In 1996, the Republic of Panama adopted legislation, which regulates Insurance Companies and the Professional of Insurance Brokers & Producers, Captive Insurance Companies and Reinsurance Activities respectively. Under this legislation, all companies or enterprises who undertake insurance activities, of any nature including bond bailiffs, are regulated by the Superintendent of Insurance.
As mentioned above, captive insurance companies are regulated by Law 63 of 1996, which establishes the licensing requirements to operate from Panama. You can find most forms of insurance listed below in Panama. Their policies are similar to the United States and the prices are much lower.
Title Insurance in Panama
You can obtain title insurance from any licensed title insurance company or its agents operating in your state. When choosing a title insurer, it is important that you look for a company with expertise, as well as the financial strength to protect you should a claim arise. Your real estate broker or attorney can recommend such a company.
Health Insurance in Panama
Panama is a modern country and has excellent doctors in all the different specialties. The quality of the hospital care is not only excellent; it is drastically less expensive than it is in the U.S. This has a positive impact on the cost of health insurance in Panama.
Life Insurance in Panama
You will find a variety of plans to match your specific needs. There are plans that not only work as Life Insurance but as a “saving plan” due to the return they produce and the possibility of cancellation at any time. Also, they can offer extra years of coverage.
Auto Insurance in Panama
Panama has two types of auto insurance: the one with minimum limits of liability (required by law) and another type with full coverage. The insurance with full coverage includes the one required by law plus benefits. Its cost may vary depending on brand, model, year and market price of the car. If your car was made before 2000, an inspection is needed. This inspection can be done by a representative of the insurance company, who will take pictures of your car to make a report.
Fire Insurance in Panama
Required to obtain financing for real estate and covers the structure of a property, roof, walls, and ceiling. Rates depend on the material used for construction (cement, mixture of cement/wood, or wood) and the location of the property (urban or rural areas). Fire protection covers you for catastrophic damage ‐earthquake, hurricane/windstorm, lightning, explosion, falling objects/vehicle impact, smoke damage, and debris removal. Flood and landfall can be included in this policy. It protects the content of a property to a certain percentage (25, 50, or 100%) for theft. This policy can also protect you from theft outside your home, breakage of mirrors/crystals, electronic equipment, and civil responsibility (including fire).