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Forced liquidation of Seguros Confianza

The insurance company founded on Chilean and Venezuelan capital had been subject of an intervention by the Superintendency of Insurance and Reinsurance of Panama in September, after it was detected that there was insufficient equity.

Tuesday, November 22, 2016

Prensa.com reports that "...This is the second liquidation made by the regulator in a year. In October 2015, the Superintendent also ordered the same to be done to Seguros Constitución, also of Venezuelan capital, after financial and administrative breaches were detected."

See: Panama: Seguros Confianza Taken Over
See: Panama: Venezuelan Insurer Liquidated

"... It is a blow to the stability and credibility of a sector that should provide comfort to its customers. The operations of Seguros Constitución and Seguros Confianza pose a risk to their users."

See resolution from the Superintendency of Insurance and Reinsurance.

Source: Prensa.com

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Key entities

Seguros Confianza Insurance Authority of Panamá

Countries

Panama

Insight

Insurers Securities Settlement Insurance Insurance

Panama: Seguros Confianza Taken Over

September 2016

The Superintendency has taken administrative control of Seguros Confianza, as part of a process that began in November 2015 with the detection of a problem of insufficient capital.

From a statement issued by the Superintendency of Banks in Panama:

How Much Money Was Lost in Financial Pacific

January 2016

In Panama reports state that $15 million in assets have been recovered in the process of forced liquidation of the brokerage firm Financial Pacific, an amount which covers only 70% of the total invested by customers.

Problems in the Panamanian stock market continue, and now it is the Liquidating Board of brokerage firm Pacific Financial which is giving the bad news to customers of the company.

Panama: Venezuelan Insurer Liquidated

November 2015

Having assumed administrative control of Seguros Constituciónin August, the Insurance and Reinsurance regulator has ordered its compulsory liquidation.

Prensa.com reports that "...A board of liquidators will be responsible for completing the sale of company assets so that it can meet its obligations.

Panama Insurance companies in the middle of strong competition

December 2008

So far this year seven new companies have entered the country. Four are already set up and have plans for 2009, but making a name is no easy feat.

Eastern Pacific Insurance Company, Banesco Seguros and Seguros Constitución are all companies with Venezuelan capital. Permier, another company which already has a license to operate, and BBA Corp.