Cabinet approves Mandatory Vehicle Insurance regulation

In a session held today, presided over by Prime Minister Dr. Bisher Al-Khasawneh, the Cabinet approved several regulations, amendments. 

The Mandatory Vehicle Insurance regulation for 2024 was approved. It aims to cover all damages resulting from vehicle accidents, including those affecting the driver and owner of the offending vehicle, and to set limits on the insurance company's liability for these damages. 

It also aims to resolve any disputes between insurance companies and beneficiaries by specifying the coverage and exclusions in the mandatory insurance contract.

Approval of the Unified Office for Mandatory Vehicle Insurance for 2024: This decision outlines the rules and procedures for the operations and management of the unified office under the supervision of the Central Bank of Jordan. It defines the office's responsibilities, obligations, financial resources, and other administrative and financial matters.

Approval of the Insurance Policyholder and Beneficiary Guarantee Fund System for 2024: This system establishes rules and procedures for compensating policyholders and beneficiaries in the event of an insurance company's liquidation or insufficient assets. It also outlines the financial resources of the fund and how they can be used.

Approval of the Justifications for a Draft Amendment to the Competition Law for 2024: The draft aims to ensure the protection of free and effective competition in the market by enhancing the institutional framework of the regulatory body responsible for enforcing the law. 

The Competition Directorate will be renamed the "Competition Protection Department," led by a director-general appointed by the Cabinet. The amendments also propose establishing an "Advisory Council on Competition Affairs" and strengthening measures to detect anti-competitive practices.

Approval to Start Purchasing Wheat and Barley Crops for the 2023/2024 Agricultural Season: The Cabinet approved the purchase of wheat and barley crops from the 2023/2024 agricultural season. This decision continues the government's policy of supporting farmers and encouraging the cultivation of these strategically important crops. 

The purchase prices are set at JD 500 per ton for wheat seeds, JD 420 per ton for wheat grain, JD 420 per ton for barley seeds, and JD 370 per ton for barley grain. 

The government will also sell improved seeds to farmers at the purchase price, bearing the cost of cleaning and sterilizing the seeds, estimated at JD 75 per ton. Additionally, JD 29 million are allocated for the purchase of approximately 70,000 tons of grain.

Exemption of Renewable Energy Systems and Equipment from Customs Duties and Sales Tax: Renewable energy systems, devices, and equipment that meet technical standards will be exempt from customs duties and sales tax for 90 days from the effective date of the amended Renewable Energy and Energy Efficiency Law.