Panama: Seguros Confianza Taken OverMonday, September 5, 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: Plans to Renovate Customs in GuatemalaFriday, October 11, 2013 In response to demands from the business sector, authorities are considering taking action by equipping customs offices with merchandise scanning technology and off-site controls. S21.com.gt reports that "Because of the corruption networks operating in customs offices and affecting the low amounts of tax collection, the executive is considering intervening in these checkpoints. The measure also includes plans to implement electronic instruments to monitor cargo from its point of departure to its final destination, according to the Finance Minister Pavel Centeno. " Land Invasion: Growing Problem in the RegionFriday, November 29, 2019 To the denouncements made in recent months by businessmen from Guatemala and Nicaragua, is added that of a Honduran union, which denounces the invasion of 3,400 manzanas of productive land. In September 2019, the Chamber of Agriculture denounced that because the area of usurped land in Guatemala has grown from 10,000 hectares to 164,000 hectares since the 1990s, losses in agricultural production caused by this phenomenon reached nearly $650 million last year. AllBank Intervention ConcernsFriday, November 8, 2019 In Panama, a group of businessmen from the Colon Free Zone have expressed concern about the bank's intervention, because although it was under investigation, it was allowed to engage with several companies. As of September 9, local authorities took over the operational and administrative control of AllBank, Corp, arguing that the group of "shareholders did not respond in a timely manner to the requirements of the corrective actions" that were instructed. In October the Superintendence informed that the institution will continue to be taken, in this case until November 8. Costa Rica: Intervention in the Foreign Exchange MarketTuesday, November 26, 2019 With the aim of cushioning the fall in the price of the dollar, which between November 5 and 25 was reduced in ₡18,35, in just two days the Central Bank intervened buying more than $30 million. Of the $41.5 million negotiated at Monex during the November 22 session, the Central Bank of Costa Rica (BCCR) purchased $36 million, and of the $30.7 million negotiated on November 25, the monetary authority acquired $27 million. Panama: AllBank to Keep InterveningTuesday, October 22, 2019 Until November 8, 2019, the operational and administrative control of AllBank, Corp. was extended, an entity that was intervened because its " shareholders did not attend in time and opportunity the requirements of the corrective actions." Through Resolution SBP 0169-2019 the Superintendency ordered the operational and administrative takeover of AllBank, Corp, effective as of 3:00 p.m. on September 9, 2019. Costa Rica: Dollar Price Falls ₡16Friday, November 22, 2019 Because of the growing supply of dollars in the local market, which is explained in part by the income of $1.5 billion from the recent issue of Eurobonds, so far in November the price per dollar in the wholesale market has been reduced at ₡16,55. Official figures from the Central Bank of Costa Rica (BCCR) report a downward trend in recent weeks, as between November 5 and 22 the price has dropped from ₡585,52 to ₡568,97, equivalent to a 3% variation. See full figures. Riots and the Fight Against SmugglingWednesday, November 20, 2019 As a result of the operations carried out by the Superintendence of Tax Administration to stop smuggling, in recent days there have been two attacks on the customs area of Tecún Umán I, on the border between Guatemala and Mexico. According to information provided by the Guatemalan authorities, on November 13 and 17, groups of alleged smugglers attacked the customs of Tecún Umán I in San Marcos, because in the operations deployed by the tax authority, merchandise was seized that was not declared upon entry into the country. Excessive State Intervention in the EconomyMonday, March 13, 2017 In Costa Rica the Solis administration intends to keep the current pricing scheme for rice, ignoring technical criteria, and without applying any valid economic justification. EDITORIAL Panama: Intervention in Venezuelan InsurerThursday, August 6, 2015 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. The company began operations in Panama in 2008, "... Panama: Intervention in Spartan Global SecuritiesMonday, August 12, 2013 The brokerage firm has been the subject of intervention for a second time after it was detected that did not meet the minimum capital or personnel requirements to operate. Prensa.com reports: "The measure by the Superintendency of the Securities Market (SMV by its initials in Spanish) was carried out by order, on June 27, 2013". AllBank Intervention in PanamaTuesday, September 10, 2019 On September 9, local authorities took operational and administrative control of AllBank, Corp, arguing that the group of "shareholders did not respond in a timely manner to the requirements of the corrective actions" that were instructed. The results of the latest supervisions carried out by the Superintendence of Banks of Panama reflect a strong weakness in the health of the loan portfolio, which added to a fragile management of Corporate Governance, the institution reported. Panama: Take Over of ReinsurerFriday, August 25, 2017 The Superintendency of Insurance announced the intervention for 180 days into operations of the reinsurer Casualty Re, for breaching rules on capital adequacy. From a statement issued by the Superintendent of Insurance: Panama: Intervention in ReinsurerWednesday, December 14, 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: Panama: Venezuelan Insurer LiquidatedMonday, November 2, 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. In the order of priority, first in line are customers with life insurance policys linked with savings and policyholders with recognized claims of up to $10,000, approved before the company was taken over " |
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