Jordan moves to regulate digital insurance platforms

The Central Bank of Jordan (CBJ) is developing a dedicated regulatory framework for licensing digital insurance platforms, while also working to update the legal framework governing online insurance brokerage activities.

The announcement was made by CBJ Governor Adel Sharkas during the opening session of the 35th General Conference of the General Arab Insurance Federation (GAIF).

According to Sharkas, technology has become an essential tool for enhancing operational analysis, improving risk forecasting, and strengthening the management of technical reserves.

The shift towards digital insurance calls for an updated regulatory framework that balances the opportunities offered by innovation with compliance with prudential standards and the protection of policyholders’ rights.