Insurer Sancor won the main prize at the Premios Prestigio Seguros ceremony.
Legislators have given committee approval to a proposed law allowing state banks to open insurance companies without giving a 51% capital stake to state-run insurance entity INS, clearing the way for Banco Popular and other state banks to launch community insurance companies.
The insurance industry is pleased about the recovery in the auto sector.
Increased government support and greater adoption of digital technology is seen as necessary to help develop the market.
Authorities reportedly put Global Seguros under the spotlight over links between its president and the world of offshore business.
The company also managed to reduce its expenses in 3Q17.
The firm suggested reinsurers were set to increase renewal rates, and insurers recently hit by catastrophes stand to see the largest hikes.
The country's fintech chamber, whose members include an insurance comparison website, is seeking new recruits.
Leaked documents reveal the utility has a reinsurance subsidiary in the Bahamas, as the company argues that this information has been public and the Bahamas do not classify as tax haven.
With the golden share, the government has the power to veto important decisions in certain companies considered of strategic importance to the nation.