The passing of the bill – which has already been agreed upon - would allow the development of the micro-insurance market and new distribution channels.
While the legislation is not advancing, the provision of micro-insurance remains relegated.
The insurance industry is very disappointed by the lack of flexibility shown by the assembly in thus far failing to pass a law of fundamental importance for the development of the insurance industry in the country.
Law number 360, which regulates the insurance business, is one of many that have been delayed in the assembly, where despite the government’s large majority, discussion and approval have not advanced.
For companies in the sector, lack of dialogue between the parties in the Assembly is one of the reasons that has prevented progress of bills of great importance.
According to Capital.com.pa, the president of the Panamanian Insurers Association (Apadea), Mauricio Ruiz, said, "the effort by all parties was diligent and prolonged, we were hoping that this new law which will benefit policyholders, insurers, brokers and the Superintendency, would be passed this year."
Source: Capital.com.pa
More on this topic
May 2010
Congress could pass a new insurance bill on Thursday which would allow the participation of foreign insurers.
Juan Raúl Aguilar, president of the Guatemalan Association of Insurance Institutions, was interviewed by newspaper El Periódico. He discussed the changes introduced by the bill and how it will shape the insurance market.
March 2012
The National Assembly of Panama approved bill 360 on its third reading, which regulates the activities of insurers.
Among other provisions, the law establishes requirements and deposits in order to set up as an insurance company, creates an insurance supervisory board, and establishes a tax regime for insurers.
March 2012
Panama's National Assembly have given final approval to law 415 which prohibits mining and protects water and environmental resources in the Ngäbe Bugle region.
A statement by the National Assembly of Panama reads:
By executive sanction Bill 415 amends the Mining Code.
Indians have rights to natural resources in Ngäbe – Bugle Region.
December 2010
The coming into effect of the new Law on January 1st, 2011, would incite the creation of more insurance products geared towards individuals.
Insurance in Guatemala has now a 7% penetration, a very low percentage compared to other Latin American countries where it reaches 25 to 30%.
español
