84-year insurance monopoly ends in Costa Rica
Authorities of Costa Rica's state insurance company say they're ready to face competition and to operate throughout the region.
Tuesday, July 22, 2008
Several companies are expected to take advantage of the opening of the insurance market.
The National Insurance Institute (INS) created four new companies to face competition in the insurance market.
Costa Rica's passage of the Law to Regulate the Insurance Market has brought the National Insurance Company to a new stage, under which it gives up monopoly status at home but is allowed to enter foreign markets.
A bill to change the regulatory environment of the insurance industry in Costa Rica appears to have the 38 votes needed to pass second reading.
Costa Rica's Congress approved a bill that will remove the state's monopoly of the insurance market.
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