Costa Rica: Small Insurance Agents Fading Away
The opening of the insurance market and new regulations are threatening the existence of small commercializing companies.
Thursday, August 20, 2009
The Superintendence of Pensions (Supen) will oversee compliance with new rules regarding insurance brokerage. Such new rules will force companies to implement administrative and control structures for good corporate governance. These structures carry high costs, which can only be covered by large operations, far from the level at which many agents operate.
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.
Insurers must make separate analysis for each insurance categories and when the results are deficient, they should have reserves.
Insurance company Mapfre-Mundial will start selling vehicle insurance this week; its product is called “Póliza Lider” (Spanish for Leader Policy).
Rules to be complied with in order to become an Insurance Broker have been set.
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