The Insurance Industry in Panama, Key Trends and Opportunities to 2019

Published: Jun, 2016 | Pages: 158 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis

Timetric’s 'The Insurance Industry in Panama, Key Trends and Opportunities to 2019' report provides detailed analysis of the market trends, drivers and challenges in the Panamanian insurance industry.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2010-2014) and forecast period (2014-2019).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Panamanian economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary

Timetric’s 'The Insurance Industry in Panama, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Panamanian insurance industry, including:

• The Panamanian insurance industry's growth prospects by segment and category

• A comprehensive overview of the Panamanian economy and demographics

• The detailed competitive landscape in the Panamanian insurance industry

• The various distribution channels in the Panamanian insurance industry

• Details of regulatory policy applicable to the Panamanian insurance industry

• Analysis of natural hazards in Panama

Scope

This report provides a comprehensive analysis of the insurance industry in Panama:

• It provides historical values for the Panamanian insurance industry for the report’s 2010-2014 review period, and projected figures for the 2014-2019 forecast period.

• It offers a detailed analysis of the key segments in the Panamanian insurance industry, with market forecasts to 2019.

• It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, combined ratio, total assets, total investment income and retentions.

• It analyzes the various distribution channels in Panama.

• It profiles the top insurance companies in Panama and outlines the key regulations affecting them.

Reasons to Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the Panamanian insurance industry and each segment and category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the Panamanian insurance industry.

• Assess the competitive dynamics in the Panamanian insurance industry.

• Identify growth opportunities and market dynamics in key segments.

• Gain insights into key regulations governing the Panamanian insurance industry and their impact on companies and the industry's future.

Key Highlights

• In 2015, SSRP announced that the National Bank of Panama (BNP) and Savings Bank will engage in the marketing, retail and distribution of microinsurance products in Panama.

• In 2015, Pan American Life Insurance de Panama SA led the life insurance segment with 18.5% of its gross written premium. Companía Internacional de Seguros SA was the leading non-life insurer in 2015, with 17.4% of the segment’s gross written premium.

• The country’s insurance industry also benefited from the growth of captive insurance and reinsurance as a result of a favorable tax structure.

• The Panamanian insurance industry is moderately consolidated, with 29 insurance companies operating in the industry as of April 2015.

• Captive insurance thrives in Panama as a result of the country’s tax benefits for foreign investors: no tax is charged on corporate dividends earned from foreign-sourced income.

 Table of Contents

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Panamanian Insurance Industry Overview
4.1 The Panamanian Insurance Industry

5 Life Insurance

6 Non-Life insurance
6.1 Property Insurance
6.2 Motor Insurance
6.3 Liability Insurance
6.4 Marine, Aviation and Transit Insurance

7 Personal Accident and Health Insurance
7.1 Personal Accident Insurance
7.2 Health Insurance

8 Reinsurance

9 Distribution Channel Outlook

10 Natural Hazards
10.1 Floods
10.2 Earthquakes
10.3 Drought
10.4 Exposure

11 Competitive Landscape
11.1 Overview
11.2 Leading Companies
11.1.1 Compañía Internacional de Seguros SA - company overview
11.1.2 Assa Compañía de Seguros SA - company overview
11.1.3 Mapfre Panama SA - company overview
11.1.4 Seguros Suramericana SA - company overview
11.1.5 Pan-American Life Insurance de Panama SA - company overview
11.1.6 Assicurazioni Generali SA - company overview
11.1.7 Aseguradora Ancon SA - company overview
11.1.8 General de Seguros SA - company overview
11.1.9 Worldwide Medical Assurance Ltd SA - company overview
11.1.10 AIG Seguros SA - company overview
11.3 Legislation Overview and Historical Evolution
11.4 Latest Changes in Regulations
11.5 Legislation and Market Practice by Type of Insurance
11.6 Compulsory Insurance
11.7 Supervision and Control
11.8 Non-Admitted Insurance Regulations
11.9 Company Registration and Operations
11.10 Taxation
11.11 Legal System

12 Governance, Risk and Compliance
12.1.1 Life insurance
12.1.2 Property insurance
12.1.3 Motor insurance
12.1.4 Liability insurance
12.1.5 Marine, aviation and transit insurance
12.1.6 Personal accident and health insurance regulations
12.1.7 Motor third-party liability insurance
12.1.8 Insurance for vehicles carrying dangerous material
12.1.9 International Association of Insurance Supervisors
12.1.10 Association of Insurance Supervisors Latin America
12.1.11 Superintendent of Insurance and Reinsurance
12.1.12 La Asociación Panameña de Aseguradores
12.1.13 Overview
12.1.14 Intermediaries
12.1.15 Market practices
12.1.16 Fines and penalties
12.1.17 Types of insurance organization
12.1.18 Establishing a domestic company
12.1.19 Foreign ownership
12.1.20 Types of license
12.1.21 Capital requirements
12.1.22 Solvency margins
12.1.23 Reserve requirements
12.1.24 Investment regulations
12.1.25 Statutory return requirements
12.1.26 Fee structure
12.1.27 Insurance premium or policy taxation
12.1.28 Withholding taxes on premium paid overseas
12.1.29 Corporate tax
12.1.30 VAT
12.1.31 Captives
12.1.32 Introduction
12.1.33 Access to court
12.1.34 Alternative dispute resolution

13 Definitions and Methodology
13.1 Definitions
13.2 Methodology

14 About Timetric
14.1 Contact Timetric
14.2 About Timetric
14.3 Timetric’s Services
14.4 Disclaimer

List of Tables

Table 1: Panamanian Insurance Industry - Key Facts
Table 2: Panama - Government Credit Ratings
Table 3: Panamanian Insurance - Gross Written Premium by Segment (US$ Million), 2010-2014
Table 4: Panamanian Insurance - Gross Written Premium by Segment (US$ Million), 2014-2019
Table 5: Panamanian Insurance - Segmentation by Gross Written Premium (Percentage Share), 2010-2019
Table 6: Panamanian Insurance Direct Written Premium by Segment (US$ Million), 2010-2014
Table 7: Panamanian Insurance Direct Written Premium by Segment (US$ Million), 2014-2019
Table 8: Panamanian Insurance Segmentation by Direct Written Premium (Percentage Share), 2010-2019
Table 9: Panamanian Life Insurance - Gross Written Premium by Sub-Segment (US$ Million), 2010-2014
Table 10: Panamanian Life Insurance - Gross Written Premium by Sub-Segment (US$ Million), 2014-2019
Table 11: Panamanian Life Insurance Segmentation by Gross Written Premium (Percentage Share), 2010-2019
Table 12: Panamanian Life Insurance - Direct Written Premium by Sub-Segment (US$ Million), 2010-2014
Table 13: Panamanian Life Insurance - Direct Written Premium by Sub-Segment (US$ Million), 2014-2019
Table 14: Panamanian Life Insurance Segmentation by Direct Written Premium (Percentage Share), 2010-2019
Table 15: Panamanian Life Insurance - Paid Claims (US$ Million), 2010-2014
Table 16: Panamanian Life Insurance - Paid Claims (US$ Million), 2014-2019
Table 17: Panamanian Life Insurance - Incurred Loss (US$ Million), 2010-2014
Table 18: Panamanian Life Insurance - Incurred Loss (US$ Million), 2014-2019
Table 19: Panamanian Life Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2010-2014
Table 20: Panamanian Life Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2014-2019
Table 21: Panamanian Life Insurance - Total Assets (US$ Million), 2010-2014
Table 22: Panamanian Life Insurance - Total Assets (US$ Million), 2014-2019
Table 23: Panamanian Life Insurance - Net Written Premium (US$ Million), 2010-2014
Table 24: Panamanian Life Insurance - Net Written Premium (US$ Million), 2014-2019
Table 25: Panamanian Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2010-2014
Table 26: Panamanian Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2014-2019
Table 27: Panamanian Non-Life Insurance - Direct Written Premium by Category (US$ Million), 2010-2014
Table 28: Panamanian Non-Life Insurance - Direct Written Premium by Category (US$ Million), 2014-2019
Table 29: Panamanian Non-Life Insurance - Paid Claims (US$ Million), 2010-2014
Table 30: Panamanian Non-Life Insurance - Paid Claims (US$ Million), 2014-2019
Table 31: Panamanian Non-Life Insurance - Incurred Loss (US$ Million), 2010-2014
Table 32: Panamanian Non-Life Insurance - Incurred Loss (US$ Million), 2014-2019
Table 33: Panamanian Non-Life Insurance - Loss Ratio (%), 2010-2014
Table 34: Panamanian Non-Life Insurance - Loss Ratio (%), 2014-2019
Table 35: Panamanian Non-Life Insurance - Combined Ratio (%), 2010-2014
Table 36: Panamanian Non-Life Insurance - Combined Ratio (%), 2014-2019
Table 37: Panamanian Non-Life Insurance - Total Assets (US$ Billion), 2010-2014
Table 38: Panamanian Non-Life Insurance - Total Assets (US$ Million), 2014-2019
Table 39: Panamanian Non-Life Insurance - Net Written Premium (US$ Million), 2010-2014
Table 40: Panamanian Non-Life Insurance - Net Written Premium (US$ Million), 2014-2019
Table 41: Panamanian Property Insurance - Gross Written Premium (US$ Million), 2010-2014
Table 42: Panamanian Property Insurance - Gross Written Premium (US$ Million), 2014-2019
Table 43: Panamanian Motor Insurance - Gross Written Premium (US$ Million), 2010-2014
Table 44: Panamanian Motor Insurance - Gross Written Premium (US$ Million), 2014-2019
Table 45: Panamanian Liability Insurance - Gross Written Premium (US$ Million), 2010-2014
Table 46: Panamanian Liability Insurance - Gross Written Premium (US$ Million), 2014-2019
Table 47: Panamanian Marine, Aviation and Transit Insurance - Gross Written Premium (US$ Million), 2010-2014
Table 48: Panamanian Marine, Aviation and Transit Insurance - Gross Written Premium (US$ Million), 2014-2019
Table 49: Panamanian Personal Accident and Health Insurance - Gross Written Premium by Category (US$ Million), 2010-2014
Table 50: Panamanian Personal Accident and Health Insurance - Gross Written Premium by Category (US$ Million), 2014-2019
Table 51: Panamanian Personal Accident and Health Insurance - Direct Written Premium by Category (US$ Million), 2010-2014
Table 52: Panamanian Personal Accident and Health Insurance - Direct Written Premium by Category (US$ Million), 2014-2019
Table 53: Panamanian Personal Accident and Health Insurance - Paid Claims (US$ Million), 2010-2014
Table 54: Panamanian Personal Accident and Health Insurance - Paid Claims (US$ Million), 2014-2019
Table 55: Panamanian Personal Accident and Health Insurance - Incurred Loss (US$ Million), 2010-2014
Table 56: Panamanian Personal Accident and Health Insurance - Incurred Loss (US$ Million), 2014-2019
Table 57: Panamanian Personal Accident and Health Insurance - Loss Ratio (%), 2010-2014
Table 58: Panamanian Personal Accident and Health Insurance - Loss Ratio (%), 2014-2019
Table 59: Panamanian Personal Accident and Health Insurance - Combined Ratio (%), 2010-2014
Table 60: Panamanian Personal Accident and Health Insurance - Combined Ratio (%), 2014-2019
Table 61: Panamanian Personal Accident and Health Insurance - Total Assets (US$ Million), 2010-2014
Table 62: Panamanian Personal Accident and Health Insurance - Total Assets (US$ Million), 2014-2019
Table 63: Panamanian Personal Accident and Health Insurance - Net Written Premium (US$ Million), 2010-2014
Table 64: Panamanian Personal Accident and Health Insurance - Net Written Premium (US$ Million), 2014-2019
Table 65: Panamanian Personal Accident Insurance - Gross Written Premium (US$ Million), 2010-2014
Table 66: Panamanian Personal Accident Insurance - Gross Written Premium (US$ Million), 2014-2019
Table 67: Panamanian Health Insurance - Gross Written Premium (US$ Million), 2010-2014
Table 68: Panamanian Health Insurance - Gross Written Premium (US$ Million), 2014-2019
Table 69: Panamanian Reinsurance - Premium Ceded (Excluding Retrocession) by Insurance Segment (US$ Million), 2010-2014
Table 70: Panamanian Reinsurance - Premium Ceded (Excluding Retrocession) by Insurance Segment (US$ Million), 2014-2019
Table 71: Panamanian Life Insurance - Percentage of Premium Ceded (%), 2010-2014
Table 72: Panamanian Life Insurance - Percentage of Premium Ceded (%), 2014-2019
Table 73: Panamanian Non-Life Insurance - Percentage of Premium Ceded (%), 2010-2014
Table 74: Panamanian Non-Life Insurance - Percentage of Premium Ceded (%), 2014-2019
Table 75: Panamanian Personal Accident and Health Insurance - Percentage of Premium Ceded (%), 2010-2014
Table 76: Panamanian Personal Accident and Health Insurance - Percentage of Premium Ceded (%), 2014-2019
Table 77: Panama Average Annual Loss by Hazard, 1990-2014
Table 78: Panamanian Insurance - Industry Shares, 2015
Table 79: Panamanian Life Insurance - Segment Shares, 2015
Table 80: Panamanian Non-Life Insurance - Segment Shares, 2015
Table 81: Compañía Internacional de Seguros SA - Key Facts
Table 82: Assa Compañía de Seguros SA - Key Facts
Table 83: Mapfre Panama SA - Key Facts
Table 84: Seguros Suramericana SA - Key Facts
Table 85: Assa Compañía de Seguros SA - Key Facts
Table 86: Assicurazioni Generali SA - Key Facts
Table 87: Aseguradora Ancon SA - Key Facts
Table 88: General de Seguros SA - Key Facts
Table 89: Worldwide Medical Assurance Ltd SA - Key Facts
Table 90: AIG Seguros SA - Key Facts
Table 91: Panama - Insurance Regulatory Framework Key Features
Table 92: Panama - Life Insurance Regulatory Framework
Table 93: Panama - Property Insurance Regulatory Framework
Table 94: Panama - Motor Insurance Regulatory Framework
Table 95: Panama - Liability Insurance Regulatory Framework
Table 96: Panama - Corporate Tax Rates for the Financial Year 2016
Table 97: Insurance Industry Definitions

List of Figures

Figure 1: Panama - Real GDP (US$ Billion), 2010-2019
Figure 2: Panama - Current Account Balance, 2010-2014
Figure 3: Panama - Consumer Price Inflation, 2010-2019
Figure 4: Panama - Unemployment Rate, 2010-2019
Figure 5: Panama - Population by Age Group, 1991-2025
Figure 6: Panamanian Insurance - Gross Written Premium by Segment (US$ Million), 2010-2019
Figure 7: Panamanian Insurance - Gross Written Premium Market Dynamics by Segment, 2010-2019
Figure 8: Panamanian Insurance Direct Written Premium by Segment (US$ Million), 2010-2019
Figure 9: Panamanian Insurance Direct Written Premium Market Dynamics by Segment, 2010-2019
Figure 10: Panamanian Life Insurance - Gross Written Premium by Sub-Segment (US$ Million), 2010-2019
Figure 11: Panamanian Life Insurance - Gross Written Premium Dynamics by Sub-Segment, 2010-2019
Figure 12: Panamanian Life Insurance - Direct Written Premium by Sub-Segment (US$ Million), 2010-2019
Figure 13: Panamanian Life Insurance - Direct Written Premium Dynamics by Sub-Segment, 2010-2019
Figure 14: Panamanian Life Insurance - Paid Claims (US$ Million), 2010-2014
Figure 15: Panamanian Life Insurance - Paid Claims (US$ Million), 2014-2019
Figure 16: Panamanian Life Insurance - Incurred Loss (US$ Million), 2010-2014
Figure 17: Panamanian Life Insurance - Incurred Loss (US$ Million), 2014-2019
Figure 18: Panamanian Life Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2010-2014
Figure 19: Panamanian Life Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2014-2019
Figure 20: Panamanian Life Insurance - Total Assets (US$ Million), 2010-2014
Figure 21: Panamanian Life Insurance - Total Assets (US$ Million), 2014-2019
Figure 22: Panamanian Life Insurance - Net Written Premium (US$ Million), 2010-2014
Figure 23: Panamanian Life Insurance - Net Written Premium (US$ Million), 2014-2019
Figure 24: Panamanian Life Insurance - Total Investment (US$ Million), 2010-2014
Figure 25: Panamanian Life Insurance - Penetration (%), 2010-2014
Figure 26: Panamanian Life Insurance - Direct Premium per Capita (US$), 2010-2014
Figure 27: Panamanian Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2010-2019
Figure 28: Panamanian Non-Life Insurance - Gross Written Premium by Category (%), 2014 and 2019
Figure 29: Panamanian Non-Life Insurance - Gross Written Premium Dynamics by Category, 2010-2019
Figure 30: Panamanian Non-Life Insurance - Direct Written Premium by Category (US$ Million), 2010-2019
Figure 31: Panamanian Non-Life Insurance - Direct Written Premium by Category (%), 2014 and 2019
Figure 32: Panamanian Non-Life Insurance - Direct Written Premium Dynamics by Category, 2010-2019
Figure 33: Panamanian Non-Life Insurance - Paid Claims (US$ Million), 2010-2014
Figure 34: Panamanian Non-Life Insurance - Paid Claims (US$ Million), 2014-2019
Figure 35: Panamanian Non-Life Insurance - Incurred Loss (US$ Million), 2010-2014
Figure 36: Panamanian Non-Life Insurance - Incurred Loss (US$ Million), 2014-2019
Figure 37: Panamanian Non-Life Insurance - Loss Ratio (%), 2010-2014
Figure 38: Panamanian Non-Life Insurance - Loss Ratio (%), 2014-2019
Figure 39: Panamanian Non-Life Insurance - Combined Ratio (%), 2010-2014
Figure 40: Panamanian Non-Life Insurance - Combined Ratio (%), 2014-2019
Figure 41: Panamanian Non-Life Insurance - Total Assets (US$ Billion), 2010-2014
Figure 42: Panamanian Non-Life Insurance - Total Assets (US$ Million), 2014-2019
Figure 43: Panamanian Non-Life Insurance - Net Written Premium (US$ Million), 2010-2014
Figure 44: Panamanian Non-Life Insurance - Net Written Premium (US$ Million), 2014-2019
Figure 45: Panamanian Non-Life Insurance - Total Investment (US$ Million), 2010-2014
Figure 46: Panamanian Non-Life Insurance - Penetration (%), 2010-2014
Figure 47: Panamanian Non-Life Insurance Density (US$), 2010-2014
Figure 48: Panamanian Property Insurance - Gross Written Premium (US$ Million), 2010-2014
Figure 49: Panamanian Property Insurance - Gross Written Premium (US$ Million), 2014-2019
Figure 50: Panamanian Motor Insurance - Gross Written Premium (US$ Million), 2010-2014
Figure 51: Panamanian Motor Insurance - Gross Written Premium (US$ Million), 2014-2019
Figure 52: Panamanian Liability Insurance - Gross Written Premium (US$ Million), 2010-2014
Figure 53: Panamanian Liability Insurance - Gross Written Premium (US$ Million), 2014-2019
Figure 54: Panamanian Marine, Aviation and Transit Insurance - Gross Written Premium (US$ Million), 2010-2014
Figure 55: Panamanian Marine, Aviation and Transit Insurance - Gross Written Premium (US$ Million), 2014-2019
Figure 56: Panamanian Personal Accident and Health Insurance - Gross Written Premium by Category (US$ Million), 2010-2019
Figure 57: Panamanian Personal Accident and Health Insurance - Gross Written Premium by Category (%), 2014 and 2019
Figure 58: Panamanian Personal Accident and Health Insurance - Gross Written Premium Dynamics by Category, 2010-2019
Figure 59: Panamanian Personal Accident and Health Insurance - Direct Written Premium by Category (US$ Million), 2010-2019
Figure 60: Panamanian Personal Accident and Health Insurance - Direct Written Premium by Category (%), 2014 and 2019
Figure 61: Panamanian Personal Accident and Health Insurance - Direct Written Premium Dynamics by Category, 2010-2019
Figure 62: Panamanian Personal Accident and Health Insurance - Paid Claims by Category (US$ Million), 2010-2014
Figure 63: Panamanian Personal Accident and Health Insurance - Paid Claims (US$ Million), 2014-2019
Figure 64: Panamanian Personal Accident and Health Insurance - Incurred Loss (US$ Million), 2010-2014
Figure 65: Panamanian Personal Accident and Health Insurance - Incurred Loss (US$ Million), 2014-2019
Figure 66: Panamanian Personal Accident and Health Insurance - Loss Ratio (%), 2010-2014
Figure 67: Panamanian Personal Accident and Health Insurance - Loss Ratio (%), 2014-2019
Figure 68: Panamanian Personal Accident and Health Insurance - Combined Ratio (%), 2010-2014
Figure 69: Panamanian Personal Accident and Health Insurance - Combined Ratio (%), 2014-2019
Figure 70: Panamanian Personal Accident and Health Insurance - Total Assets (US$ Million), 2010-2014
Figure 71: Panamanian Personal Accident and Health Insurance - Total Assets (US$ Million), 2014-2019
Figure 72: Panamanian Personal Accident and Health Insurance - Net Written Premium (US$ Million), 2010-2014
Figure 73: Panamanian Personal Accident and Health Insurance - Net Written Premium (US$ Million), 2014-2019
Figure 74: Panamanian Personal Accident and Health Insurance - Total Investment (US$ Million), 2010-2014
Figure 75: Panamanian Personal Accident and Health Insurance - Penetration (%), 2010-2014
Figure 76: Panamanian Personal Accident and Health Insurance Density (US$), 2010-2014
Figure 77: Panamanian Personal Accident Insurance - Gross Written Premium (US$ Million), 2010-2014
Figure 78: Panamanian Personal Accident Insurance - Gross Written Premium (US$ Million), 2014-2019
Figure 79: Panamanian Health Insurance - Gross Written Premium (US$ Million), 2010-2014
Figure 80: Panamanian Health Insurance - Gross Written Premium (US$ Million), 2014-2019
Figure 81: Panamanian Reinsurance - Premium Ceded (Excluding Retrocession) by Insurance Segment (US$ Million), 2010-2019
Figure 82: Panamanian Reinsurance - Dynamics by Insurance Segment, 2010-2019
Figure 83: Panamanian Life Insurance - Percentage of Premium Ceded (%), 2010-2014
Figure 84: Panamanian Life Insurance - Percentage of Premium Ceded (%), 2014-2019
Figure 85: Panamanian Non-Life Insurance - Percentage of Premium Ceded (%), 2010-2014
Figure 86: Panamanian Non-Life Insurance - Percentage of Premium Ceded (%), 2014-2019
Figure 87: Panamanian Personal Accident and Health Insurance - Percentage of Premium Ceded (%), 2010-2014
Figure 88: Panamanian Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2014-2019
Figure 89: Panama Frequency of Hazards by Type, 1990 - 2014
Figure 90: Panama Mortality of Hazards by Type, 1990 - 2014
Figure 91: Contribution of Natural Hazards to Average Annual Loss, 1990 - 2014
Figure 92: Panamanian Insurance - Industry Shares 2015
Figure 93: Panamanian Life Insurance - Segment Shares 2015
Figure 94: Panamanian Non-Life Insurance - Segment Shares 2015
Figure 95: Panama - Insurance Supervision and Control at Various Levels
Figure 96: Panama - Insurance Regulatory Frameworks for Company Registration and Operation