Regulatory Alerts2012-04-09
Law No. 12 of 2012 Regulating the Insurance Activity and Enacting Other Provisions
The National Assembly of Panama enacted Law No. 12 of 2012 to regulate the insurance sector and establish the Superintendence of Insurance and Reinsurance as an autonomous regulatory authority. The law defines the scope of supervised activities, establishes strict licensing and operational requirements for insurers and intermediaries, and provides comprehensive definitions for insurance terms and practices. It mandates the protection of policyholders' interests, ensures market solvency, and outlines the regulatory powers and enforcement mechanisms of the Superintendence.
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