The Insurance Regulator has ordered that administrative and operational control be taken of the Venezuelan company Seguros Constitución, for allegedly failing to comply with a regularization plan required by the regulator.

The company began operations in Panama in 2008, “… it has about $2 million in cumulative premiums and ranked 12th out of the 30 insurers in the country in terms of total policies,” according to Prensa.com.

The official statement said “The Superintendency of Insurance and Reinsurance of Panama, in compliance with the provisions of Article 94 of Law 12 of April 3, 2012,” which regulates the activity of insurance and other provisions “informs that through Resolution OAL-171 of August 4, 2015, the seizure has been ordered of administrative and operational control of the insurance company Seguros Constitución SA, pursuant to the provisions of paragraphs 2 and 5 of Article 93 of the aforementioned Law. ”

See Resolution by the Superintendency of Insurance and Reinsurance

Source: Prensa.com