Change comes to Costa Rica's national insurance company
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.
Thursday, July 24, 2008
As a first stage of the internationalization of operations, the company is proposing to expand into Nicaragua over the next six months, and in 2009 it plans to enter the Panamanian marketplace.
Costa Rica's Congress approved a bill that will remove the state's monopoly of the insurance market.
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.
The entity hopes to enter Nicaragua before the end of the year and the rest of Central America by next year.
Authorities of Costa Rica's state insurance company say they're ready to face competition and to operate throughout the region.
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