PANAMA’S  Superintendency   of Insurance has taken administrative control of Seguros Confianza, holder of four percent of the 62,158  policies  it sold in the local market this year.

The decision was made "to safeguard the interests, goods and values of policyholders of the company, as well as ensuring the safety of the industry," said the regulator.

It added that the action was taken to ensure the reserves exist to cover the policies should the company decide to liquidate voluntarily or negotiate the transfer or sale of the portfolio to another company.