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Insurance Commission of Jordan the Eleventh Annual Report

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Insurance Commission of Jordan the Eleventh Annual Report Insurance Commission Of Jordan The Eleventh Annual Report Insurance Commission of Jordan / the Eleventh Annual Report_2011 1 His Majesty King Abdullah II ibn Al‐Hussein Insurance Commission of Jordan / the Eleventh Annual Report_2011 2 “In tandem with the aforementioned political reforms, there is a set of policies, economic and developmental steps, that the government has to take in partnership with the private sector to fight poverty and unemployment, attract investments to create jobs for the youth, and improve the level and quality of services in the areas of education, higher education and healthcare. In addition, development and restructuring must continue in the fields of agriculture, energy, transport, tourism, administrative and fiscal reform. All this should be based on plans and programs outlined in the National Agenda, in order to achieve a comprehensive development that positively reflects on the living standards of citizens.” Speech from the Throne by His Majesty King Abdullah II ibn Al‐Hussein in the opening of the second ordinary session of the Sixteenth Parliament on 26th of October 2011. Insurance Commission of Jordan / the Eleventh Annual Report_2011 3 Index Introduction....................................................................................................................................11 Vision ............................................................................................................................................13 Mission .........................................................................................................................................13 Values ...........................................................................................................................................13 National Goals that IC Contributes in...........................................................................................13 IC Partners in Achieving the National Goals.................................................................................13 Strategic Objectives......................................................................................................................14 Insurance Commission in Brief.....................................................................................................15 The Insurance Sector in Jordan ....................................................................................................16 Jordanian Insurance Sector Structure ..........................................................................................17 Organizational Structure of Insurance Commision ......................................................................18 Preface by the Chairman of the Board of Directors.....................................................................19 Preface by the Director General of Insurance Commission .........................................................20 Chapter One Achievements of Insurance Commission in 2011 First: Regulating and Developing the Insurance Sector ...............................................................23 1. Maintaining Stability of the Insurance Sector and increasing Confidence therein.................23 1‐1) Completing the Legal Framework of the Insurance Sector in line with the International Best Practices .............................................................................................. 23 1‐2) Prudential Supervision of the Insurance Sector according to International Best Practices ............................................................................................................................ 26 1‐3) Enhancing Insurance Sector Competence in Providing Services and enhancing its Competitiveness................................................................................................................ 35 2. Capacity Building of Human Resources in the Insurance Sector.............................................35 3. Building Outstanding Partnerships with Local, Regional, and International Institutions .......36 3‐1) International and Regional Institutions............................................................... 36 3‐2) Partnerships with Local Institutions.................................................................... 36 Insurance Commission of Jordan / the Eleventh Annual Report_2011 4 3‐3) Joint Committees to Follow up Issues Related to Insurance Companies and Companies Administrating Insurance Business Contracts with Medical Insurance Service Providers............................................................................................................................ 37 4. Promoting Jordan as a Regional Insurance Center..................................................................38 Second: Maintaining a Balanced Relationship between Parties and Expanding the Insurance Coverage to include all Society Segments....................................................................................39 1. Protecting the Rights of Insurance Policyholders and Beneficiaries.......................................39 1‐1) Inquiry and Insurance Dispute Resolution Department...................................... 39 1‐2) Insurance Disputes Resolution Committee......................................................... 41 1‐3) Motor Accidents Compensation Fund................................................................. 41 2. Enhancing Insurance Awareness.............................................................................................42 2‐1) Insurance Awareness Campaign ......................................................................... 42 2‐2) News Bulletins..................................................................................................... 42 2‐3) Monthly Statistical Bulletins................................................................................ 43 2‐4) Insurance Commission Website .......................................................................... 43 3. Introducing National Insurance Programs and Motivating the Sector to Develop New Insurance Products with a Social Perspective .........................................................................43 3‐1) Micro Insurance Project ...................................................................................... 44 3‐2) Professional Indemnity Insurance Project........................................................... 44 Third: Developing Institutional Performance...............................................................................44 1. Developing Human Resource Management............................................................................44 1‐1) Equality of Opportunities .................................................................................... 44 1‐2) Rewards and Incentives....................................................................................... 45 2. Developing and Strengthening Staff Capacity.........................................................................45 3. Developing and Implementing Operation Management Methodologies...............................46 3‐1) Customer Satisfaction Study ............................................................................... 47 3‐2) Renewal of ISO 9001 Certification....................................................................... 47 3‐3) Risk Management................................................................................................ 47 4. Increasing Competence of Strategic Planning at Insurance Commission ...............................48 Insurance Commission of Jordan / the Eleventh Annual Report_2011 5 5. Regulating and Developing Financial Management at Insurance Commission/ Leveraging Transparency and Accountability............................................................................................49 6. Keeping abreast with Technological Developments ...............................................................49 7. Social Responsibility ................................................................................................................49 Chapter Two Business Results of the Jordanian Insurance Sector For the Fiscal Year 2011 First: Economic Indicators ............................................................................................................52 Second: Business Results of Jordanian Insurance Companies for 2011.......................................55 Results of Jordanian Insurance Companies for the year 2011 – Outside Branches....................57 Third: Business Results of Insurance Supporting Service Providers 2011....................................99 Insurance Agents .................................................................................................................. 100 ١. Insurance Brokers................................................................................................................. 102 ٢. Bancassurance...................................................................................................................... 104 ٣. Companies Administrating Insurance Business.................................................................... 106 ٤. Chapter Three Financial Statements of Insurance Commission for 2011 First: Report of Independent Auditor.........................................................................................110 Second: Financial Statements for the Year Ending 31st of December 2011..............................112 Chapter Four Motor Accidents Compensation Fund First: Introduction.......................................................................................................................118
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