A Co-operation agreement in the area of insurance and reinsurance has been signed between the Emirates Insurance Association and the Jordanian Federation of Insurance Companies based on the significant role played by insurance and reinsurance sector in protecting individuals and establishments, in addition to mobilizing savings and financial resources necessary for economic development. Both parties indicated their interest to enhance UAE – Jordan technical cooperation in the field of insurance and reinsurance which reflects their keenness to boost cooperation and coordination between their respective insurance markets, and exchange information in the manner which will serve insurance industry in both countries. Both parties agreed to work together to develop and enhance joint co-operation and coordination. Moreover, the parties agreed as well, to induce establishments, centers and organizations working in the area of insurance and reinsurance to support relations, exchange experience and visits. The first meeting was held in Dubai between the General Secretariat of the Association and the Jordanian Federation for Insurance Companies with the aim of following up implementation of the articles of the said agreement as follows:
The Jordanian Federation for insurance companies will provide the Association's General Secretariat with the following:
- Copy of the arbitration agreement currently being implemented between members of the Jordanian Federation for insurance companies.
- A letter concerning the annual report of insurance sector in Jordan for the year 2009.
- The Association's General Secretariat will take charge to address publishing houses in Syria, Egypt and Lebanon in order to get information about the latest issues on insurance laws and legislations related to GCC countries.
- It is desired to maintain coordination between the Jordanian Federation for Insurance Companies and the Association's General Secretariat to discuss the possibility of convening a joint insurance symposium by the beginning of 2012, with the aim of promoting insurance awareness between the two countries.
- The general manager of the Jordanian Federation for insurance companies is to extend invitation to attend the insurance conference to be held in Jordan (Aqaba) during May 2011.
- It is desired to enhance cooperation in the area of joint studies and exchange of statistical technical information about insurance and reinsurance activity, and benefiting from the Jordanian Federation experience with respect to establishment of a data-base, similar to the current existing data base of the Jordanian Federation.
- It has been decided to hold the second committee meeting in Jordan in May 2011 at the side line of the (Aqaba) conference.
