Through the enactment of Agreement no. 4-2012, the
Superintendence of Insurance and Reinsurance of Panama (SSRP)
regulates the provision of reinsurance and brokerage services
by foreign entities to local insurance and reinsurance
companies authorised to operate in Panama.
Agreement no. 4-2012 establishes the register of foreign
reinsurance companies and reinsurance brokers, and requires
them to register with the SSRP to be able to provide services
to local insurance and reinsurance companies authorised to
operate in Panama.
The main objective of Agreement no 4-2012 is to improve the
quality of reinsurance services by requiring these entities,
when contracting with foreign reinsurers, to contract only with
foreign reinsurers that meet the minimum requirements of
solvency, liquidity and experience, among other factors, as
determined by the SSRP.
The foreign reinsurer interested in subscribing reinsurance
contracts with Panamanian insurance or reinsurance companies
must file an application requesting registration with the SSRP,
accompanied by a risk classification from a recognised rating
agency (S&P, Fitch, Moody's, etc.), audited financial
statements, and a regulatory certification of origin
authorising the foreign reinsurer to conduct business in
Panama, among other requirements.
The foreign reinsurance broker interested in offering its
services in the Panamanian market must file an application
requesting SSRP registration, accompanied by an errors and
omissions policy with a Panamanian insurer with certain
specifications, a certification issued by its regulator of
origin authorising the foreign reinsurance broker to conduct
business in Panama, among other requirements.
With the filing of the registration application, foreign
reinsurers and reinsurance brokers shall appoint a local
representative, who will be authorised to receive notifications
from the SSRP on behalf of the registered foreign entity.
Registration is subject to the payment of a fee and is
granted for one year. It's renewable for the same period
provided the foreign entity continues to meet the requirements
of solvency, liquidity and experience as determined annually by
Note: This information has been prepared for the purpose
of providing general information and it does not intend to
advise any person or institution. It is recommended to obtain
professional advice before making any decision or developing
any project in connection with the matters addressed in this
publication. For further information please contact Maria
Alejandra Cargiulo V. firstname.lastname@example.org