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Insurance law
In 1996, Panama adopted Act 59 (July 20, 1996) Law 60 (July 29, 1996) and Law 63 (September 19, 1996) that regulate insurance companies and professional riders Insurance and producers, captive insurance companies and reinsurance activities, respectively.

Under this legislation, all companies or companies engaged in insurance, bonds of any nature including bailiffs, are regulated by the Superintendencia de Seguros. This also includes insurance brokers, adjusters and any person involved in the insurance brokerage. In addition, this legislation refers to any entity that promotes health, pension or retirement funds, and investment or savings schemes which issue policies or contracts (other than those covered by other laws, such as legislation in relating to securities or special creations of the law).

The Superintendent of Insurance responsibilities are as follows:

     1. Strengthen the growth of the insurance industry;
     2. Inspect and investigate the business operations and professional practices of persons covered by the law;
     3. Review, process and investigate applications for licenses of any nature under the law of insurance, and
     4. Apply the law on insurance.

As mentioned earlier, captive insurance companies are regulated by Act 63 of 1996 which establishes the requirements for licensing to operate from Panama. The request must be made through a lawyer or law firm in Panama, and requires that at least the legal representative (administrator) of the company or the management company that is licensed for the management of captive insurance companies, this the necessary documentation that proves they have the necessary experience and preparation to manage such a company. The paid in capital must be at least U.S. $ 150000.00 (general risk) or U.S. $ 250000.00 (for long-term risk or both general and long-term risk). Special tax provisions exist for captive insurance companies.

Reinsurance companies (which may be captive insurance companies) are regulated by Law 63 (1996) and are also supervised by the Superintendencia de Seguros. The legislation provides for the creation of the National Reinsurance, which is responsible for issuing the policy.
 

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