Insurance and Re-Insurance

ICAZA, GONZALEZ-RUIZ & ALEMAN provides services of legal advisory, litigation and obtainment of any type of license related to the business of insurance to several insurance companies of great prestige in Panama.

Our insurance and re-insurance specialist team has built excellent record and good business relationships with clients in the Insurance industry.

We advised a large number of insurance companies in relation to their corporate organizational needs. In particular we ensure that the regulatory and other administrative requirements are fulfilled, and assist in the establishment of new businesses for a variety of insurance operations, and acquire licenses for life and non-life services, insurers and re- insurers, intermediaries, brokers, Captives. We further have the capability to assist with the required documentation regarding the sale or purchase of insurance products. A related aspect of our work is advising on the relatively new domestic legislation relating to transparency and the Insurance Superintendence, the industry’s regulating authority.

The team has also advised on insurance related to debt and secured financing transactions, as well as for insurance in the shipping industry, while we often deal with the insurance aspects of our clients in the finance and banking industries.


As September, 2015, 30 insurance companies operate in the Republic of Panama which offers a wide variety of policies in the following fields: health, theft, fidelity, fire, cars and bonds.

We have local and international insurance companies which have the appropriate license granted by the Superintendency of Insurance and Reinsurance of Panama

Since 1996, Panama adopted a law to regulate captive insurance companies whose purpose is to engage exclusively, from an office in Panama, to insure or reinsure particular or specific foreign risks. The Superintendency of Insurance and Reinsurance must grant a license for this type of insurance company. As of October 31st, 2014, eleven (11) companies authorized to develop this business exist in our country.

Likewise, there are seven (7) corporations which are licensed to manage captive insurance companies, with the purpose that the captive insurance companies have an independent administrator, who resides in the Republic of Panama, to ensure the proper implementation and administration of their businesses. In cases on which the management of a captive insurance company has already an administrator, he shall be who subscribes the insurance and reinsurance policies issued by the company.

Since the year 2012, with the enactment of the New Insurance Law No. 12 of April 3rd, 2012 foreign reinsurance companies which contract reinsurances with insurance companies authorized to operate in Panama shall be registered with the Superintendency of Insurance and Reinsurance.

Persons domiciled in Panama shall only contract with authorized insurance companies, all insurances regarding properties and persons located in Panama. There are three (3) exceptions to this rule: i) That it is provided to the contrary in international treaties; ii) If there is no coverage in Panama for the required risk; iii) When all Panamanian insurance companies have refused to cover a specific risk.