One:              An insurance broker must fulfill the following conditions:

a.      To be a natural person of a Jordanian nationality or a legal entity.

b.      To be of good conduct and behavior and not convicted of a crime or misdemeanor related to honor or integrity or bankruptcy and has not been redeemed.

c.      To have acquired a high school diploma or its equivalent at the least.

d.      To have practical experience in the field of direct insurance for a period of not less than fifteen years in the types of insurance for which brokerage is being requested.

e.      Or to have worked as a general manager of an insurance company or deputy general manager for a period of not less than ten years.

f.       Or to have obtained a university degree or a degree from a college specialized in insurance, and has practical experience in the field of direct insurance for a period of not less than seven years in the types of insurance for which brokerage is being requested.

Two:             a.  The licensing application is submitted to the Controller with the following information:

1.      The name of the applicant, his/her nationality and his/her   address.

2.      The education qualifications and the dates of acquiring them.

3.      Practical experience.

4.      Any other matter required by the Controller.

The application is accompanied by the documents as well as the educational qualifications, all certified per the rules.

b.      The licensing application is decided upon by a decision from the Minister upon the recommendation of the Controller within one month of submitting it or submitting any additional documents required by the Controller.

Three:        The registration of insurance brokerage companies preconditions that all the partners are licensed to practice the profession of an insurance broker in accordance with the instructions and that the manager of the company is licensed to be that.

Four:             An insurance broker, before commencing his/her work, must obtain the insurance contract for covering non-deliberate errors and unintentional omissions and negligence in the value of twenty thousand dinars per one accident at least valid throughout the licensing period. This also applies to the annual renewal of the licensing. The broker is not permitted to practice his/her work except with the presence of such insurance coverage. The insurance company and the broker must notify the Controller immediately when the above-mentioned insurance contract is fulfilled or when any amendment occurs to that contract.

Five:              An insurance broker is prohibited from underwriting in insurance operations or managing or carrying any insurance risks.

Six:                  An insurance broker must give technical insurance advice to the insured person and obtain the best available conditions and prices for the insured person, by following the technical methods in effect in this profession. He/she must also maintain documents that prove he/she did that and enter them in organized records per the rules.

Seven:       Conditions, prices and information obtained by a broker from an insurance company are considered confidential, and the broker is prohibited from disclosing them or passing them across to other companies.

Eight:           An insurance broker must provide the Controller with the information he/she requires regarding his/her status and his/her business and any changes that occur to them, in addition to information about his/her employees.

Nine:             An insurance broker must attach his/her registration number on his/her own papers and documents for the Controller.

Ten:               An insurance broker must keep organized accounting records per the rules and must submit the legal balance sheet and attached accounts to the Controller upon request.

Eleven:      Insurance companies must not accept insurance operations from insurance brokers unless they were registered with the Controller, with the exception of insurance companies’ agents and employees.

Twelve:    The licensing of an insurance broker is cancelled by the Minister and upon the recommendation of the Controller in the following cases:

a.      If a broker violates the provisions of the law or instructions or pursuant decisions, or if it became evident that he/she is not abiding by the technical rules and principles of this profession.

b.      If he/she defaults on any of the stated licensing conditions, or if it became evident that the documents and papers submitted for the licensing are not accurate.

c.      If a broker does not present anything that proves he/she acquired the insurance contract for covering non-deliberate errors and unintentional omissions and negligence, as stated in the instructions, or has defaulted on his/her insurance coverage.

Thirteen:          The Controller must maintain a special register for registering brokers, in line with these instructions and with whatever he/she deems necessary for regulating this profession.

Fourteen:        The Controller must publish in the Official Gazette the licensing of brokers and the annual renewal of licenses.