Costa Rica: Superintendence Seeks New Insurance Regulation

The Insurance Superintendence proposes rules for commercialization, accounting supervision and customer service.

Friday, July 31, 2009

Javier Cascante, Insurance Superintendent, said that the proposed Insurance Contracts Law seeks to give customers more confidence when purchasing policies.

An article in Prensa Libre reported that: "... there will be guidelines regarding what information to tell customers..., a supervision of accounting regulations, and lastly, rules on customer services...".

More on this topic

Nicaragua to Open Insurance Market

March 2010

A bill expected to be passed next week would open the door for foreign insurers.

Congressman Wálmaro Gutierrez, from the committee that wrote the bill, explained that the insurance industry is currently regulated by a decree from 1970, which was reformed on several occasions. The last modification closed the insurance market to foreign participants.

Costa Rica: Small Insurance Agents Fading Away

August 2009

The opening of the insurance market and new regulations are threatening the existence of small commercializing companies.

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.

Costa Rica approves regulations for the entrance of insurance companies

September 2008

The National Council for the Supervision of the Financial System (Conassif) approved the first of two sets of regulations yesterday.

The first, which deals with authorizations, established basic guidelines so that insurers can operate in the country based on the new insurance law.

Still no agreement on Insurance Law in Guatemala

September 2008

The proposed law to regulate insurance activities is still causing discord 22 months after it arrived at the Legislature on November 2, 2006.

The plenary session of Congress was supposed to take up and approve the articles and final version of the initiative yesterday; however, this did not happen because the initiative was removed from the agenda until the various factions receive the amendments made yesterday by the Superintendence of Banks (SIB).

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