIVES UNDERWRITING VALUATION INSURANCE ANNUITIES COMPLIANCE & CONTROL SYSTEMS LIFE INSURANCE COMPANIES INSURANCE LAW INSURANCE INDUSTRY INSURANCE REGULATION GENERAL INSURANCE
spellingShingle	ACCIDENT INSURANCE ACCOUNTING RULES ACTUARIES AGENTS ASSETS AUDITORS BONDS BROKERS CAPITAL GAINS COMMERCIAL BANKS COMMISSIONS COMPENSATION CONSUMER PROTECTION CONTRACTUAL SAVINGS CORPORATE GOVERNANCE COVERAGE CREDIT INSURANCE FINANCIAL SECTOR GENERAL INSURANCE HOUSING HOUSING FINANCE INCOME INSPECTIONS INSURANCE INSURANCE COMPANIES INSURANCE INDUSTRY INSURANCE LAW INSURANCE PREMIUMS INSURANCE REGULATION INSURANCE RESERVES INSURANCE SUPERVISION INSURERS INTERNAL CONTROLS LIFE INSURANCE LIFE INSURANCE COMPANIES LIQUIDITY LOSS RATIO LOW INFLATION MEDICAL INSURANCE MORTALITY MOTOR INSURANCE PENSION FUNDS PENSION PLANS POLICY RESEARCH POLICYHOLDERS PREMIUMS PRIVATE INSURANCE PRIVATE PENSION FUNDS PRIVATE SECTOR PROFESSIONAL LIABILITY PROFESSIONAL LIABILITY INSURANCE PROFITABILITY PROGRAMS PROPORTIONAL REINSURANCE RATES REGULATORY FRAMEWORK REINSURANCE REINSURANCE MARKETS REINSURERS RESERVES SANCTIONS SAVINGS SECURITIES SOCIAL SECURITY SOLVENCY SUPERVISORY FRAMEWORK TAX INCENTIVES UNDERWRITING VALUATION INSURANCE ANNUITIES COMPLIANCE & CONTROL SYSTEMS LIFE INSURANCE COMPANIES INSURANCE LAW INSURANCE INDUSTRY INSURANCE REGULATION GENERAL INSURANCE Vittas, Dimitri Insurance Regulation in Jordan: New Rules — Old System
geographic_facet	Middle East and North Africa Jordan
relation
description	The Jordanian insurance market has been free from extensive state ownership and pervasive premium, product, investment, and reinsurance controls. However, these positive features have been marred by the licensing of a large number of private companies, often on political rather than professional criteria, and the resulting fragmentation of the sector. Various policies have perpetuated the fragmentation of the sector, while regulatory forbearance has allowed the continuing operation of several weak companies. Despite the avoidance of pervasive controls and extensive state ownership, and the presence of a large number of private companies, the insurance industry is not well developed. This mainly reflects the underdevelopment of life insurance. In contrast, the level of general insurance is comparable to several other developing countries in the region and elsewhere. A major modernization effort has been undertaken in recent years. This has included the enactment of a new insurance law and the creation of a new Insurance Commission. The latter has made considerable progress in expanding its staff, undertaking a wide-ranging training program to upgrade skills, and implementing a multi-year action plan aimed at modernizing the regulatory framework and enhancing the efficiency of the sector.
format	Publications & Research :: Policy Research Working Paper
author	Vittas, Dimitri
author_facet	Vittas, Dimitri
author_sort	Vittas, Dimitri
title	Insurance Regulation in Jordan: New Rules — Old System
title_short	Insurance Regulation in Jordan: New Rules — Old System
title_full	Insurance Regulation in Jordan: New Rules — Old System
title_fullStr	Insurance Regulation in Jordan: New Rules — Old System
title_full_unstemmed	Insurance Regulation in Jordan: New Rules — Old System
title_sort	insurance regulation in jordan: new rules — old system
publisher	World Bank, Washington, D.C.
publishDate	2013
url	http://documents.worldbank.org/curated/en/2004/05/4271134/insurance-regulation-jordan-new-rules--old-system http://hdl.handle.net/10986/14074
_version_	1764430452216561664

Insurance Regulation in Jordan: New Rules — Old System

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