From a statement issued by the Insurance and Reinsurance Superintendency of Panama:

THE BOARD OF THE SUPERINTENDENT OF INSURANCE AND REINSURANCE OF PANAMA, reports that through Resolution No. JD-046 of December 9, 2016, it has ordered an intervention into the reinsurer ISTMO COMPAÑÍA DE REASEGUROS, INC., for the reasons set out in paragraphs 3, 5 and 6 of Article 47 of Law 63 of September 19, 1996.

"Article 47. The Commission, by reasoned decision, may intervene in the business of a company, taking possession of its assets and assuming its administration in the terms determined by the Commission itself, in any of the following cases: ...  

3.  If the capital paid is reduced or the legal or technical reserves are below those required by law, or it maintains a relationship between retained net premiums and net worth less than that required by law.  

More on this topic

Forced Liquidation of Reinsurer

April 2017

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.

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

Panama: New rules for Reinsurers

January 2017

A new law is being prepared that will change the capital requirements and other requirements for granting licenses to reinsurers operating in the country.

The proposal by the Insurance and Reinsurance Superintendency of Panama was revealed weeks after the intervention was ordered into the reinsurer Istmo Compañía de Reaseguros. This process was not the only one in 2016, as the company Seguros Confianza was also taken over in September.  

Panama as an International Reinsurance Center

September 2013

A law intends to attract reinsurance companies, by giving them the same benefits enjoyed by the Headquarters of Multinational Corporations.

The information was confirmed by the Panamanian superintendent Luis Della Togna, who added that the project could be ready before the end of the year.

Large Scale Reinsurers in Panama?

July 2012

The canal country aims to become an International Centre for Reinsurance, for which it will need to make the place more competitive and gain more acceptance in global markets.

According to an article in Capital.com.pa "The Panamanian insurance market is experiencing a period of readjustment in all its regulatory apparatus, a new law governing the sector has already been implemented, and now they are working on draft bills to regulate the sector and one for reinsurance brokers. "