Regulatory Alerts2019-05-13
Agreement No. 5 (2019). Guidelines for Banks and Trust Companies Acting as Alternative Insurance Marketing Channels
The Superintendence of Banks of Panama issued Agreement No. 005-2019 to establish operational guidelines for banks and trust companies serving as alternative marketing channels for insurance products. The regulation mandates that such activities must be clearly segregated from core banking services through dedicated physical spaces, specialized staff, and distinct stationery to prevent customer confusion. Additionally, digital channels must ensure clients understand the bank acts merely as a distribution channel and that the insurance contract is with the identified insurer, with non-compliance subject to sanctions under the Banking Law.
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