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.



More on this topic

Insurance Company Assets Ceded in Panama

September 2017

The process of forced liquidation of the Venezuelan company Seguros Constitución has now ended, with the assignment of the life insurance portfolio to Acerta Seguros, for an insured sum of $43 million.

The Insurance Settlement Board, appointed in late October 2015 to carry out the compulsory liquidation of the insurer, reported that in addition to the assignment of the life insurance portfolio, five real estate properties were sold for a total of $1.3 million.

Panama: More Risk Control for Insurers

September 2016

Insurers must make separate analysis for each insurance categories and when the results are deficient, they should have reserves.

Agreement 4 approved in April by the Superintendent of Insurance of Panama adds that when the results are deficit for two consecutive years, "... in addition to the reserve an analysis must be submitted to the regulator of the causes of the deficiency and a plan to correct itOnce the category has positive results again, the reserve can be released and the company can make use of it."

Panama: Venezuelan Insurance Company's Assets Liquidated

June 2016

The $6.6 million in assets held by Seguros Constitución, which have been frozen since August 2015, are not sufficient to cover the company's liabilities, which total $26 million.

According to a report prepared by the board of liquidators on April 28, "... there are not enough liquid funds to begin the approved loan payments ", therefore they will proceed to pay according to the order of priority and resources available.

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.

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