Insurance Law Approved in Panama

The National Assembly of Panama approved bill 360 on its third reading, which regulates the activities of insurers.

Friday, March 9, 2012

Among other provisions, the law establishes requirements and deposits in order to set up as an insurance company, creates an insurance supervisory board, and establishes a tax regime for insurers.

According to the superintendent of insurance, Luis Della Togna, the industry has been clamouring for this law for over 10 years, reported Prensa.com.

¿Busca soluciones de inteligencia comercial para su empresa?



More on this topic

New Insurance Tax

May 2019

Costa Rica is discussing a bill that proposes to charge an additional 0.5% on all premiums and prohibits deducting from income tax the 4% collected to finance the Fire Brigade.

For the directors of the Association of Private Insurers (AAP), the approval of the National Statistical System Bill, which is being discussed in the country's Congress, would put companies in trouble and cause a contraction in growth.

Panama: Legal intervention of Reinsurer

August 2017

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.

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.

Panama Approves Mandatory Car Insurance

March 2016

Insurers are obliged to cover accidents involving alcohol consumption after Congress approved a bill on its third reading.

From a statement issued by the National Assembly of Panama:

Bill No. 232, which imposes rules for obtaining a certificate of vehicle inspection to act as an insurance policy that includes coverage for accidents resulting from the consumption of alcohol, was approved on its third reading by the full National Assembly.

New insurance law makes no progress in Guatemala

November 2008

The iniciative which would approve a new law for insurance companies was returned to the Economic Commission once more.

Some legislators believe that when the new law comes into effect it will close the market to international companies and will favor monopolizing the local companies, said lawmaker, Francisco Contreras, member of the CASA party.

ok