Panama: Legal intervention of Reinsurer

For failing to comply with minimum capital requirements, the Superintendency of Insurance has ordered the intervention into Alliance Re Reassurance Suisse S.A. for a period of six months.

Monday, August 14, 2017

For failing to comply with article 47 of the insurance market law, the Board of Directors of the Superintendency decided to take over operation of the reinsurer for 180 days. In addition to breaching the minimum capital required by law, the reinsurer was late in submitting financial statements for the year 2015.

Prensa.com reports that "...The company had until December 31, 2016 to present them, but it did so only on June 19 of this year."

"... In addition, it had been running for more than two years without registering operations.  'On site auditing did not provide us with any test balance or accounting records for the years 2016-2017', said the resolution."

See the statement issued by the Superintendency of Insurance (In Spanish).

Do you need more information about your business sector?

Request more information:









this site is protected by reCAPTCHA and Google's privacy policy and terms of service.
Need assistance? Contact us
(506) 4001-6423


More on this topic

Panama: Take Over of Reinsurer

August 2017

The Superintendency of Insurance announced the intervention for 180 days into operations of the reinsurer Casualty Re, for breaching rules on capital adequacy.

From a statement issued by the Superintendent of Insurance:

The Board of Directors of the Superintendency of Insurance and Reinsurance of Panama has ordered, through Resolution JD-032 of August 16, 2017, intervention into the reinsurer CASUALTY RE, S.A., for incurring in the cause established in numbers 3 and 5 of article 47 of Law 63 of September 19, 1996 "By which reinsurance operations and the companies dedicated to this activity are regulated". 

Panama: Intervention in Reinsurer

December 2016

An intervention have been ordered into the Istmo Compañía de Reaseguros, Inc. for not having the required equity, among other violations.

From a statement issued by the Insurance and Reinsurance Superintendency of Panama:

THE BOARD OF THE SUPERINTENDENT OF INSURANCE AND REINSURANCE OF PANAMA, reports that through Resolution No.

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: Intervention in Venezuelan Insurer

August 2015

The Insurance Regulator has ordered that administrative and operational control be taken of the Venezuelan company Seguros Constitución, for allegedly failing to comply with a regularization plan required by the regulator.

The company began operations in Panama in 2008, "... it has about $2 million in cumulative premiums and ranked 12th out of the 30 insurers in the country in terms of total policies," according to Prensa.com.