An intervention have been ordered into the Istmo Compañía de Reaseguros, Inc. for not having the required equity, among other violations.

From a statement issued by the Insurance and Reinsurance Superintendency of Panama:

THE BOARD OF THE SUPERINTENDENT OF INSURANCE AND REINSURANCE OF PANAMA, reports that through Resolution No. JD-046 of December 9, 2016, it has ordered an intervention into the reinsurer ISTMO COMPAÑÍA DE REASEGUROS, INC., for the reasons set out in paragraphs 3, 5 and 6 of Article 47 of Law 63 of September 19, 1996.

“Article 47. The Commission, by reasoned decision, may intervene in the business of a company, taking possession of its assets and assuming its administration in the terms determined by the Commission itself, in any of the following cases: …  

3.  If the capital paid is reduced or the legal or technical reserves are below those required by law, or it maintains a relationship between retained net premiums and net worth less than that required by law.