Changes to Agricultural Insurance Law

The Panamanian Agricultural Insurance Institute will present a draft bill that aims to incorporate incentives for agricultural production.

Tuesday, September 18, 2012

Among the reforms included is the creation of a reserve fund for contingencies and catastrophic events (Ferec) and giving greater powers to the Managing Agricultural Insurance Institute (ISA in Spanish).

Administered by the ISA, the fund will pay compensation in the event of natural disasters up to the amount of $50,000 without prior review by the Controller's Office.

"In the draft, to be submitted to the Agricultural Affairs Committee of the National Assembly, the ISA is excluded from the reinsurance contract, claiming that this figure" does not offer competitive advantages to extraordinary losses and failing that, the State will provide backup.

Regarding the capital and resources required for the operation of the entity, a payment of 1% of the amount of quotas negotiated by the National Stock Products is included", reported Prensa.com.

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