Costa Rica: Insurance Agents vs. Brokers
The country's new insurance law restricts which products agents can sell but the restrictions do not apply to brokers.
Monday, August 23, 2010
Insurance agents, due to their contractual relationship with insurance companies, can only offer their products. However, they may do this with different insurers at the same time, provided that these companies' products belong to different categories.
The number of insurance intermediary companies grew by 75% from 8 to 14 in the last twelve months.
The demise of the state monopoly and the entrance of new competitors will feature the rise of the independent salesman as the main link between clients and insurers.
US insurer BlueCross BlueShield, has announced the opening of its operations in the country, which will be part of the Puerto Rican Triple-S Group.
The CEO of the National Insurance Institute of Costa Rica, accepted in a parliamentary hearing that he put political conditions on officers to be reinstated.
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