CBJ liquidates Al Safwa Insurance Company

By JT - Jan 11,2023 - Last updated at Jan 11,2023

AMMAN — The Central Bank of Jordan (CBJ) has decided to liquidate Al Safwa Insurance Company as of Tuesday and appoint lawyer Samah Shammout to supervise the business, preserve funds, assets and rights, and represent the company until the liquidation proceedings are completed in accordance with the provisions of the Insurance Regulatory Law.

The CBJ decision aims to protect the rights of beneficiaries of insurance contracts, the Jordan News Agency, Petra, reported. This decision was made as a result of the deterioration of the company's financial situation, improper practices and legal violations.

The decision also followed complaints received by the CBJ regarding the company’s failure to commit to its obligation to pay overdue claims and compensation, according to the Jordan News Agency, Petra.

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