Gray and Co, lawyers, abogados, international legal services, Panama City

Beth Anne Gray J., LL.B. (Hons.)

P.O. Box 832-0816 - World Trade Centre - Panama City - Republic of Panama

International Legal Services

 

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Captive Insurance

Insurance Legislation in Panama

In 1996, the Republic of Panama adopted Law 59 (July 20, 1996) Law 60 (July 29, 1996) and Law 63 (September 19, 1996) which regulate Insurance Companies and the Professional of Insurance Brokers & Producers, Captive Insurance Companies and Reinsurance Activities respectively.   

Under this legislation, all companies or enterprises who undertake insurance activities, of any nature including bond bailiffs, are regulated by the Superintendent of Insurance.  This also includes insurance brokers, adjusters and any person who is involved in insurance brokerage.   Furthermore, this legislation covers any entity who promotes health, pension or retirement funds, and investment or saving schemes which issue policies or contracts (other than those covered by other special legislation, such as the securities legislation or special creations of law). 

The Insurance Superintendent's responsibilities include the following: 

  1. Strengthen the growth of the insurance industry;
  2. Inspect and investigate the commercial operations and professional practices of the persons regulated by the law;
  3. Review, process and investigate the applications made for licenses of any nature under the insurance laws; and
  4. Enforce the insurance legislation. 

As mentioned above, captive insurance companies are regulated by Law 63 of 1996, which establishes the licensing requirements to operate from Panama.  The application must be made through a lawyer or law firm in Panama, and requires at least that the legal representative (manager) of the company or the administrative company which is licensed to manage captive insurance companies, present the necessary documentation which shows that they have the necessary experience and preparation to administer such a company.  The paid in capital should be at least US$150,000.00 (for general risk) or US$250,000.00 (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 Superintendent of Insurance.  The legislation introduces the creation of the National Reinsurance Commission, which is responsible for dictating policy in this area.

For more information, please send us an email. 

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