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


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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."

More on this topic

State Insurance Domination Starts to Crumble

July 2011

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.

Although the National Insurance Institute (INS) still retains most of the market, private insurers have gradually increased their presence.

Results of Insurance De Privatization in Costa Rica

July 2012

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%.

An analysis of the topic made by Juan Pablo Arias in his article in Nacion.com, shows that the main benefit of the new competitive environment is growth of the sector in terms of policies issued, which increased by 24% from the date of de-monopolization, with growth attributed to the lowered rates.

Costa Rica: Banks expedite procedures for the sale of insurance

January 2009

In February, the period for banks to get authorization from the Insurance Superintendence to continue selling insurance policies will end.

According to the new Insurance Law, as reported by Nacion.com: "Banks have to set up a company exclusively for the sale of insurance, and it has to be accredited with the Superintendence.

Private Insurance in Costa Rica Not Taking Off

November 2011

Three years since the privatisation of the insurance sector, the state agency (INS) remains the main entity in the market.

The market dominance of the National Insurance Institute (INS), with 94% of total premium income, is, in the opinion of the Association of Private Insurance (AAP), a result of the supervision exercised by the Superintendency of Insurance (Sugese).

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