The Jordan Legislations on insurance, stated in the general Act and other Regulations regulating the various economic and financial activities in Jordan has set up special terms for insurance business as follows:-
1- The Civil Act No. (43) for the year 1976
The Civil Act has provided special regulations of the Insurance Contract: -
(A)- Chapter three of volume one (Harmful action).
(B)- Volume two - Chapter four (Peril contracts).
- Chapter one (Mortgage & Gambling)
- Chapter Two: Salary on all life
- Chapter Three: Insurance Contract.
- Terms and Conditions of the Contract
- Effects of the Contract.
- Obligations of the insured party.
- Obligations of the insurer.
- Special Regulations for Certain Types of Insurance.
- Fire Insurance
- Life Insurance.
2- Jordan Maritime Commercial Act No.(12) of 1972
Jordan Maritime Commercial Act, in chapter nine thereof, relevant to insurance, provided for the insurance affairs related to Marine Trade activities as follows.
Section Nine : (Insurance):
Terms of performing the contract and the authenticity of obligations of the insured party.
Regulations relevant to insurance business.
Insured risks and exempted risks.
Determination and settlement of insurance compensation.
Litigation for marine losses.
Rules for abandonment
3 – Commercial Act No. (12) of 1966
The act has a special chapter in the transportation contract Article (1/72) that the transporter is in charge of any destruction, defection or shortage of things transported and for that Article (73) from the same act has give the right for the receiver to raise a case directly on the transporter and with this case receiver can demand delivering or charge him for damages. Article (77) from the same act assure that the passenger must arrive safe for his destination.
4 – Companies Act No. (22) for the year 1997
Articles 93, 99, 212 & 255) of this Act provided that insurance activities should be performed only by Public Share Holding Companies, and that the shares subscribed for by founders of those insurance companies must not exceed (50 %) of their authorized capital and the number of founders should be not less than fifty persons. As for the exempted companies involved in insurance or reinsurance business, their capital must not be less than two million dinars. Furthermore, all mortgage contract and insurance effected on companies’ funds and assets three months prior to the Decision of Liquidating the Company are deemed nil and void.