Ali hopes exemptions, incentives will encourage insurance mergers

AMMAN — Industry, Trade and Supply Minister Maha Ali on Wednesday commended the Cabinet's decision granting merger insurance companies exemptions and incentives.

These incentives include a three-year exemption from income tax, a three-year exemption from annual fees imposed under the law regulating the work of insurance companies, in addition to exemptions from ownership transfer and capital raise fees for the new merged company, Ali said in a ministry statement.

She expressed hope that these government procedures would contribute to encouraging insurance companies to merge to develop the insurance companies through having strong companies with big capitals. Merging could also contribute to boosting Jordanian insurance companies to penetrate regional markets, Ali noted.