Panamanian Insurance Sector to be Reformed
The Panamanian Association of Insurance Companies submitted a proposal for modifying the regulating law.
Friday, August 14, 2009
The most relevant topics in the proposal include accounting compliance with the International Financial Reporting Standards (IFRS), creation of a Consumer Protection agency for insurance clients, and control and prevention of money laundering.
In the last five years penetration of the insurance market did not reach even 2% of GDP because people see insurance as an unnecessary expense.
Private insurers are beginning to outperform the state insurance company and have so far captured a 40% market share.
The approval of a Law of April 12, 2012, allows the sale of insurance policies through what are called "alternative marketing channels."
Compulsory car insurance for third-party damage has ceased to be a great growth opportunity and become a category of losses.
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