Costa Rica: Banks expedite procedures for the sale of insurance
In February, the period for banks to get authorization from the Insurance Superintendence to continue selling insurance policies will end.
Friday, January 30, 2009
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.
Arnoldo Trejos, assistant manager at Bancrédito, announced that the Superintendent of Pensions (SUPEN) authorized the bank to sell INS (National Insurance Institute) policies.
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%.
The Constitutional Chamber of the Supreme Court has rejected an appeal that opposed the opening of the market, which includes Occupational Risks and Compulsory Auto Insurance.
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