The Council of Ministers decided in its meeting held on 24/02/2016 that the Central Bank of Jordan shall assume oversight of the insurance sector, transfer the supervision of insurance sector within a maximum period of two years to become under the umbrella of the Central Bank of Jordan, and update the supervisory frameworks of insurance business to keep up with market developments in terms of: improving the financial adequacy of insurance companies, setting regulatory requirements to ensure the appropriate separation between the life insurance business and general insurances business, implementing prudential regulatory requirements with respect to the investment policies of insurance companies, determining supervisory powers and responsibilities in the insurance companies that are part of a group of financial companies, and enhancing the corporate governance requirements of insurance companies. To this end, a committee headed by HE the Deputy Governor and including as members the acting director of Department of Insurance, a representative of the Legislation and Opinion Bureau, and a representative of the Ministry of Public Sector Development was formed