Insurance Act Delayed in the Panamanian Assembly

The passing of the bill – which has already been agreed upon - would allow the development of the micro-insurance market and new distribution channels.

Tuesday, November 8, 2011

The passing of the bill – which has already been agreed upon - would allow the development of the micro-insurance market and new distribution channels.

While the legislation is not advancing, the provision of micro-insurance remains relegated.

The insurance industry is very disappointed by the lack of flexibility shown by the assembly in thus far failing to pass a law of fundamental importance for the development of the insurance industry in the country.

Law number 360, which regulates the insurance business, is one of many that have been delayed in the assembly, where despite the government’s large majority, discussion and approval have not advanced.

For companies in the sector, lack of dialogue between the parties in the Assembly is one of the reasons that has prevented progress of bills of great importance.

According to, the president of the Panamanian Insurers Association (Apadea), Mauricio Ruiz, said, "the effort by all parties was diligent and prolonged, we were hoping that this new law which will benefit policyholders, insurers, brokers and the Superintendency, would be passed this year."

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