Costa Rica: Regulations for Insurance Brokers

Rules to be complied with in order to become an Insurance Broker have been set.

Thursday, October 21, 2010

Javier Cascante, director of the Insurance Superintendence , said the new provisions allow the transformation of an insurance agency into an insurance brokerage firm will be more agile and expeditious.

The Insurance Superintendent added to newspaper La Nacion, "a broker is in the business of risk consulting, agencies are exclusive distribution channels."

More on this topic

Costa Rica: Growth in Insurance Brokerage Business

November 2016

The existence of 26 active brokerage companies confirms the confidence that this marketing channel continues to earn in the insurance market.

Since the opening up of the Costa Rican insurance market in 2010, momentum has gained in the activity of insurance brokers, going from one single company to 26 companies. Added to this are two entities with conditional authorization given by the Superintendent of Insurance (SUG): Innova Sociedad Corredora de Seguros and Akros Corredores de Seguros, while another two have recently filed applications, and are in the stage of reviewing regulatory documents, according Elfinancierocr.com.

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).

Costa Rica: Mandatory Insurance Market Awaiting Regulations

November 2010

One month away from the opening of the mandatory insurance market, the laws which will regulate it are still pending.

These regulations will establish operational rules which will allow competition in mandatory car policies and labor risk policies.

On the regulations, Javier Cascante, Superintendent of Insurance said to Nacion.com: "It establishes how to proceed with registration procedures for insurance companies that want to offer these policies and the information to be given to the insured."

Costa Rica: BCR Insurance Extends Brokerage Services

May 2010

The company signed insurance brokerage agreements with ASSA and Mundial, becoming the first broker who has signed deals with the country’s five authorized insurers.

“ASSA Compañía de Seguros S.A.”, was authorized to operate in Costa Rica on April 13, and Mundial received its authorization back on February 19.

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