04 June 2006 — Memorandum of Understanding signed between DFSA and Insurance Commission of Jordan

An important memorandum of understanding (MOU) between the Insurance Commission of Jordan (IC) and the Dubai Financial Services Authority (DFSA) was signed today in Amman. The MOU was signed by DFSA Chairman, H.E. Dr. Habib Al Mulla, and by the Director General of the IC, H.E. Dr. Bassel Hindawi.

The IC is the independent insurance regulator responsible for regulating and supervising the insurance sector in Jordan.

The DFSA is the independent regulator of all financial services, including insurance within the Dubai International Financial Centre.

The MOU is designed to enhance the relationship between the two authorities in their common roles as insurance supervisors, establishing a formal basis for cooperation, including the exchange of information and investigative assistance. Further the MOU forms a basis for discussing areas of mutual interest and in inviting the other to relevant conferences and training sessions hosted by the DFSA or IC.

Commenting on the signing, Dr Al Mulla said: "We are delighted that DFSA's relationship with a regional regulator like the Insurance Commission of Jordan has been formalised in this manner. Both agencies are committed to promoting regulation and supervision in line with the highest international standards. Our agreement to cooperate and share information will help us to deliver those high standards in dealing with insurance issues that affect both jurisdictions."

On his part, Dr. Hindawi underlined the significance of the event noting "we are pleased to sign this MOU with the DFSA which is a recognized regulatory authority operating to the highest international standards. The MOU is a key step towards enhancing cooperation and coordination between the two parties. With the growing integration and linkage of markets, the signing of this MOU between the two authorities reflects the IC and the DFSA commitment to regional regulatory cooperation, and is consistent with the Core Principles established by the International Association for Insurance Supervisors".