By means of various Resolutions issued in 2018 by the Superintendency of Insurance and Reinsurance of Panama, it is ordered to insurance companies in Panama to include in individual and group insurance policies the percentage of fees or commissions, the refunds, as well as any other reward or benefit granted to brokers, for the placement and renewal of policies. These Resolutions also ordered insurance companies to provide said information to the policyholder or insured, upon their petition.
The Superintendency took this decision based on consumer regulations (which are supplementary to Panama's Insurance Law) and on standards of the International Association of Insurance Supervisors (IAIS).
This new requirement of the insurance regulator entered into force on January 2nd, 2019 for health and life insurance policies; and will enter into force as of February 15th for any other insurance policies.
