Costa Rica's INS speeds up its entrance to Central America
The entity hopes to enter Nicaragua before the end of the year and the rest of Central America by next year.
Thursday, August 14, 2008
INS (National Insurance Institute) will offer its products by acquiring an already established insurance firm in each of the countries or directly under the name of the "INS Internacional" corporation. The corporation will be established within two to three weeks and will be used to lead the effort to enter the region's insurance market.
Costa Rica's passage of the Law to Regulate the Insurance Market has brought the National Insurance Company to a new stage, under which it gives up monopoly status at home but is allowed to enter foreign markets.
Despite the de-monopolization of the market four years ago, state institutions continue to obtain their insurance with the National Insurance Institute (INS).
The National Insurance Institute has a portfolio of 17 new policies that they plan to offer via public and private banks in the country.
A bill to change the regulatory environment of the insurance industry in Costa Rica appears to have the 38 votes needed to pass second reading.
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