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. 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).

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