Panama Boosts Reinsurance Market

The Superintendent of Insurance is preparing a bill to promote market development by encouraging the installation of foreign reinsurance companies in the country.

Monday, September 29, 2014

The bill, still in draft form, aims to attract major reinsurance companies to the country and use the market already operating in the country as a platform. In turn, the legislation would also increase "... the number of staff needed for the industry to supply labor to these reinsurers because from Panama a lot of capital would be administrated."

The Superintendent Luis Della Togna told that "... in Panama there is an interesting group of reinsurers operating, but they are working from elsewhere like London, New York, Tokyo, Japan. 'The idea is that Panama will become a center for reinsurers' .... with the new legislation the same large companies that we already know would be incorporated into the market, but reinsurance companies in the country would provide their services. "

"... With the new Insurance Act, any company that is installed in Panama either as an insurer or reinsurer must be supervised by the Superintendency of Insurance and Reinsurance of Panama before collecting premiums. "

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