Insurance Company Assets Ceded in Panama

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.

Friday, September 1, 2017

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.

A statement said that "...The Liquidation Board did not sell the principal asset (which was part of the minimum assets required by Law 12 on insurance) consisting of the premises no 5 at PH Plaza Paitilla, which is the headquarters of Seguros Constitución in Ave. Balboa whose assessment in September 2015 reflected the sum of $3,400,000."

See full statement (in spanish).

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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.

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.

Panama Insurance companies in the middle of strong competition

December 2008

So far this year seven new companies have entered the country. Four are already set up and have plans for 2009, but making a name is no easy feat.

Eastern Pacific Insurance Company, Banesco Seguros and Seguros Constitución are all companies with Venezuelan capital. Permier, another company which already has a license to operate, and BBA Corp.

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