Regulatory Alerts2022-08-30
Agreement No. 009-2022: Adding Article 11-A to Agreement No. 1-2011 on Transparency of Information for the Use of Banking Products and Services
The Banking Superintendence of Panama issued Agreement No. 009-2022 to amend transparency regulations by adding Article 11-A, which mandates that banks inform clients of their freedom to choose insurance providers. This regulation prohibits banks from conditioning banking services on the selection of specific insurance companies or requiring the purchase of insurance from related entities. Banks are required to clearly communicate these rights through physical or digital means and maintain records of such notifications to ensure consumer protection.
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