On May 5, JOR CB issued circular re ethics for insurance companies.
JOR CB issued Circular No. 17/3/7845 re code of ethics and regulations for insurance companies to deal with their customers in a fair and transparent manner of 2025.
Applies to article 24 par. j, and article 109 par. b of Insurance Law No. 12 of 2021.
Document dated May 5, 2025, received from JOR CB May 18, summarized on May 21.
Key Provisions
Insurance company commit to transparency and fairness in its dealing with customers, from the stage before the conclusion of the insurance contract until end of contract.
Company shall include necessary data to assess risk when preparing application form.
OMN CB required the insurance company to adopt internal procedures to assess the customer solvency before selling savings and investment-linked insurance products.
Set procedures to organize insurance contract, renewal, cancellation, settling claims.
The insurance company is obligated to take the appropriate and adequate measures to avoid any potential conflicts between the interests of customers and its own interest.
They also shall comply with the regulations issued by OMN CB re financial consumer protection, products advertising regulations and services offered by service providers.
Required to comply with the instructions regarding customers with disabilities in force.
Rules of Practice and Ethics for Insurance Companies No. 9 of 2004 shall be repealed.
Effectiveness
Insurance firms shall regularize their situation within 90 days from those instructions.
