Bancrédito Costa Rica Can Sell INS Insurance
Arnoldo Trejos, assistant manager at Bancrédito, announced that the Superintendent of Pensions (SUPEN) authorized the bank to sell INS (National Insurance Institute) policies.
Wednesday, March 11, 2009
The assistant manager informed Nacion.com: "We are presenting the Supen resolution to the board of directors as part of the last legal procedures for the subsequent registration of the society with the National Registry. The expectation at Bancrédito is that the new company will be registered and ready to go into the market within 15 days or so."
Three years after removal of the monopoly in Costa Rica, sales by private insurers are growing, although the state insurer, INS, still maintains more than 90% of market share.
Four years after the de-monopolization of the market, the National Institute of Insurance holds 91.5% of insurance premiums and 12 private insurance companies have won the remaining 8.5%.
In February, the period for banks to get authorization from the Insurance Superintendence to continue selling insurance policies will end.
Three years since the privatisation of the insurance sector, the state agency (INS) remains the main entity in the market.
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