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.
A bill expected to be passed next week would open the door for foreign insurers.
The opening of the insurance market and new regulations are threatening the existence of small commercializing companies.
The National Council for the Supervision of the Financial System (Conassif) approved the first of two sets of regulations yesterday.
The proposed law to regulate insurance activities is still causing discord 22 months after it arrived at the Legislature on November 2, 2006.
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