Panama: New Taxes on Insurance Policies

Surety bonds and collective and life insurance will be taxed 5%.

Wednesday, September 16, 2009

These new impositions are part of the fiscal adjustment law, and would increase the State's revenue in $11 million.

"Salvador Morales, executive vice president of Suramericana Insurance, argued that these changes are a 'hard blow' for the owners of life insurance, which plays a social protection role for families", reports Prensa.com. "He added that construction industry and bank debtors with collective policies will also be affected by these tax changes".

More on this topic

Tender: Insurance for $4 million

September 2017

The Social Security Fund in Panama is putting out to tender collective life insurance for borrowers, insurees, pensioners and retirees for a term of one year.

Government Purchase Panama 2017-1-10-0-08-AV-271614:

"The Social Security Fund seeks to guarantee contracts for collective life insurance for borrowers, insurees, pensioners and retirees of the Social Security Fund for the balance of capital at the time of death, without exceeding the maximum stipulated in the policy.

Travel Agents Without Bonds

August 2012

About 60 tourism agencies have been operating in Panama without possessing the required performance bond.

This bond, designed to support consumers in the event of the agency failing to comply with the contract, has a value of $10 000, and must be renewed annually.

An article in Prensa.com reports that "the Tourism Authority of Panama (ATP) has reported that it has already canceled three operating licenses, and that the rest of the companies have already updated their bonds. The companies that lost their license may appeal against the ATP’s decision, which is why the entity has not disclosed their names. "

Life Insurance Policies Down 49% in Panama

September 2010

Policies taken out to July totaled $13.3 million, 49% less than during the same period of 2009.

"Industry sources attribute the drop to three factors: the main one is the effect of British American Insurance Company's bankruptcy but increases in the cost of policies and the fact that people are choosing cheaper coverage with less benefits are also mentioned," reports Edith Castillo for Prensa.com.

Insurance Grows 22% in Panama

September 2009

In July, written premiums were $78 million, 22% more than the same period of 2008.

Such growth was mainly fueled by individual life insurance (first year), which grew 143%, as it had happened last May.

"According to sources from the industry, the growth of life insurance (first year), is driven by a single company, who is selling in the market this nontraditional product", reports Prensa.com.

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