Costa Rica and Cross-Border Insurance

The Costa Rican Superintendent of Insurance issued a technical note to set limits on the marketing of insurance by foreign companies.

Wednesday, June 3, 2009


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Following the adoption of DR-CAFTA, foreign insurers can market insurance for shipping, commercial aviation and goods in transit in Costa Rica, without being formally established in the country. It is enough to register with the Superintendent of Insurance (SUGESE) and obtain approval for each product marketed.

The article by Esteban Ramírez Castro in Elfinancierocr.com, reported that the head of insurance, Tomás Soley, explained: “We are talking about insurance that due to its specialization or features is not available through any insurers listed in the country. Therefore, the insurance broker is permitted to purchase the policy abroad. 'There were brokers who thought they could sell whatever they wanted,’ said Soley. However, in the technical note, it was clarified that such coverage is acceptable when the risk is very large, unusual or complex."

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