Mandatory Registration of Foreign Reinsurers and Foreign Reinsurance Brokers

Mandatory Registration of Foreign Reinsurers and Foreign Reinsurance Brokers not doing business in Panama

Since 2012, the Superintendence of Insurance and Reinsurance maintains a register of foreign reinsurers and foreign reinsurance brokers in Panama.

The documents to be filed with the application are the following:

1. Apostilled power of attorney.

2. A petition that must include the full name of the company, country of domicile, phone, fax, web page, and email address; full name of the legal representative and general manager, among other details.

3. Certificate of existence, legal representation, and legal capacity to act as reinsurer issued by the competent foreign authority.

4. Document issued by any of the following rating agencies: Moody’s, S&P, Fitch Rating, A.M. Best. The rating must have validity not exceeding 24 months.

5. Audited financial statements for the last 3 fiscal periods,

All documents issued abroad must be legalized by Apostille or Panamanian Consul in the place of execution.

The Foreign Reinsurer would need to be registered as a reinsurer in its country of registration/incorporation.

A local representative domiciled in Panama (eg. a local law firm) must be appointed to receive notices and execute documents on behalf of the company.

No local capital or funding requirement applies to the registration.

The application process before the Superintendence may take up to 6 months.

The registration is valid for 1 year, renewable for the same period.

The filing of the renewal petition must be made 30 business days prior to the expiration of the initial registration.

For additional information, please contact imartinez@ims.legal.