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.

"For brokers the opposite is true. They have no exclusive connection with any insurance company and can present a range of products to customers for them to choose between," reports Nacion.com.

Costa Rica's insurance law establishes two sets of regulations for each group.

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From a statement issued by BlueCross BlueShield Costa Rica:

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Pressure on Insurance Marketing Agents

October 2012

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.

A statement by the Legislative Assembly of Costa Rica reads:
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More Insurance Brokers in Costa Rica

May 2012

The number of insurance intermediary companies grew by 75% from 8 to 14 in the last twelve months.

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Insurance Market Heats Up in Costa Rica

July 2009

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.

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