Panama: Take Over of Reinsurer

The Superintendency of Insurance announced the intervention for 180 days into operations of the reinsurer Casualty Re, for breaching rules on capital adequacy.

Friday, August 25, 2017

From a statement issued by the Superintendent of Insurance:

The Board of Directors of the Superintendency of Insurance and Reinsurance of Panama has ordered, through Resolution JD-032 of August 16, 2017, intervention into the reinsurer CASUALTY RE, S.A., for incurring in the cause established in numbers 3 and 5 of article 47 of Law 63 of September 19, 1996 "By which reinsurance operations and the companies dedicated to this activity are regulated". 

"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: ... If it reduces the paid-in capital; 5. If the assets of the company are not sufficient to fully satisfy its liabilities; ... " . 



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: Intervention in Reinsurer

December 2016

An intervention have been ordered into the Istmo Compañía de Reaseguros, Inc. for not having the required equity, among other violations.

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.

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:

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