Panama: Intervention in Venezuelan Insurer

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.

Thursday, August 6, 2015

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.

The official statement said "The Superintendency of Insurance and Reinsurance of Panama, in compliance with the provisions of Article 94 of Law 12 of April 3, 2012," which regulates the activity of insurance and other provisions "informs that through Resolution OAL-171 of August 4, 2015, the seizure has been ordered of administrative and operational control of the insurance company Seguros Constitución SA, pursuant to the provisions of paragraphs 2 and 5 of Article 93 of the aforementioned Law. "

See Resolution by the Superintendency of Insurance and Reinsurance



More on this topic

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: Aseguradora del Istmo Taken Over

February 2017

The Superintendency has taken administrative and operational control of Aseguradora del Istmo S.A., due to a number of deficiencies identified in the operation of the company.

From an announcement by the Superintendency of Insurance and Reinsurance: 

Panama: Seguros Confianza Taken Over

September 2016

The Superintendency has taken administrative control of Seguros Confianza, as part of a process that began in November 2015 with the detection of a problem of insufficient capital.

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

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.

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