The Insurance Commission, which was established towards the end of 1999 by the Insurance Regulatory Act No. 33 of 1999 as an administratively and financially independent organization, aims to regulate the local insurance sector and supervise it to provide the environment suitable for its development and enhance its role through upgrading the efficiency of the insurance institutions operating in the market and improve their performance, hence enabling them to provide better services in a healthy competitive environment positively reflected on the individual as well as the institutional requirements for insurance and on the Kingdom economy as a whole.

To achieve these targets the IC adopted a strategy and defined annual work plans to regulate and develop the insurance sector.

One of the main characteristics of the IC strategy to regulate the sector is the commission quest to complete the frameworks necessary to regulate the insurance institutions operating in the Jordanian insurance market, in close coordination with the modern international criteria, a trend which is in harmony with the quality development prevailing in the insurance industry worldwide. In realization thereof the commission issued a number of regulations and instructions.

In this respect as well the IC continues its efforts to regulate the financial and technical instruments of supervision and control of the insurance sector by providing the actuarial experience and regulating the scrutiny and analysis of insurance companies operations and the comprehensive auditing and inspection procedures related thereto, in addition to actuating field and office control on insurance services provider such as the insurance agents, brokers, loss adjusters, actuaries and others.

Based on its belief that the insurance disputes should be settled promptly in a highly professional manner, the commission initiated the process to regulate the different methods to settle these disputes and adopted the alternative resolutions to achieve this end. To implement this process, the commission instituted programs encouraging settlement of insurance deputes by arbitration, medication and other alternative disputes resolution.

By employing the positive results of regulating the insurance sector, the IC is endeavoring its plans to develop and improve it. The most important steps taken in this respect was, perhaps, the adoption of training and development programs for its own staff and the factor’s employees, hence enabling them to improve the insurance industry in Jordan. In addition, the commission adopted insurance awareness campaigns among the different social and economical layers in the Kingdom, by socially and economically deepening the insurance concept, hence enabling the distribution of risks to which the individual and society by insurance institutions which are technically advanced, financially solvent and able to contain the insurance requirements of these social layers, and to build a developed insurance market actively contributing to the national economy in the best way possible.