Forced Liquidation of Reinsurer

In Panama the company Istmo Compañía de Reaseguros has been forced to liquidate due to "lack of commitment on the part of the company to correct the deficiencies" that led to this intervention.

Monday, April 10, 2017

From a statement issued by the Superintendency of Banks in Panama:

April 5, 2017. The Board of Directors of Insurance and Reinsurance in Panama ordered the forced liquidation of ISTMO COMPAÑÍA DE REASEGUROS, INC.. based on Law No. 63 of September 19, of 1996 through which reinsurance operations and companies engaged in this activity are regulated, to Law No. 12 of April 3, 2012 law regulating insurance activities and other provisions.

This decision is based on the report by the Oversight Board designated by the Superintendent of Insurance and Reinsurance in the process of taking administrative and operational control, and given the lack of commitment on the part the company to correct the deficiencies which led to the administrative actions carried out by this regulator. The measure was taken in order to safeguard the interests, assets and values of the reinsurees of the company, those affected and to protect the security of the industry.  

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