Cabinet offers incentives to merging insurance companies

AMMAN — The Official Gazette has published a decision by the Cabinet to grant insurance companies various exemptions if  they merge, the Jordan News Agency, Petra, reported on Tuesday. The exemptions include income tax and annual fees imposed under the Insurance Regulatory Law for a period of three years, also exempting companies from ownership transfer fees and raising capital.

The decision was based on the recommendation of the Investment Council to enable insurance companies establish larger insurance entities that can compete and provide advanced insurance products and to handle the downturns that have hit the sector in the past years.