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Insurance regulation in Jordan : New rules--old system

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  • Vittas, Dimitri
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    Abstract

    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.

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    Bibliographic Info

    Paper provided by The World Bank in its series Policy Research Working Paper Series with number 3298.

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    Date of creation: 01 May 2004
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    Handle: RePEc:wbk:wbrwps:3298

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    Keywords: Non Bank Financial Institutions; Payment Systems&Infrastructure; Contractual Savings; Insurance&Risk Mitigation; Insurance Law; Insurance&Risk Mitigation; Non Bank Financial Institutions; Insurance Law; Contractual Savings; Health Economics&Finance;

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    1. Vittas, Dimitri, 2003. "The insurance industry in Mauritius," Policy Research Working Paper Series 3034, The World Bank.
    2. Grace, Martin F. & Barth, Michael M., 1993. "The regulation and structure of nonlife insurance in the United States," Policy Research Working Paper Series 1155, The World Bank.
    3. Impavido, Gregorio & Musalem, Alberto R. & Tressel, Thierry, 2001. "Contractual savings institutions and banks'stability and efficiency," Policy Research Working Paper Series 2751, The World Bank.
    4. Impavido, Gregorio & Musalem, Alberto R. & Tressel, Thierry, 2003. "The impact of contractual savings institutions on securities markets," Policy Research Working Paper Series 2948, The World Bank.
    5. Musalem, Alberto R. & Impavido, Gregorio & Tressel, Thierry, 2001. "Contractual savings, capital markets, and firms'financing choices," Policy Research Working Paper Series 2612, The World Bank.
    6. Vittas, Dimitri, 1995. "Tunisia's insurance sector," Policy Research Working Paper Series 1451, The World Bank.
    7. Wright, Kenneth M., 1992. "The life insurance industry in the United States : an analysis of economic and regulatory issues," Policy Research Working Paper Series 857, The World Bank.
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