Governance, Risk and Compliance – The Panamanian Insurance Industry

Pages: 54 Published: May 31, 2018 Report Code: GD-IS0085RR

GlobalData’s 'Governance, Risk and Compliance – The Panamanian Insurance Industry' report is the result of extensive research into the insurance regulatory framework in Panama.

It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

Scope

• The report covers details of the insurance regulatory framework in Panama.

• The report contains details of the rules and regulations governing insurance products and insurance entities.

• The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.

• The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.

• The report provides details of taxation imposed on insurance products and insurance companies.

Key Highlights

• The Panamanian insurance industry is regulated by the Superintendent of Insurance and Reinsurance, under the supervision of the Ministry of Commerce and Industries.

• The Panamanian government permits up to 100% foreign direct investment in the insurance industry.

• Insurance premium tax is imposed at 2% for gross premium on all types of insurance.

• Non-admitted insurers are not permitted in the industry. However, there are some exceptions.

• Motor third-party liability insurance for passengers on buses and third-party liability for passengers on planes are compulsory.

Reasons to Buy

• Gain insights into the insurance regulatory framework in Panama.

• Track the latest regulatory changes, and expected changes impacting the Panamanian insurance industry.

• Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.

• Understand key regulations and market practices pertaining to various types of insurance product.

Key Players


Table of Contents

1 INTRODUCTION

1.1 What is this Report About?

1.2 Definitions

2 GOVERNANCE, RISK AND COMPLIANCE

2.1 Legislation Overview and Historical Evolution

2.2 Latest Changes in Regulation

2.3 Legislation and Market Practice by Type of Insurance

2.3.1 Life insurance

2.3.2 Property insurance

2.3.3 Motor insurance

2.3.4 Liability insurance

2.3.5 Marine, aviation and transit insurance

2.3.6 Personal accident and health insurance

2.4 Compulsory Insurance

2.4.1 Motor third-party liability insurance

2.4.2 Insurance for vehicles carrying dangerous material

2.4.3 Liability insurance for ships with respect to oil pollution

2.4.4 Professional Indemnity insurance

2.5 Supervision and Control

2.5.1 International Association of Insurance Supervisors

2.5.2 Association of Insurance Supervisors Latin America

2.5.3 Superintendent of Insurance and Reinsurance

2.5.4 La Asociación Panameña de Aseguradores

2.5.5 National Reinsurance Commission

2.6 Non-Admitted Insurance Regulations

2.6.1 Overview

2.6.2 Intermediaries

2.6.3 Market practices

2.6.4 Fines and Penalties

2.7 Company Registration and Operations

2.7.1 Type of insurance organization

2.7.2 Establishing a local company

2.7.3 Foreign ownership

2.7.4 Types of license

2.7.5 Capital requirements

2.7.6 Solvency margin

2.7.7 Reserve requirements

2.7.8 Investment regulations

2.7.9 Statutory return requirements

2.7.10 Fee structure

2.8 Taxation

2.8.1 Insurance premium or policy taxation

2.8.2 Withholding taxes on premium paid overseas

2.8.3 Corporate tax

2.8.4 VAT

2.8.5 Captives

2.9 Legal System

2.9.1 Introduction

2.9.2 Access to court

2.9.3 Alternative dispute resolution

3 APPENDIX

3.1 Methodology

3.2 Contact GlobalData

3.3 About GlobalData

3.4 GlobalData’s Services

3.5 Disclaimer

List of Tables

Table 1: Insurance Industry Definitions

Table 2: Panama – Insurance Regulatory Framework Key Features

Table 3: Panama – Life Insurance Regulatory Framework

Table 4: Panama – Property Insurance Regulatory Framework

Table 5: Panama– Motor Insurance Regulatory Framework

Table 6: Panama – Liability Insurance Regulatory Framework

Table 7: Panama – Corporate Tax Rates for the Financial Year 2017

List of Figures

Figure 1: Panama – Insurance Supervision and Control at Various Levels

Figure 2: Panama – Insurance Regulatory Frameworks for Company Registration and Operation

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