Insurance and Re-Insurance

ICAZA, GONZALEZ-RUIZ & ALEMAN provides legal advisory, litigation services, and obtainment of any license related to insurance activities to several prestigious insurance companies in Panama.

We advise a large number of insurance companies in their corporate matters. In particular, we verify that administrative requirements are completed and assist in establishing new businesses for a variety of insurance operations. We acquire licenses for life and non-life products and services, underwriters and reinsurers, intermediaries, customs brokers, and captives. In addition, we can assist with the documentation required in connection with the sale or purchase of insurance products.

Our team of professionals has advised on debt and secured financing transactions, as well as for insurance in the shipping industry. We also provide insurance advice to our clients in the financial and banking industries.


As of September 2015, 30 insurance companies operate in the Republic of Panama, which offer 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, seven (7) companies hold a captive insurance administrator’s license, so the captive insurance companies have an independent administrator residing in the Republic of Panama to ensure the proper execution and administration of their business. In the cases in which a captive insurance company has an administrator, he/she shall be who subscribes the insurance or reinsurance policies issued by the company.

Since 2012, with the enactment of the New Insurance Law No. 12 of April 3rd, 2012, foreign reinsurance companies that 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.

Get to know our specialists
Luis Chalhoub

Luis Chalhoub

Gabriel González-Ruiz

Gabriel González-Ruiz

Alvaro Aleman

Álvaro Alemán Healy

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