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Governance, Risk and Compliance – The Panamanian Insurance Industry

Published: May-2015 | Format: PDF | Timetric | Number of pages: 37 | Code: MRS - 22511

Synopsis

Timetric’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 operations of insurance and reinsurance companies and intermediaries.

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

Summary

The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Panama, including:

• An overview of the insurance regulatory framework in Panama.

• The latest key changes and changes expected in Panamanian insurance regulatory framework. 

• Key regulations and market practices related to different types of insurance product in the country.

• Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Panama.

• Key GRC parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency requirements, reserve requirements, and investment regulations.

• Details of the tax and legal systems in the country.

Scope

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

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

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

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

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

Reasons To Buy

• Gain insights into the insurance regulatory framework in Panama.

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

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

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

Key Highlights

• The insurance industry is supervised and regulated by the Superintendent of Insurance and Reinsurance (Superintendencia E Seguros Y Reaseguros de Panamá – SSRP). 

• A memorandum was signed on February 18, 2015 to enable Central American countries to join the Caribbean Catastrophic Risk Insurance Pool.

• Implementation of International Financial Reporting Standard (IFRS) 4 Phase II and IFRS 9, effective from January 1, 2018.

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

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

Companies Mentioned

 
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 Regulations
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 regulations
2.4 Compulsory Insurance
2.4.1 Motor third-party liability insurance
2.4.2 Insurance for vehicles carrying dangerous material
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
2.6 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 Types of insurance organization
2.7.2 Establishing a domestic company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margins
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 (ADR)
3 Appendix
3.1 Methodology
3.2 Contact Timetric
3.3 About Timetric
3.4 Timetric’s Services
3.5 Disclaimer

Table 1: Insurance Industry Definitions
Table 2: Panama – Life Insurance Regulatory Framework
Table 3: Panama – Property Insurance Regulatory Framework
Table 4: Panama – Motor Insurance Regulatory Framework
Table 5: Panama – Liability Insurance Regulatory Framework
Table 6: Panama – Corporate Tax Rates for the Financial Year 2015

Figure 1: Panama – Insurance Regulatory Framework
Figure 2: Panama – Insurance Supervision and Control at Various Levels
Figure 3: Panama – Insurance Regulatory Frameworks for Company Registration and Operation

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