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Panama: New rules for Reinsurers

Posted on 2017-01-09

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.  
The head of the Superintendence, José Joaquín Riesen, told that "... In addition the agreement was also updated for foreign reinsurers that are registered to operate in the country. "We want to ensure that the regulator of origin is applying international standards, corporate governance ...  Moving from the simple registration process we have today to criteria based on international standards to ensure that the reinsurers who are providing backing have a level equal to or higher than that required locally. "
"... This year, the regulator also intends to introduce changes in health policies to make them more transparent. What is sought is for them to be clear to consumers and that the "usual and customary" prices for medical services -used by insurers as a reference for paying claims and which they themselves establish-., is known by the client "
Source: Insurance and Reinsurance Superintendency of Panama

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