Another bureaucratic step to obtain insurance coverage here in Panama. According to the new Panama financial regulations, all insurance companies are compelled to maintain basic information in their files about their personal or corporate customers to prevent use of insurance policies to launder $$$. One of the measures implemented requires the customer to fill in a special “Persona Natural” (Individuals) form or “Persona Juridica” (Corp/Foundation) form with the information of the policy contractor or insured.
This ridiculous bureaucratic requirement is a little more “Crabgrass” in our lawn of Life. It applies to all policies with premiums over $300/yr. Please don’t use your auto policy to launder $$$.
We apologize for this inconvenience, it is part of the legal requirements to issue insurance policies in Panama. Every policyholder must comply.
Here is the form for a “natural person” (individual):
Here is the form for a Corp. or Foundation: