Aseguradora Mundial Authorized in Costa Rica
The Panamanian insurer, owned by regional conglomerate Grupo Mundial, would operate in Costa Rica in 4 months.
Monday, July 13, 2009
As the insurance market opens in Costa Rica, Sociedad Aseguradora Mundial S.A. is the first foreign capital company to be authorized by the Pensions Superintendence (Supen, spanish acronym) to compete with the state's "Instituto Nacional de Seguros" and "Sociedad de Seguros del Magisterio" the first Costa Rican competitor.
Three foreign insurance companies are requesting permission to enter the 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.
Local company "Seguros del Magisterio", and two panamanian corporations, "Mundial" and "Assa", are the first new players in the market.
In the next 18 months the current Pension Superintendent, Javier Cascante, will be responsible for the opening of the market. He already has two laws and two set of regulations in his favor.
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